Related provisions for CONC 1.2.1
Table: Disapplied or modified modules or provisions of the Handbook
Module |
Disapplication or modification |
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Senior Management Arrangements, Systems and Control sourcebook (SYSC) [FCA] |
SYSC 6.1.4C R (requirement of debt management firm or credit repair firm to appoint a compliance officer) does not apply to a firm with an interim permission. SYSC 6.3.8 R (responsibility for anti-money laundering systems and controls) does not apply to a firm with only an interim permission. SYSC 6.3.9 R (requirement to appoint a money laundering reporting officer) does not apply to a firm with only an interim permission. |
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Fees manual (FEES) [FCA] |
The Fees manual does not apply in respect of the fee provided for in FEES 8.1.1R (1), except for the rules and guidance in FEES 2.3 and FEES 8.1. |
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Guidance applies with necessary modifications to reflect Chapter 4 of Part 8 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (see Note 1). |
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Note 1 |
A firm is treated as having an interim permission on and after 1 April 2014 to carry on credit-related regulated activity4 or operating an electronic system in relation to lending5 under the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 if it met the conditions set out in Chapter 4 of Part 8 of that Order. Section 55B(3) of the Act (satisfaction of threshold conditions) does not require the FCA or PRA to ensure that the firm will satisfy, and continue to satisfy, in relation to the credit-related regulated activities4 or operating an electronic system in relation to lending5 for which it has an interim permission, the threshold conditions for which that regulator is responsible. The FCA or PRA can, however, exercise its power under section 55J of the Act (variation or cancellation on initiative of regulator) or under section 55L of the Act (in the case of the FCA) or section 55M of the Act (in the case of the PRA) (imposition of requirements by the regulator) in relation to a firm if, among other things, it appears to the FCA or PRA that the firm is failing, or is likely to fail, to satisfy the threshold conditions in relation to the credit-related regulated activities4 or operating an electronic system in relation to lending5 for which it has an interim permission for which the regulator is responsible. The guidance4 in COND should be read accordingly. 4444 |
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CASS does not apply with respect to credit-related regulated activity to a firm with7: (1) only an interim permission; or (2) an interim permission that is treated as a variation of permission; if the firm acts in accordance with the provisions of paragraphs 3.42 and 3.43 of the Debt management (and credit repair services) guidance (OFT366rev) previously issued by the Office of Fair Trading, as they were in effect immediately before 1 April 2014. 77577 |
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SUP 3 (Auditors), SUP 10A (FCA Approved persons), SUP 10C (FCA senior management regime for approved persons in relevant authorised persons) 8 and SUP 12 (Appointed representatives) (see Note 2) do not apply: (1) to a firm with only an interim permission; or (2) with respect to a credit-related regulated activity or operating an electronic system in relation to lending5 for which a firm has an interim permission that is treated as a variation of permission,7 except that SUP 3.10 and SUP 3.11 apply to a firm in relation to its designated investment business that comprises operating an electronic system in relation to lending.7 7 |
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Note 2 |
A firm may not be a principal in relation to a regulated activity for which it has interim permission. A firm with interim permission may, however, be an appointed representative in relation to a regulated activity which it does not have interim permission to carry on (article 59 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013). |
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SUP 6 (Applications to vary and cancel Part 4A permission and to impose, vary or cancel requirements) applies: (1) with necessary modifications to reflect Chapter 4 of Part 8 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 (see Note 3); (2) with the modifications to SUP 6.3.15D9 and SUP 6.4.5D9 set out in paragraph 1.2 of this Schedule. |
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Note 3 |
If a firm with interim permission applies to the appropriate regulator under section 55A of the Act for Part 4A permission to carry on a regulated activity or under section 55H or 55I of the Act to vary a Part 4A permission that the firm has otherwise than by virtue of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013 by adding a regulated activity to those to which the permission relates, the application may be treated by the appropriate regulator as relating also to some or all of the regulated activities for which the firm has interim permission. |
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SUP 11 (Controllers and close links) does not apply to a firm with only an interim permission (see Note 4). |
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Note 4 |
A firm is not to be regarded as an authorised person for the purposes of Part 12 of the Act (control over authorised person) if it has only an interim permission (see article 59 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No 2) Order 2013). |
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For a firm with only an interim permission (1) SUP 15.5.1 R, SUP 15.5.2 G, SUP 15.5.4 R, SUP 15.5.5 R are modified so that the words "reasonable advance", "and the date on which the firm intends to implement the change of name" and "and the date of the change" are omitted; and (2) SUP 15.7.1 R, SUP 15.7.4 R and SUP 15.7.5A R are modified so that a notification of a change in name, address or telephone number must be made using the online Consumer Credit Interim Permissions system available on the FCA's website. (3) If in a notification to the FCA the firm is required to enter its FRN number it must include it interim permission number. |
