Related provisions for SYSC 10.1.8A

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SUP 12.6.8GRP
(1) Some of the controlled functions, as set out in SUP 10A.4.1 R22, apply to an appointed representative of a firm, other than an introducer appointed representative, just as they apply to a firm (see SUP 10A.1.15 R22). These are the governing functions and the customer function5. In the case of an appointed representative that also has a limited permission, an FCA required function may apply to it.9 As explained in SUP 10A.1.16 R22 and SUP 10A.3.2 G22 respectively:22222522522(a)
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]
INSPRU 7.1.13RRP
Based upon this information and other information available to it, the appropriate regulator will consider whether the capital resources requirement applicable to the firm is appropriate. Where relevant, the firm'sECR will be a key input to the appropriate regulator's assessment of the adequacy of the firm'scapital resources. For firms carrying on general insurance business, the ECR is calculated in accordance with INSPRU 1.1.72C R.5
SUP 10C.5.7GRP
[deleted]65
ICOBS 4.3.1RRP
(1) Where a fee is payable, the firm must inform1 its customer of the amount of the fee1.(2) The information in (1)1 must be given before the customer incurs liability to pay the fee, or before conclusion of the contract of insurance1, whichever is earlier.(3) To the extent that it is not possible for an amount to1 be given, a firm must give the basis for its1 calculation.[Note: articles 19(2) and (5) of the IDD]1
SYSC 1.4.2RRP
A contravention of a rule in SYSC 11 to 2SYSC 21,7SYSC 22.8.1R, SYSC 22.9.1R or to 9SYSC 288 does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action). 34437
PERG 8.31.5GRP
Certain of the exclusions in the Regulated Activities Order that apply to the regulated activity of advising on investments are not available where the advice either relates to a contract of insurance or amounts to insurance distribution or reinsurance distribution3. This results from the requirements of the IDD3 and is explained in more detail in PERG 5 (Guidance on insurance distribution3 activities).
SUP 3.8.10GRP
(1) Auditors are subject to regulations made by the Treasury under sections 342(5) and 343(5) of the Act (Information given by auditor or actuary to a regulator). Section 343 and the regulations also apply to an auditor of an authorised person in his capacity as an auditor of a person who has close links with the authorised person.3(2) These regulations oblige auditors to report certain matters to the appropriate regulator. Sections 342(3) and 343(3) of the Act provide that an
COND 2.5.6GRP
Examples of the kind of particular considerations to which the FCA may have regard when assessing whether a firm will satisfy, and continue to satisfy, this threshold condition include, but are not limited to, whether:1515(1) the firm has been open and co-operative in all its dealings with the FCA15and any other regulatory body (see Principle 11 (Relations with regulators)) and is ready, willing and organised to comply with the requirements and standards under the regulatory system
SUP 13.12.2GRP
To contact the FCA and/or PRA authorisations teams, please see the details provided on that regulator's website.5534
PERG 5.16.2GRP
(1) Text of article 2.1(1) of the Insurance Distribution Directive1 “‘Insurance distribution’ means the activities of advising on, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information concerning one or more insurance contracts in accordance with criteria selected
IPRU-INV 13.13.3RRP
  1. (1)

    A firm to which MIPRU also applies must calculate its capital resources requirement as in (2).

  2. (2)

    The firm must calculate its capital resources requirement as the higher of:

    1. (a)

      £20,000; and

    2. (b)

      the sum of:

      1. (i)

        the amount that would have applied to it under IPRU-INV 13.13.2R(2)(b) if it were a firm of the type in column (B) of table 13.13.2(2)(b); and

      2. (ii)

        the capital resources requirement in MIPRU 4.2. (Capital resources requirements), after excluding the fixed amounts specified in table 13.13.3(2)(b)(ii).

Table 13.13.3(2)(b)(ii)

This table forms part of IPRU-INV 13.13.3R.

