Related provisions for SYSC 13.10.2

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

ICOBS 5.1.4GRP
A firm should bear in mind the restriction on rejecting claims (ICOBS 8.1.1R (3)). Ways of ensuring a customer knows what he must disclose include:4(1) explaining to a commercial customer4 the duty to disclose all circumstances material to a policy, what needs to be disclosed, and the consequences of any failure to make such a disclosure; 4(2) ensuring that the commercial customer4 is asked clear questions about any matter material to the insurance undertaking;444(3) explaining
PERG 5.8.4GRP
Advice about contracts of insurance will come within the regulated activity in article 53(1)2 of the Regulated Activities Order only if it relates to a particular contract of insurance. So, generic or general advice will not fall under article 53(1)2. In particular:(1) advice would come within article 53(1)2 if it took the form of a recommendation that a person should buy the ABC Insurers motor insurance;(2) advice would not relate to a particular contract if it consists of a
SUP 10A.4.4RRP

FCA controlled functions

Part 1 (FCA controlled functions for FCA-authorised persons and appointed representatives)

Type

CF

Description of FCA controlled function

FCA governing functions*

1

Director function

2

Non-executive director function

3

Chief executive function

4

Partner function

5

Director of unincorporated association function

6

Small friendly society function

FCA required functions*

8

Apportionment and oversight function

10

Compliance oversight function

10A

CASS operational oversight function

11

Money laundering reporting function

40

Benchmark submission function1

50

Benchmark administration function1

Systems and controls function*

28

Systems and controls function

Significant management function*

29

Significant management function

Customer-dealing function3

3

30

Customer function

*FCA significant-influence functions

Part 2 (FCA controlled functions for PRA-authorised persons)

(See Note 1)

Type

CF

Description of FCA controlled function

4FCA governing functions*

1

Director function

(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)

6

4

10

Compliance oversight function

10A

CASS operational oversight function

11

Money laundering reporting function

40

Benchmark submission function1

50

Benchmark administration function1

451

Actuarial conduct function (third country)

(see Note 4)

4Systems and controls function*

28

Systems and control function

(see Note 5)

Significant management function*

29

Significant management function

Customer-dealing function

30

Customer function

*FCA significant-influence functions

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.)

4Note 2:Solvency II firms (including large non-directive insurers) and small non-directive insurers6.

Note 3:Solvency II firms (including large non-directive insurers) only.6

4

6Note 3A:small non-directive insurers only.

6Note 3B:Solvency II firms (including large non-directive insurers) and small non-directive insurers.

6Note 3C:small non-directive insurers and large non-directive insurers only.

4Note 4: Third country insurance or reinsurance undertakings which are Solvency II firms only.

4Note 5: Only Solvency II firms that are:

(a) third-country insurance or reinsurance undertakings; or

(b) ISPVs.

ICOBS 4.2.6GRP
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).
GENPRU 2.2.214RRP
The amount to be deducted with respect to each material insurance holding is the higher of:(1) the book value of the material insurance holding; and(2) the solo capital resources requirement for the insurance undertaking or insurance holding company in question calculated in accordance with:19(a) for an insurer that is a Solvency II firm, the PRA Rulebook: Solvency II Firms; and19(b) for an insurer other than in (a), the PRA Rulebook: Non-Solvency II Firms. 19
SUP App 3.6.6GRP
An insurance undertaking that effects contracts of insurance covering risks or commitments situated in another EEA State should comply with the notification procedures for the provision of services within that EEA State. The location of risks and commitments is found by reference to the rules set out in paragraph 6 of schedule 12 to the Act, which derive from article 13(13) and (14) of the Solvency II Directive.4 It may be appropriate for insurers to take legal advice as to how
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
ICOBS 3.2.8RRP
The requirements relating to the placing and receipt of orders do not apply to contracts concluded exclusively by exchange of e-mail or by equivalent individual communications.[Note: article 10(4) and 11(3) of the E-Commerce Directive]
SYSC 22.9.5GRP
(1) SYSC 22.9.1R applies to keeping records created before the date this chapter came into force as well as ones created afterwards.(2) A full scope regulatory reference firm does not breach the requirements of this chapter by failing to include something in a reference because it destroyed the relevant records before the date this chapter came into force in accordance with the record keeping requirements applicable to it at the time of destruction.
ICOBS 6.4.12GRP
(1) When explaining the implications of a change, a firm should explain any changes to the benefits and significant or unusual exclusions arising from the change.(2) Firms will need to consider whether mid-term changes are compatible with the original policy, in particular whether it reserves the right to vary premiums, charges or other terms. Firms also need to ensure that any terms which reserve the right to make variations are not themselves unfair under the Unfair Terms Regulations
MIPRU 3.1.1RRP
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