Related provisions for CONC 8.7.7

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ICOBS 5.1.2RRP
2(1) A firmarranging a payment protection contract must:2(a) 2take reasonable steps to ensure that the customer only buys a policy under which he is eligible to claim benefits; and(b) 2if, at any time while arranging the policy, it finds that parts of the cover do not apply, inform the customer so he can take an informed decision on whether to buy the policy.(2) This rule does not apply to payment protection contractarranged as part of a packaged bank account.2
ICOBS 5.1.3GRP
2(1) For a typical payment protection contract the reasonable steps required in the first part of the eligibility rule are likely to include checking that the customer meets any qualifying requirements for different parts of the policy.2(2) 2This guidance does not apply to payment protection contractsarranged as part of a packaged bank account.
ICOBS 5.1.3CRRP
(1) 32Throughout the term of a policy included in a packaged bank account, a firm must provide the customer with an eligibility statement, in writing,3 on an annual basis. This statement must set out any qualifying requirements to claim each of the benefits under the policy and recommend that the customer reviews his circumstances and whether he meets these requirements.(2) 3Where a customer has reached an age limit on claiming benefits under a travel insurance policy included
CONC 3.5.4GRP
(1) A rate of interest for the purpose of CONC 3.5.3R (1) is not limited to an annual rate of interest but would include a monthly or daily rate or an APR. It would also include reference to 0% credit (but where the APR is 0% and CONC 3.5.3R(2A) applies, a representative example is not required)4. An amount relating to the cost of credit would include the amount of any fee or charge, or any repayment of credit (where it includes interest or other charges).3[Note: paragraph 6.7
CONC 3.5.7RRP
(1) A financial promotion must include the representative APR if it: (a) states or implies that credit is available to individuals who might otherwise consider their access to credit restricted; or323(b) includes a favourable comparison relating to the credit, whether express or implied, with another person, product or service; or3(c) includes an incentive 3to apply for credit or to enter into an agreement under which credit is provided.[Note: regulation 6 of CCAR 2010]3(2) The
CONC 3.5.10RRP
(1) A financial promotion must include a clear, concise and prominent3 statement in respect of any obligation to enter into a contract for an ancillary service where:(a) the conclusion of that contract is compulsory in order to obtain the credit or to obtain it on the terms and conditions promoted; and (b) the cost of that ancillary service cannot be determined in advance.[Note: regulation 8 of CCAR 2010](2) The statement in (1) must be presented together with any representative
CONC 3.5.12RRP
(1) A financial promotion must not include: (a) the word “overdraft” or any similar expression as describing any agreement for running-account credit, except where an agreement enables a customer to overdraw on a current account;(b) the expression “interest free” or any similar expression indicating that a customer is liable to pay no greater amount in respect of a transaction financed by credit than he would be liable to pay as a cash purchaser for the like transaction, except
SUP 8.2.1GRP
Under section 138A12of the Act (Modification or waiver of rules), the appropriate regulator12 may, on the application or with the consent of a firm, direct that its 9rules:121299(1) are not to apply to the firm; or(2) are to apply to the firm with such modifications as may be specified.
SUP 8.2.1AGRP
12SUP 8.2.1 G does not apply to:(1) rules made by either regulator under section 137O of the Act;(2) rules made by the FCA under sections 247 or 248 of the Act.
SUP 8.2.3GRP
Sections 250 and 261L11 of the Act and regulation 7 of the OEIC Regulations allow the FCA12 to waive the application of certain rules in COLL to:111210(1) a person, as respects a particular AUT, ACS11 or ICVC, on the application or with the consent of that person; and(2) an AUT, ACS11 or ICVC on the application or with the consent of the manager and trustee (in the case of an AUT), the authorised contractual scheme manager and depositary (in the case of an ACS)11 or the ICVC and
MCOB 4.8A.2GRP