Activity

Provision

Fixed amount

Insurance distribution activity2 or home finance mediation activity

MIPRU 4.2.11R(1)(a) (firm not holding client money or assets)

£5,000

MIPRU 4.2.11R(2)(a) (firm holding client money or assets)

£10,000

Home financing and home finance administration (not connected to regulated mortgage contracts)

MIPRU 4.2.12R(1)(a)

£100,000

Home finance administration (with all assets off balance sheet)

MIPRU 4.2.19R(1)

£100,000

Home financing and home finance administration (connected to regulated mortgage contracts)

MIPRU 4.2.23R(1)

£100,000
PERG 8.32.12GRP
Where persons are making arrangements concerning contracts of insurance or are carrying on insurance distribution or reinsurance distribution2 certain exclusions to article 25 are not available. This results from the requirements of the IDD2 and is explained in more detail in PERG 5.6 (2The regulated activities: arranging deals in, and making arrangements with a view to transactions in, contracts of insurance).
COND 2.2.1AUKRP
(1) Unless sub-paragraph (3), (4)(a) or (7)6 applies, if A is a body incorporated in the United Kingdom -6(a) A’s head office, and(b) if A has a registered office, that office,must be in the United Kingdom. (2) If A is not a body corporate but A’s head office is in the United Kingdom, A must carry on business in the United Kingdom. (3) If-(a) A is seeking to carry on, or is carrying on, a regulated activity which is any of the investment services and activities,(b) A is a body
CASS 7.17.2RRP
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
SUP 3.1.2RRP

Applicable sections (see SUP 3.1.1 R)

This table and the provisions in SUP 3 should be read in conjunction with GEN 2.2.23 R to GEN 2.2.25 G. In particular, the PRA does not apply any of the provisions in SUP 3 in respect of FCA-authorised persons. SUP 3.10 and SUP 3.11 are applied by the FCA only.41

(1) Category of firm

(2) Sections applicable to the firm

(3) Sections applicable to its auditor

(1)

Authorised professional firm which is required by IPRU(INV) 2.1.2R to comply with chapters 3, 519 or 13 of IPRU(INV) and which has an auditor appointed under or as a result of a statutory provision other than in the Act9 (Notes 1 and 6)23

23192323

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

(2)

Authorised professional firm not within (1) to which the custody chapter or client money chapter applies22

172223

SUP 3.1 - SUP 3.7, SUP 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(3)

Authorised professional firm not within (1) or (2) which has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(4)

Bank, building society or dormant account fund operator21which in each case carries on designated investment business21(Notes 2A and 6)23

23

SUP 3.1-SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(5)

Bank, building society or a dormant account fund operator which in each case does not carry on designated investment business21 (Note 2A)

21

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(5A)

Credit union

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.824

27(5B)30

CASS debt management firm unless subject to a requirement imposed under section 55L of the Act stating that it must not hold client money or such a requirement to the same effect30

SUP 3.1

SUP 3.10

SUP 3.11

SUP 3.1

SUP 3.10

33(5C)

CASS 7 loan-based crowdfunding firm

SUP 3.1-3.7, SUP 3.11

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(6)

Insurer, the Society of Lloyd's, underwriting agent or members' adviser, UK ISPV11 (Note 5)7

SUP 3.1 - SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(7)

Investment management firm, (other than an exempt CAD firm),16personal investment firm (other than a small personal investment firm or exempt CAD firm) 15,28securities and futures firm (other than an exempt CAD firm or an exempt BIPRU commodities firm20)15 or collective portfolio management firm that is an external AIFM28 which, in each case, has an auditor appointed under or as a result of a statutory provision other than in the Act9(Notes 3 and 623)17

239281723

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

9(7A)

Investment management firm (other than an exempt CAD firm)20, personal investment firm (other than a small personal investment firm or exempt CAD firm15),28securities and futures firm (other than an exempt CAD firm15 or an exempt BIPRU commodities firm20) or collective portfolio management firm that is an external AIFM28 not within (7) to which the custody chapter or client money chapter applies22

23281722

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.1025

32

25

9(7B)

Collective portfolio management firm that is a 28UCITS firm13or an internally managed AIF28 (Note 6)23

13

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8,19SUP 3.10

19

13(7C)

UK MiFID investment firm, which has an auditor appointed under or as a result of a statutory provision other than in the Act (Notes 3B and 6)2320

2023

SUP 3.1 - 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.1014

17(7D)

Sole trader or partnership that is a UK20MiFID investment firm (other than an exempt CAD firm) (Notes 3C and 6)2320

2023

SUP 3.1 - SUP 3.7, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.10

(8)

Small personal investment firm or service company which, in either case, has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.7

SUP 3.1, SUP 3.2, SUP 3.8

(9)8

Home finance provider10 which has an auditor appointed under or as a result of a statutory provision other than in the Act9

