Related provisions for PERG 6.4.4
81 - 100 of 130 items.
Subject to CASS 5.1.5A Rmoney is not client
money when:3(1) it
becomes properly due and payable to the firm:(a) for
its own account; or(b) in
its capacity as agent of an insurance undertaking where
the firm acts in accordance
with CASS 5.2; or(2) it
is otherwise received by the firm pursuant
to an arrangement made between an insurance
undertaking and another person (other
than a firm) by which that other person has authority to underwrite risks,
settle claims or handle refunds
The Insurance Mediation Directive has in part been implemented through various amendments to the Regulated Activities Order. These include article 4(4A) (Specified activities: general) which precludes a person who, for remuneration, takes up or pursues insurance mediation or reinsurance mediation in relation to a risk or commitment situated in an EEA State from making use of certain exclusions. In other cases, some of the exclusions provided in relation to particular regulated
A management company must ensure that its employees undertake not to use any of the following to undermine the risk alignment effects embedded in their remuneration arrangements:(1) personal hedging strategies; or (2) remuneration-related insurance; or(3) liability-related insurance.[Note: article 14b(1)(q) of the UCITS Directive]
Subject to CASS 7.17.3 R in respect of a trustee firm, a firm receives and holds client money as trustee on the following terms:(1) for the purposes of, and on the terms of, the client money rules and the client money distribution and transfer rules1; (2) (a) where a firm maintains only a general pool of client money, subject to (4), for the clients (other than clients which are insurance undertakings when acting as such with respect to client money received in the course of insurance
1Different provisions in this sourcebook may apply depending on the type of person with whom a firm is dealing:(1) A policyholder includes anyone who, upon the occurrence of the contingency insured against, is entitled to make a claim directly to the insurance undertaking.(2) Only a policyholder or a prospective policyholder who makes the arrangements preparatory to him concluding a contract of insurance (directly or through an agent) is a customer. In this sourcebook, customers
62(1) [deleted]6(1A) Subject to the exceptions in (3) to (8), this chapter applies to a firm with Part 4A permission to carry on any of the following activities:6(a) insurance mediation activity;6(b) home finance mediation activity; and6(c) MCD article 3(1)(b) credit intermediation activity.6(2) [deleted]61515(3) In6 relation to insurance mediation activity, this chapter does not apply to a firm if another authorised person which has net tangible assets of more than £10 million
For the purpose of CREDS 9.2.1 R, and upon completing the return, the credit union should note that:(1) where a complaint could fall into more than one category, the complaint should be recorded against the category that the credit union considers to form the main part of the complaint;(2) where a complaint has been upheld under CREDS 9.2.1R (3)(a), a credit union should report any complaints to which it has given a final response which accepts the complaint and, where appropriate,
In meeting a request for an ESIS under MCOB 5A.4.1R (2)(b), the firm must not delay the provision of the ESIS by requesting information other than:(1) such information as is necessary to complete the ESIS in accordance with MCOB 5A.5.2 R and MCOB 5A.5.3 R, if the firm does not already know it;(2) where the firm acts in accordance with MCOB 5A.4.12R (2), such information as is necessary to ascertain whether or not the contract will be an MCD regulated mortgage contract;(3) where
Examples of the types of ancillary service to an agreement for high-cost short-term credit referred to in CONC 5A.2.17 R include, but are not limited to, services related to processing the application and to the transmission of the money being lent, and insurance or insurance-like services ancillary to the agreement.