Subject to certain limited exceptions, where the rules in MCOB 4.8A apply to a firm they restrict execution-only sales (which term is defined to include variations of existing contracts) to cases where:(1) there is no spoken or other interactive dialogue between the firm and the customer during the sale; or(2) if there is spoken or other interactive dialogue between the firm and the customer during the sale:(a) the customer is a high net worth mortgage customer; or(b) the customer
MCOB 4.8A.10RRP
(1) MCOB 4.8A.7 R does not apply in the case of a variation of a regulated mortgage contract, provided that:(a) the variation would not involve the customer taking on additional borrowing beyond the amount currently outstanding under the existing regulated mortgage contract, other than to finance any product fee or arrangement fee for the proposed new or varied contract; and(b) where the variation will (in whole or part) change from one interest rate to another, the firm has presented
MCOB 4.8A.14RRP
A firm must not enter into or arrange an execution-only sale for a regulated mortgage contract unless, except as provided in MCOB 4.8A.15 R:(1) for a new regulated mortgage contract not falling within MCOB 4.8A.10 R, the customer has identified the regulated mortgage contract he wishes to purchase, specifying to the firm at least the following information:(a) the name of the mortgage lender;(b) the rate of interest;(c) the interest rate type (that is, whether fixed, variable or
MCOB 4.8A.17RRP
A firm which intends to transact execution-only sales in regulated mortgage contracts must have in place and operate in accordance with a clearly defined policy which:(1) sets out the amount of business the firm reasonably expects to transact by way of execution-only sales and the steps to be taken by the firm if that business exceeds the expected levels; and(2) sets out its processes and procedures for ensuring compliance with the rules in MCOB 4.8A; in particular:(a) how it
MCOB 4.8A.18RRP
(1) Whenever a firmenters into or arranges an execution-only sale for a regulated mortgage contract, it must make and maintain a record of:(a) the information provided by the customer which satisfies MCOB 4.8A.14R (1), (2) or (3);(b) the information in durable medium in MCOB 4.8A.14R (4);(c) (where applicable) the confirmation by the customer in MCOB 4.8A.14R (5); and(d) any advice from the firm which the customer rejected, including the reasons why it was rejected, before deciding
LR 11.1.7RRP
If a listed company enters into a related party transaction, the listed company must:(1) make a notification in accordance with LR 10.4.1 R (Notification of class 2 transactions) that contains the details required by that rule and also:(a) the name of the related party; and(b) details of the nature and extent of the related party's interest in the transaction or arrangement;(2) send a circular to its shareholders containing the information required by LR 13.3 and LR 13.6;(3) obtain
LR 11.1.10RRP
(1) This rule applies to a related party transaction if each of the percentage ratios is less than 5%, but one or more of the percentage ratios exceeds 0.25%.(2) Where this rule applies, LR 11.1.7 R does not apply but instead the listed company must:8(a) [deleted]88(b) before entering into the transaction or arrangement, obtain8 written confirmation from a sponsor7 that the terms of the proposed transaction or arrangement with the related party are fair and reasonable as far as
LR 11.1.11RRP
(1) If a listed company enters into transactions or arrangements with the same related party (and any of its associates) in any 12 month period and the transactions or arrangements have not been approved by shareholders the transactions or arrangements, including transactions or arrangements falling under LR 11.1.10 R, or small related party transactions under LR 11 Annex 1.1R (1), 6 must be aggregated.(2) If any percentage ratio is 5% or more for the aggregated transactions or
BIPRU 12.2.5GRP
For the purposes of the overall liquidity adequacy rule, liquidity resources are not confined to the amount or value of a firm's marketable, or otherwise realisable, assets. Rather, in assessing the adequacy of those resources, a firm should have regard to the overall character of the resources available to it which enable it to meet its liabilities as they fall due. Therefore, for the purposes of that rule, a firm should ensure that:(1) it holds sufficient assets which are