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SUP 16 (Reporting requirements) does not apply to a firm with only an interim permission except for SUP 16.14.10 7776 |
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SUP 16.11 and SUP 16.12 apply to a firm, which was an authorised person immediately before 1 April 2014, with an interim permission that is treated as a variation of permission with respect to credit-related regulated activity or operating an electronic system in relation to lending5 as if the changes to SUP 16.11 and SUP 16.12 effected by the Consumer Credit (Consequential and Supplementary Amendments) Instrument 2014 had not been made.10 6 |
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DISP 1.10 (Complaints reporting rules) and DISP 1.10A (Complaints data publication rules) do not apply to a person with only an interim permission. |
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DISP 1.10 (Complaints reporting rules) and DISP 1.10A (Complaints data publication rules) apply to a firm, which was an authorised person immediately before 1 April 2014, with an interim permission that is treated as a variation of permission with respect to credit-related regulated activity or operating an electronic system in relation to lending5 as if the changes to DISP 1.10 and DISP 1.10A effected by the Consumer Credit (Consequential and Supplementary Amendments) Instrument 2014 had not been made. |
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CONC 10 (Prudential requirements for debt management firms) does not apply: (1) to a firm with only an interim permission; or (2) with respect to credit-related regulated activity or operating an electronic system in relation to lending5 for which a firm has an interim permission that is treated as a variation of permission. |
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For a firm only with an interim permission, PERG 5.11.13 G is modified so that following the words "which does not otherwise consist of carrying on regulated activities" is added "(other than a regulated activity carried on by a firm only with an interim permission listed in article 59A of the Financial Services and Markets Act 2000 (Regulated Activities)(Amendment)(No.2) Order 2013 (SI 2013/1881) which is to be disregarded for this purpose)". Article 59A enables a firm with only an interim permission which would be able to benefit from article 72B of the Regulated Activities Order, but for carrying on the new consumer credit regulated activities to continue to do so. |
Table of applicable rules containing data items4, frequency and submission periods
(1) |
(2) |
(3) |
(4) |
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RAGnumber |
Provisions containing: |
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applicabledata items |
reporting frequency/ period |
due date32 32 |
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271212 | 37 | |||
RAG 1 |
• accepting deposits • meeting of repayment claims76 managing dormant account funds (including the investment of such funds)76 |
RAG 1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook.76 |
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RAG 2.1 |
• effecting contracts of insurance • carrying out contracts of insurance • entering as provider into a funeral plan contract |
2 | 2 | 2 |
RAG 2.2 |
• managing the underwriting capacity of a Lloyds syndicate as a managing agent at Lloyds • advising on syndicate participation at Lloyds • arranging deals in contracts of insurance written at Lloyds |
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RAG 3 |
• dealing in investment as principal • dealing in investments as agent • advising on investments (except P2P agreements) 67 (excluding retail investment activities) • arranging (bringing about) deals in investments (excluding retail investment activities) • advising on P2P agreements (when carried on exclusively with or for professional clients)67 |
SUP 16.12.11 R or SUP 16.12.11B R for UK designated investment firms37except FSA001 and FSA002 on consolidated basis for FINREP firms37 |
SUP 16.12.10 R2SUP 16.12.12 R or SUP 16.12.12A R for UK designated investment firms37 |
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RAG 4 |
• managing investments • establishing, operating or winding up a collective investment scheme • establishing, operating or winding up a stakeholder pension scheme • establishing, operating or winding up a personal pension scheme2 • operating an electronic system in relation to lending (FCA-authorised persons only)48 3838 |
SUP 16.12.15 R or SUP 16.12.15B R for UK designated investment firms37, except FSA001 and FSA002 on consolidated basis for FINREP firms37 |
SUP 16.12.14 R2SUP 16.12.16 R or SUP 16.12.16A R for UK designated investment firm37 |
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RAG 5 |
• home finance administration or home finance providing activity11 11 |
76SUP 16.12.18BR 37 and SUP 16.12.18C R58 258 |
76SUP 16.12.18BR 37 and SUP 16.12.18C R58 258 |
76SUP 16.12.18BR 37 and SUP 16.12.18C R58 258 |
RAG 6 |
• safeguarding and administration of assets (without arranging) • arranging safeguarding and administration of assets • acting as trustee or depositary of an AIF38 • acting as trustee or depositary of a UCITS38 384038 |
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RAG 7 |
• retail investment activities • advising on P2P agreements (except when carried on exclusively with or for professional clients)67 • advising on pensions transfers & opt-outs • arranging (bringing about deals) in retail investments |
SUP 16.12.22A R or SUP 16.12.22C R for UK designated investment firms37, except FSA001 and FSA002 on consolidated basis for FINREP firms37 |
SUP 16.12.23A R and37SUP 16.12.23 R for UK designated investment firms37 |
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RAG 8 |
• making arrangements with a view to transactions in investments • operating a multilateral trading facility4 |
SUP 16.12.25A R or SUP 16.12.25C R for UK designated investment firms37except FSA001 and FSA002 on consolidated basis for FINREP firm37 |
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RAG 9 |
• home finance mediation activity14 • insurance mediation activity (non-investment insurance contracts) 14 |
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RAG 10 |
98 | |||