An auditor which a firm proposes to appoint should have skills, resources and experience commensurate with the nature, scale and complexity of the firm's business and the requirements and standards under the regulatory system to which it is subject. A firm should have regard to whether its proposed auditor has expertise in the relevant requirements and standards (which may involve access to UK expertise) and possesses or has access to appropriate specialist skill, for example
The purpose of this guidance is to help persons consider whether they need authorisation or a variation of their Part 4A permission. Businesses new to regulation who act only as introducers of insurance business are directed in particular to PERG 5.6.2 G(article 25(1): arranging (bringing about) deals in investments) to PERG 5.6.9 G (Exclusion: Article 72C (Provision of information on an incidental basis)) and PERG 5.15.6 G (Flow chart: Introducers) to help consider whether they
In determining whether a UK recognised body has financial resources sufficient for the proper performance of its relevant functions, the FCA5 may have regard to:5(1) the operational and other risks to which the UK recognised body is exposed;(2) if the UK recognised body guarantees the performance of transactions in specified investments, the counterparty and market risks to which it is exposed in that capacity; 5(3) the amount and composition of the UK recognised body's capital;(4)
FCA controlled functions
Part 1 (FCA controlled functions for FCA-authorised persons and appointed representatives) |
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Type |
CF |
Description of FCA controlled function |
1 |
||
2 |
||
3 |
||
4 |
||
5 |
||
6 |
||
8 |
||
10 |
||
10A |
||
11 |
||
40 |
||
50 |
||
28 |
||
29 |
||
| 3 | 30 |
|
Part 2 (FCA controlled functions for PRA-authorised persons) (See Note 1) |
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Type |
CF |
Description of FCA controlled function |
1 |
(see Note 2) |
|
42a |
Chair of the nomination committee function(See Note 2 36) |
|
42b |
Chair of the with-profits committee function(See Note 2 36) |
|
63 |
Chief executive function (see Note 3A) |
|
45 |
Director of an unincorporated association function5 (See Note 2 3B6) |
|
66 |
Small friendly society function (see Note 3C) |
|
| 4 | ||
10 |
||
10A |
||
11 |
||
40 |
||
50 |
||
451 |
Actuarial conduct function (third country) (see Note 4) |
|
28 |
(see Note 5) |
|
29 |
||
30 |
||
4Note 1: Part 2 of this table does not apply to appointed representatives of PRA-authorised persons, Part 1 applies instead. (See SUP 10A.4.2R.) |
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4Note 2:Solvency II firms (including large non-directive insurers) and small non-directive insurers6. |
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Note 3:Solvency II firms (including large non-directive insurers) only.6 4 |
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6Note 3A:small non-directive insurers only. |
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6Note 3B:Solvency II firms (including large non-directive insurers) and small non-directive insurers. |
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6Note 3C:small non-directive insurers and large non-directive insurers only. |
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4Note 4: Third country insurance or reinsurance undertakings which are Solvency II firms only. |
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4Note 5: Only Solvency II firms that are: (a) third-country insurance or reinsurance undertakings; or (b) ISPVs. |
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(Subject to MCOB 7.7.5 R) a firm that enters into a regulated mortgage contract with a customer must provide the customer with the following information before the customer makes the first payment under that regulated mortgage contract:1(1) the amount of the first payment required;(2) the amount of the subsequent payment(s) if different from the first payment;(3) the method by which the payment will be collected (for example, by direct debit) and the date of collection of the
The significant management function is the function of acting as a senior manager with significant responsibility for a significant business unit that:(1) carries on designated investment business or other activities not falling within (2) to (4);(2) effects contracts of insurance (other than contractually based investments);(2A) carries on credit-related regulated activity;1(3) makes material decisions on the commitment of a firm's financial resources, its financial commitments,
Insurers cannot carry on an insurance mediation activity in respect of a third party’s products unless they can show a natural fit or necessary connection between their insurance business and the third party’s products (see the restriction of business in INSPRU 1.5.13 R and rule 9 of the PRA Rulebook: Solvency II firms: Conditions Governing Business1).
Where a tied product is operated separately from the instalment reversion plan, for example where the premiums on a tied insurance product are not combined with amounts released under the instalment reversion plan, the statement relating to the tied product may be provided in a separate communication.
Large risks situated outside the EEA are also excluded (described in more detail at PERG 5.11.16 G (Large risks)). The location of the risk or commitment may be determined by reference to the EEA State in which the risk is situated, defined in article 13(13) of the Solvency II Directive1 or the EEA State of the commitment, defined in article 13(14) of the Solvency II Directive.1Broadly put, this is:11(1) for insurance relating to buildings and/or their contents, the EEA State