BIPRU 12.2.6GRP
The overall liquidity adequacy rule is expressed to apply to each firm on a solo basis. Each firm must be able to satisfy that rule relying solely on its own liquidity resources. Where the firm is an incoming EEA firm or a third country BIPRU firm, compliance with the overall liquidity adequacy rule with respect to the UK branch must be achieved relying solely on liquidity resources that satisfy the conditions in BIPRU 12.2.3R.
BIPRU 12.2.13GRP
BIPRU 12.7 contains more detailed rules and guidance about the type of assets that an ILAS BIPRU firm is permitted to hold in order to satisfy BIPRU 12.2.8R.
BIPRU 12.2.15GRP
BIPRU 12.5 sets out the ILAS framework. That section describes some of the stress tests that a standard ILAS BIPRU firm must carry out in conducting its ILAA and identifies a number of sources of liquidity risk in relation to which a firm is required to assess the impact of those stresses. For a standard ILAS BIPRU firm, the requirements in BIPRU 12.5 are in addition to the stress testing requirements in BIPRU 12.4. The rules in BIPRU 12.5 require a standard ILAS BIPRU firm
CONC 6.2.1RRP
(1) Before significantly increasing:(a) the amount of credit to be provided under a regulated credit agreement; or(b) a credit limit for running-account credit under a regulated credit agreement;the lender must undertake an assessment of the customer's creditworthiness. [Note: section 55B(2) of CCA](2) A firm carrying out the assessment in (1) must consider: (a) the potential for the commitments under the regulated credit agreement to adversely impact the customer's financial
CONC 6.2.1ARRP
(1) 2This rule applies if, in relation to a regulated credit agreement: (a) an individual other than the borrower (in this rule referred to as “the guarantor”) has provided a guarantee or an indemnity (or both); and(b) the lender is required to undertake an assessment of the customer under CONC 6.2.1R.(2) Before doing either of the things mentioned in (1), the lender must undertake an assessment of the potential for the guarantor’s commitments in respect of the regulated credit
CONC 6.2.2RRP
Where CONC 6.2.1 R or CONC 6.2.1AR2 applies to a firm: [Note: paragraph 4.2 of ILG](1) the firm must comply with CONC 5.3.2 R, CONC 5.3.4 R, CONC 5.3.5 R, CONC 5.3.6 R and CONC 5.3.7 R(2) the rules in CONC 5.3 referred to in (1) apply with the modifications necessary to take into account that CONC 6.2.1 R concerns increases in the amount of credit and in credit limits and when the increase is to take place;2(3) the guidance in CONC 5.3 applies accordingly and CONC 5.2.3 G and
CONC 6.2.3RRP
A firm must consider sufficient information available to it at the time of the increase referred to in CONC 6.2.1 R to enable it to make a reasonable assessment required by that rule or CONC 6.2.1AR. The provision of the guarantee or indemnity (or both), and the assessment of the guarantor, does not remove or reduce the obligation on the firm to carry out an assessment of the borrower under CONC 6.2.1R. Firms are reminded of the rule in CONC 5.3.4R that the assessment of the borrower
SUP 15.2.2GRP
This chapter sets out:(1) guidance on the type of event or change in condition which a firm should consider notifying in accordance with Principle 11; the purpose of this guidance is to set out examples and not to give comprehensive advice to firms on what they should notify in order to be in compliance with Principle 11;(2) rules on events and changes in condition that a firm must notify; these are the types of event that the FCA2 must be informed about, usually as soon as possible,
SUP 15.2.3GRP
Rules and guidance have also been included to set out how firms should make a notification and to determine when it may be appropriate to discuss matters with their usual supervisory contact at the FCA2 by telephone (SUP 15.7).9
SUP 15.2.5GRP
3SUP 15.11 (Notification of COCON breaches and disciplinary action) provides rules and guidance on notifications to the FCA by a relevant authorised person where the relevant authorised person4 takes disciplinary action in relation to any conduct rules staff and the reason for taking that action is a reason specified in rules made by the FCA. This is a requirement imposed4 under section4 64C of the Act.
SUP 15.2.6GRP