10

SUP 3.1 - SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

(10)8

Insurance intermediary (other than an exempt insurance intermediary) to which the insurance client money chapter17 (except for CASS 5.2 (Holding money as agent)) applies (see Note 4)8

17

SUP 3.1 - SUP 3.78, SUP 3.1123

SUP 3.1, SUP 3.2, SUP 3.8, SUP 3.108

(11)8

Exempt insurance intermediary and insurance intermediary not subject to SUP 3.1.2 R(10) which has an auditor appointed under or as a result of a statutory provision other than in the Act

SUP 3.1, SUP 3.2, SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

(12)8

Home finance intermediary10 or home finance administrator10 which has an auditor appointed under or as a result of a statutory provision other than in the Act.

1010

SUP 3.1, SUP 3.2, SUP 3.78

SUP 3.1, SUP 3.2, SUP 3.88

Note 1 = This chapter applies to an authorised professional firm in row (1) (and its auditor) as if the firm were of the relevant type in the right-hand column of IPRU(INV) 2.1.4R.

Note 2 [deleted]23

171723

Note 2A = For this purpose, designated investment business does not include either or both:

(a) dealing which falls within the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc) (or agreeing to do so); and

(b) dealing in investments as principal (or agreeing to do so):

(i) by a firm whose permission to deal in investments as principal is subject to a limitation to the effect that the firm, in carrying on this regulated activity, is limited to entering into transactions in a manner which, if the firm was an unauthorised person, would come within article 16 of the Regulated Activities Order (Dealing in contractually based investments); and

(ii) in a manner which comes within that limitation;

having regard to article 4(4) of the Regulated Activities Order (Specified activities: general23).

18

Note 3 = This note applies in relation to an oil market participant to which IPRU(INV) 3 does not apply and in relation to an energy market participant to which IPRU(INV) 3 does not apply. In SUP 3:

(a) only SUP 3.1, SUP 3.2 and SUP 3.7 are applicable to such a firm; and

(b) only SUP 3.1, SUP 3.2 and SUP 3.8 are applicable to its auditor;

and, in each case, only if it has an auditor appointed under or as a result of a statutory provision other than in the Act.

17Note 3A [deleted]23

23

20Note 3B = UK MiFID investment firms include exempt CAD firms. An exempt CAD firm that has opted into MiFID can benefit from the audit exemption for small companies in the Companies Act legislation if it meets is an exempt investment firm as defined by article 8 of the MiFI Regulations.31 If a firm does so benefit then SUP 3 will not apply to it. For further details about exempt CAD firms, see PERG 13, Q58.

17Note 3C20 = A sole trader or a partnership that is a UK MiFID investment firm20 to which the custody chapter22 or client money chapter applies2220 must have its annual accounts audited.

20202222

Note 4 = The client money audit requirement in SUP 3.1.2 R(10) therefore applies to all insurance intermediaries except:8

• those which do not hold client money or other client assets in relation to insurance distribution activities34; or 8

• those which only hold up to, but not exceeding, £30,000 of client money under a statutory trust arising under CASS 5.3.8

Insurance intermediaries which, in relation to insurance distribution activities34, hold no more than that amount of client money only on a statutory trust are exempt insurance intermediaries.8

Note (5) = In row (6):7

(a)7

SUP 3.1 - SUP 3.7 applies to a managing agent in respect of its own business and in respect of the insurance business of each syndicate which it manages; and7

(b)7

SUP 3.1, SUP 3.2 and SUP 3.8 apply to the auditors of a managing agent and the auditors of the insurance business of each syndicate which the managing agent manages.1234567

23Note 6 = Where SUP 3.11 applies to a firm, and SUP 3.10 applies to the auditor of that firm, those sections apply whether or not that firm'spermission prevents it from holding client money or custody assets and whether or not it holds client money or custody assets.A collective portfolio management firm that is an internally managed AIF is required to appoint an auditor under FUND 3.3.6R (2) (Annual report of an AIF) because the AIFM is also an AIF.28
GEN 4.3.6RRP
(1) 1Where a firm has outsourced activities to a third party processor other than advising on life policies3, GEN 4.3.1 R does not apply to that third party processor when acting as such, so long as the outsourcing firm ensures that the third party processor and its employees comply with that rule as if it was the firm and they were employees of the firm.(2) Where an appointed representative has outsourced insurance distribution activities10 other than advising on life policies3