3SUP 15.12 (Ongoing alerts for retail adviser complaints) sets out rules and guidance on a firm’s obligation to notify the FCA of complaints against an employee acting as a retail investment adviser.
REC 3.14.1GRP
The purpose of REC 3.14 is to ensure that the FCA3is informed of planned changes to the services a UK recognised body intends to provide and of the normal hours of operation of those services. Unplanned suspensions of those services, unplanned changes in hours of operation and events causing a UK recognised body to be unable to provide those services should be notified to the FCA3under the rules in REC 3.15.33
REC 3.14.2RRP
Where a UK RIE proposes to admit to trading (or to cease to admit to trading) by means of its facilities:(1) a specified investment (other than a security or an option in relation to a security); or(2) a type of security or a type of option in relation to a security; it must give the FCA3notice of that event, and the information specified for the purposes of this rule in REC 3.14.6 R to the FCA3, at the same time as that proposal is first formally communicated to its members or
REC 3.14.3RRP
Where a UK recognised body proposes to provide (or to cease to provide) clearing facilitation services3 in respect of:3(1) a specified investment (other than a security or an option in relation to a security); or (2) a type of security or a type of option in relation to a security;it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14.6 R, at the same time as that proposal is first formally communicated to its members
REC 3.14.8RRP
Where a UK recognised body proposes to make (or to cease to make) arrangements for the safeguarding and administration of assets belonging to any other person (other than an undertaking in the same group), that recognised body must give the FCA3notice of that event, and the information specified for the purposes of this rule in REC 3.14.9 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).3
SYSC 3.2.6EGRP
5The FCA, when considering whether a breach of its rules on systems and controls against money laundering has occurred, will have regard to whether a firm has followed relevant provisions in the guidance for the UK financial sector issued by the Joint Money Laundering Steering Group.
SYSC 3.2.6IRRP
5A firm must:(1) appoint an individual as MLRO, with responsibility for oversight of its compliance with the FCA'srules on systems and controls against money laundering; and(2) ensure that its MLRO has a level of authority and independence within the firm and access to resources and information sufficient to enable him to carry out that responsibility.
SYSC 3.2.8RRP
(1) A firm which carries on designated investment business with or for retail clients or professional clients8 and a UK ISPV which carries on insurance risk transformation with respect to long-term insurance contracts18 must allocate to a director or senior manager the function of:8(a) having responsibility for oversight of the firm's compliance; and(b) reporting to the governing body in respect of that responsibility.1(2) In 10 (1) "compliance" means compliance with the rules
SYSC 3.2.9GRP
(1) SUP 10A.7.8 R25 uses SYSC 3.2.8 R to describe the controlled function, known as the compliance oversight function, of acting in the capacity of a director or senior manager to whom this function is allocated.25(2) The rules referred to in SYSC 3.2.8 R (2) are the minimum area of focus for the firm'scompliance oversight function. A firm is free to give additional responsibilities to a person performing this function if it wishes.
SYSC 3.2.20RRP
(1) A firm must take reasonable care to make and retain adequate records of matters and dealings (including accounting records) which are the subject of requirements and standards under the regulatory system.(2) Subject to (3) and to any other record-keeping rule in the Handbook, the records required by (1) or by such other rule must be capable of being reproduced in the English language on paper.(3) If a firm's records relate to business carried on from an establishment in a
CASS 11.1.2GRP
The requirements imposed on a CASS debt management firm that holds client money vary depending on whether a firm is classified as a CASS small debt management firm or a CASS large debt management firm in CASS 11.2.3 R (CASS debt management firm types). CASS 11.1.4 R to CASS 11.1.6 R indicate which rules in the debt management client money chapter apply to which category of firm.
CASS 11.1.4RRP

Subject to CASS 11.1.6 R, only the rules and guidance in the debt management client money chapter listed in the table below apply to CASS small debt management firms.

Reference

Rule

CASS 11.1.1 R to CASS 11.1.4 R and CASS 11.1.6 R

Application

CASS 11.2.1 R to CASS 11.2.9 G

Firm classification

CASS 11.3.1 R to CASS 11.3.2 R and CASS 11.3.6 R

Responsibility for CASS operational oversight

CASS 11.4.1 G to CASS 11.4.4 G

Definition of client money and discharge of fiduciary duty

CASS 11.5.1 R and CASS 11.5.2 R

Organisational requirements

CASS 11.6.1 R and CASS 11.6.2 G

Statutory trust

CASS 11.7.1 G and CASS 11.7.5 G

Selecting an approved bank at which to hold client money

CASS 11.8.1 G to CASS 11.8.13 R

Client bank account acknowledgement letters

CASS 11.9.1 R to CASS 11.9.13 G

Segregation and the operation of client money accounts

CASS 11.10.1 R to CASS 11.10.7 G

Payments to creditors

CASS 11.11.1 R to CASS 11.11.12 R , CASS 11.11.30 R and CASS 11.11.32 G

Records, accounts and reconciliations

CASS 11.12.1 G to CASS 11.12.7 R

CASS 11 resolution pack

CASS 11.13.1 R to CASS 11.13.14 R

Client money distribution in the event of a failure of a firm or approved bank

CASS 11.1.5RRP
Subject to CASS 11.1.6 R, the rules and guidance in the debt management client money chapter apply to CASS large debt management firms, except where indicated otherwise in the relevant rule.
CASS 11.1.6RRP
(1) An authorised professional firm regulated by the Law Society of England and Wales, the Law Society of Scotland or the Law Society of Northern Ireland that, with respect to its regulated activities, is subject to the following rules of its designated professional body, must comply with those rules and, if it does so, it will be deemed to comply with the debt management client money chapter.(2) The relevant rules are: (a) if the firm is regulated by the Law Society of England
CONC 7.1.1RRP
1This chapter applies, unless otherwise stated in or in relation to a rule, to:(1) a firm with respect to consumer credit lending;(2) a firm with respect to consumer hiring;(3) a firm with respect to operating an electronic system in relation to lending, in relation to a borrower under a P2P agreement;(4) a firm with respect to debt collecting.
CONC 7.1.3GRP
(1) In accordance with CONC 1.2.2 Rfirms must ensure that their employees and agents comply with CONC and must take reasonable steps to ensure that other persons acting on the firm's behalf act in accordance with CONC.(2) The rule in CONC 1.2.2 R is particularly important in relation to the requirements in CONC 7, for example, in dealing with an individual from whom the person referred to in the rule is seeking to collect a debt.(3) In this chapter the expression “arrears” includes
CONC 7.1.4RRP
(1) 2In this chapter, except for CONC 7.6.15AG:(a) a reference to a borrower, a customer or a hirer includes a reference to an individual other than the borrower or the hirer (in this chapter, referred to as “the guarantor”) who has provided a guarantee or an indemnity (or both) in relation to:(i) a regulated credit agreement; or(ii) a regulated consumer hire agreement; or(iii) a P2P agreement in respect of which the borrower is an individual;where it would not do so but for this
CASS 5.1.3RRP
An authorised professional firm regulated by The Law Society (of England and Wales), The Law Society of Scotland or The Law Society of Northern Ireland that, with respect to its regulated activities, is subject to 7the rules of its designated professional body as specified in CASS 5.1.4 R, in force on 14 January 2005, must comply with those rules7 and if it does so, it will be deemed to comply with CASS 5.2 to CASS 5.6.7
CASS 5.1.4RRP
For the purposes of CASS 5.1.3 R the relevant rules are:(1) If regulated by the Law Society (of England and Wales);(a) the Solicitors' Accounts Rules 1998; or(b) where applicable, the Solicitors Overseas Practice Rules 1990;(2) if regulated by the Law Society of Scotland, the Solicitors' (Scotland) Accounts, Accounts Certificate, Professional Practice and Guarantee Fund Rules 2001;(3) if regulated by the Law Society of Northern Ireland, the Solicitors' Accounts Regulations 19
CASS 5.1.4ARRP
(1) 3A firm will, subject to (3), be deemed to comply with CASS 5.3 to CASS 5.6 if it receives or holds client money and it either:2(a) in relation to a service charge, complies with the requirement to segregate such money in accordance with section 42 of the Landlord and Tenant Act 1987 ("the 1987 Act"); or2(b) in relation to money which is clients' money for the purpose of the Royal Institution of Chartered Surveyors' Rules of Conduct ("RICS rules") in force as at 14 January
CASS 5.1.7GRP
(1) Principle 10 (Clients' assets) requires a firm to arrange adequate protection for clients' assets when the firm is responsible for them. An essential part of that protection is the proper accounting and handling of client money. The rules in CASS 5.1 to CASS 5.6 also give effect to the requirement in article 4.4 of the Insurance Mediation Directive5 that all necessary measures should be taken to protect clients against the inability of an insurance intermediary to transfer
GEN 1.3.1GRP
The FCA5 recognises that there may be occasions when, because of a particular emergency, a person (generally a firm, but in certain circumstances, for example in relation to price stabilising rules, an unauthorised person) may be unable to comply with a particular rule in the Handbook. The purpose of GEN 1.3.2 R is to provide appropriate relief from the consequences of contravention of such a rule in those circumstances.1993
GEN 1.3.2RRP
(1) If any emergency arises which:(a) makes it impracticable for a person to comply with a particular rule in the Handbook; (b) could not have been avoided by the person taking all reasonable steps; and(c) is outside the control of the person, its associates and agents (and of its and their employees);the person will not be in contravention of that rule to the extent that, in consequence of the emergency, compliance with that rule is impracticable. (2) Paragraph (1) applies only
GEN 1.3.5GRP
GEN 1.3.2 R operates on the FCA's5rules. It does not affect the FCA's5 powers to take action against a firm in an emergency, based on contravention of other requirements and standards under the regulatory system. For example, the FCA5 may exercise its own-initiative power in appropriate cases to vary a firm'sPart 4A permission9 based on a failure or potential failure to satisfy the threshold conditions (see SUP 7 (Individual9 requirements) and EG 8 (Variation and cancellation
SUP 8.6.1AGRP
4The FCA must consult the PRA before publishing or deciding not to publish a waiver which relates to:(1) a PRA-authorised person; or(2) an authorised person who has as a member of its immediate group a PRA-authorised person;unless the waiver relates to rules made by the FCA under sections 247 or 248 of the Act.
SUP 8.6.2GRP
When considering whether it is satisfied under section 138B(2)4, the appropriate regulator4 is required by section 138B(3)4 of the Act:444(1) to take into account whether the waiver relates to a rule contravention of which is actionable under section 138D4 of the Act (Actions for damages); Schedule 5 identifies such rules;4(2) to consider whether its publication would prejudice, to an unreasonable degree, the commercial interests of the firm concerned, or any other member of its
SUP 8.6.3GRP
Waivers can affect the legal rights of third parties, including consumers. In the appropriate regulator's4 view it is important that the fact and effect of such waivers should be transparent. So the fact that a waiver relates to a rule that is actionable under section 138D4 of the Act (see SUP 8.6.2 G (1)) will tend to argue in favour of publication.44
SUP 8.6.4GRP
In making waiver applications under section 250 of the Act or regulation 7 of the OEIC Regulations, SUP 8.6.2 G (2) should be read in application to rules in COLL as if the word "commercial" were omitted.12
CASS 11.11.5GRP
CASS debt management firms are reminded that they must, under SYSC 6.1.1 R, establish, implement and maintain adequate policies and procedures sufficient to ensure compliance of the firm with the rules in this chapter.
CASS 11.11.6GRP
So that a CASS debt management firm may check that it has sufficient money segregated in its client bank accounts to meet its obligations to clients for whom it is undertaking debt management activity, it is required periodically to carry out reconciliations of its internal records and accounts to check that the total amount of client money that it should have segregated in client bank accounts is equal to the total amount of client money it actually has segregated in client bank
CASS 11.11.7GRP
For a CASS small debt management firm to demonstrate it has maintained its records and accounts in a way envisaged by CASS 11.11.3 R, it should carry out checks of its internal records and accounts that are reasonable and proportionate to its business. CASS 11.11.8 R provides a rule that a CASS small debt management firm is obliged to follow to meet this obligation.
CASS 11.11.32GRP
CASS debt management firms are also reminded of their obligation to notify the appropriate regulator of a significant breach of a rule under SUP 15.3.11 R.
MCOB 9.1.2AGRP
2The rules and guidance that are not relevant to home reversion plans are those related, for example, to interest rates, APR, higher lending charge, mortgage credit cards, multi-part mortgages and foreign currency mortgages.
MCOB 9.1.3RRP
This chapter applies in the circumstances set out in other rules in this sourcebook, but in relation to an equity release transaction2, in accordance with the table in MCOB 9.1.4 R.2
MCOB 9.1.4RRP

This table belongs to MCOB 9.1.3 R

Section of MCOB 9

Applies in relation to an equity release transaction as set out in the following rules:2

2

MCOB 9.1, MCOB 9.2

all of the rules below in this column2

MCOB 9.3, MCOB 9.4

MCOB 5.1.3 R

MCOB 9.5

MCOB 6.1.3 R

2MCOB 9.62

MCOB 7.1.3 R

MCOB 9.1.7GRP
(1) 3This chapter does not apply to an MCD lifetime mortgage, except as set out in (2) to (3), below.(2) MCOB 9.4.33 R, MCOB 9.4.35 R, MCOB 9.4.62 R and MCOB 9.4.63 R apply to the extent specified by MCOB 5A.6.2 R.(3) MCOB 9.6 to MCOB 9.8 apply, except for rules that modify or replace MCOB 7.6.7R to MCOB 7.6.17R (because those rules do not apply to an MCD mortgage lender or an MCD mortgage credit intermediary, MCOB 7B applies instead: see MCOB 7.1.2AR and MCOB 7.1.2BG).
MCOB 5.4.18ARRP
(1) 3Whenever a firm provides a customer with information specific to the amount that the customer wants to borrow on a particular regulated mortgage contract following an assessment of the customer's needs and circumstances in order to comply with MCOB 4.7A.2 R, it must give, clearly and prominently, the following information:(a) the same information on the firm’s product range as is required by MCOB 4.4A.1R (1), MCOB 4.4A.2 R and MCOB 4.4A.4R (1); and(b) that the customer has
MCOB 5.4.18BRRP
(1) 3Whenever, as part of an execution-only sale (or potential execution-only sale), a customer provides a firm with the information in MCOB 4.8A.14R (1), (2) or (3) the firm must inform the customer, clearly and prominently, that the customer has the right to request an illustration for any regulated mortgage contract which the firm is able to offer the customer.(2) Whenever, as part of an execution-only sale (or potential execution-only sale), a high net worth mortgage customer
MCOB 5.4.18CGRP
(1) 3In order to demonstrate compliance with MCOB 5.4.18AR (1), a firm may wish to consider, for example, doing one or more of the following: give the messages to the customer in a durable medium; build the requirements into the firm's training of staff, as evidenced by its training and compliance manuals; insert appropriate prompts into paper-based or automated sales systems; have procedures in place to monitor compliance by its staff with that rule. What is required in each
MCOB 5.4.24GRP
The rules on the content of an illustration at MCOB 5.6 (Content of illustrations) mean that if the regulated mortgage contract requires the customer to take out a tied product, the illustration must include an accurate quotation or a reasonable estimate of the payments the customer would need to make for the tied product (see MCOB 5.6.52 R (2) where the tied product is a repayment strategy and MCOB 5.6.74 R where the tied product is insurance).3 If it is not possible to include
CASS 7.19.25RRP
The records maintained under this section, including the sub-pool disclosure documents, are a record of the firm that must be kept in a durable medium for at least five years following the date on which client money was last held by the firm for a sub-pool to which those records or the sub-pool disclosure document applied.
SUP 3.10.5RRP

Client assets report

111

Whether in the auditor's opinion

(1)

the firm has maintained systems adequate to enable it to comply with the custody rules (except CASS 6.7)13, the collateral rules,5 the client money rules3 (except CASS 5.2)13, the debt management client money rules9 and the mandate rules5 throughout the period ;5

353

(2)

the firm was in compliance with the custody rules (except CASS 6.7)13, the collateral rules,5 the client money rules3 (except CASS 5.2), the debt management client money rules9 and the mandate rules5,13 at the date as at which the report has been made;

353

(3)

in the case of an investment management firm, personal investment firm, a UCITS firm,2securities and futures firm, firm acting as trustee or depositary of an AIF, firm acting as trustee or depositary of a UCITS7 or IFPRU investment firm8or BIPRU firm8,2 when a subsidiary of the firm is during the period 5a nominee company in whose name custody assets of the firm are registered during the period, 5 that nominee company has maintained throughout the period5 systems for the custody, identification and control of custody assets which:

2285

(a)

were5 adequate; and

5

(b)

included5 reconciliations at appropriate intervals between the records maintained (whether by the firm or the nominee company) and statements or confirmations from custodians or from the person who maintained5 the record of legal entitlement; and

55

(4)

if there has been a secondary pooling event during the period, the firm has 1complied with the rules in943CASS 5.6 and CASS 7A43 (Client money distribution)1and CASS 11.13 (debt management client money distribution rules)9 in relation to that pooling event.

3
SUP 3.10.9ARRP
(1) 5Whether or not an auditor concludes that one or more of the requirements specified in SUP 3.10.5 R (1) to (4) has or have been met, the auditor must ensure that the client assets report identifies each individual rule in respect of which a breach has been identified.(2) 5If an auditor does not identify a breach of any individual rule, it must include a statement to that effect in the client assets report.
SUP 3.10.9BRRP
5For the purpose of SUP 3.10.9 R and SUP 3.10.9A R, an auditor must ensure that the information prescribed under those rules is submitted using, respectively, Part 1 (Auditor’s Opinion) and Part 2 (Breaches Schedule) of SUP 3 Annex 1 R.
SUP 3.10.9CGRP
(1) 5The FCA expects that the list of breaches will include every breach of a rule in CASS insofar as that rule is within the scope of the client assets report and is identified in the course of the auditor’s review of the period covered by the report, whether identified by the auditor or disclosed to it by the firm, or by any third party.(2) 5For the purpose of determining whether to qualify its opinion or express an adverse opinion, the FCA would expect an auditor to exercise
SUP 3.10.12RRP
An auditor of a firm must submit a report under SUP 3.10.4 R in accordance with the rules in SUP 16.3.6 R to SUP 16.3.13 R as if those rules applied directly to the auditor.