1Introduction |
||
1. |
An accredited body is a body appearing in the list of such bodies in the Glossary.1 1 |
|
2. |
Information on accredited bodies, including guidance on the process for including an applicant body in the list, is set out below and the obligation to pay the application fee is set out in FEES 3.2. |
|
3. |
[deleted]1 1 |
|
Process for including a body in the list of accredited bodies |
||
4. |
In considering the compatibility of a proposed addition with the statutory objectives, the FCA will determine whether the applicant will, if accredited, contribute to securing an appropriate degree of protection for consumers having regard in particular to: |
|
(1) |
the matters set out in paragraphs 10 to 20; and |
|
(2) |
the rules and practices of the applicant. |
|
5. |
An application to the FCA to be added to the list of accredited bodies should set out how the applicant will satisfy the criteria in paragraphs 10 to 20. The application should be accompanied by a report from a suitable auditor which sets out its independent assessment of the applicant's ability to meet these criteria. An application form is available from the FCA upon request. |
|
6. |
When considering an application for accredited body status the FCA may: |
|
(1) |
carry out any enquiries and request any further information that it considers appropriate, including consulting other regulators; |
|
(2) |
ask the applicant or its specified representative to answer questions and explain any matter the FCA considers relevant to the application; |
|
(3) |
take into account any information which the FCA considers appropriate to the application; and |
|
(4) |
request that any information provided by the applicant or its specified representative is verified in such a manner as the FCA may specify. |
|
7. |
The FCA will confirm its decision in writing to the applicant. |
|
8. |
The FCA will enter into an agreement with the applicant or accredited body which will specify the requirements that the accredited body must meet. These will include the matters set out in paragraphs 10 to 20. Approval as an accredited body becomes effective only when the name of the applicant is added to the Glossary definition of accredited body. |
|
9. |
Paragraphs 10 to 20 set out the criteria which an applicant should meet to become an accredited body and which an accredited body should meet at all times. |
|
Acting in the public interest and furthering the development of the profession |
||
10. |
The FCA will expect an accredited body to act in the public interest, to contribute to raising consumer confidence and professional standards in the retail investment advice market and to promoting the profession. |
|
Carrying out effective verification services |
||
11. |
If independent verification of a retail investment adviser's professional standards has been carried out by an accredited body, the FCA will expect the accredited body to provide the retail investment adviser with evidence of that verification in a durable medium and in a form agreed by the FCA. This is referred to in this Appendix and TC 2.1.28 R as a 'statement of professional standing'. |
|
12. |
The FCA will expect an accredited body to have in place effective procedures for carrying out its verification activities. These should include: |
|
(1) |
verifying that each retail investment adviser who is a member of or subscriber to the accredited body's verification service has made an annual declaration in writing that the retail investment adviser has, in the preceding 12 months, complied with APER or4COCON2(as applicable)4 and completed the continuing professional development required under TC 2.1.15 R;1 |
|
(2) |
verifying annually the continuing professional development records of no less than 10% of the retail investment advisers who have used its service in the previous 12 months to ensure that the records are accurate and the continuing professional development completed by the retail investment advisers is appropriate; and |
|
(3) |
verifying that, if required by TC, the retail investment advisers who use its services have attained an appropriate qualification. This should include, where relevant, checking that appropriate qualification gap-fill records have been completed by the retail investment advisers. |
|
13. |
The FCA will not expect an accredited body to carry out the verification in paragraph 12(3) if a retail investment adviser provides the accredited body with evidence in a durable medium which demonstrates that another accredited body has previously verified the retail investment adviser's appropriate qualification, including, where relevant, appropriate qualification gap-fill. |
|
14. |
The FCA will expect an accredited body to make it a contractual condition of membership (where a retail investment adviser is a member of the accredited body) or of using its verification service (where a retail investment adviser is not a member of the accredited body) that, as a minimum, the accredited body will not continue to verify a retail investment adviser's standards and will3 withdraw its statement of professional standing if it 2is provided with:3 (a) false information in relation to a retail investment adviser’s qualifications or continuing professional development; or3 (b) a false declaration in relation to a retail investment adviser’s compliance with APER or COCON (as applicable).44 In this regard, an accredited body must have in place appropriate decision-making procedures with a suitable degree of independence and transparency. 22233 |
|
Having appropriate systems and controls in place and providing evidence to the FCA of continuing effectiveness |
||
15. |
The FCA will expect an accredited body to ensure that it has adequate resources and systems and controls in place in relation to its role as an accredited body. |
|
16. |
The FCA will expect an accredited body to have effective procedures in place for the management of conflicts of interest and have a well-balanced governance structure with at least one member who is independent of the sector. |
|
17. |
The FCA will expect an accredited body to have a code of ethics and to ensure that its code of ethics and verification service terms and conditions do not contain any provisions that conflict with APER or COCON (as applicable)4. 2 |
|
Ongoing cooperation with the FCA |
||
18. |
The FCA will expect an accredited body to provide the FCA with such documents and information as the FCA reasonably requires, and to cooperate with the FCA in an open and transparent manner. |
|
19. |
The FCA will expect an accredited body to share information with the FCA (subject to any legal constraints) in relation to the professional standards of the retail investment advisers who use its service as appropriate. Examples might include conduct issues, complaints, dishonestly obtaining or falsifying qualifications or continuing professional development or a failure to complete appropriate continuing professional development. The FCA will expect an accredited body to notify the firm if issues such as these arise. |
|
20. |
The FCA will expect an accredited body to submit to the FCA an annual report by a suitable independent auditor which sets out that auditor's assessment of the quality of the body's satisfaction of the criteria in paragraphs 10 to 19 in the preceding 12 months and whether, in the auditor's view, the body is capable of satisfying the criteria in the subsequent 12 months. The FCA will expect this annual report to be submitted to the FCA within three months of the anniversary of the date on which the accredited body was added to the Glossary definition of accredited body. |
|
Withdrawal of accreditation |
||
21. |
If an accredited body fails or, in the FCA's view, is likely to fail to satisfy the criteria, the FCA will discuss this with the accredited body concerned. If, following a period of discussion, the accredited body has failed to take appropriate corrective action to ensure that it satisfies and will continue to satisfy the criteria, the FCA will withdraw the accredited body's accreditation by removing its name from the list of accredited bodies published in the Glossary. The FCA will expect the body to notify each retail investment adviser holding a current statement of professional standing of the FCA's decision. A statement of professional standing issued by the accredited body before the withdrawal of accreditation will continue to be valid until its expiration. |
|
Related provisions for SUP 18.4.32
261 - 280 of 337 items.
Where a UK recognised body proposes to change its normal hours of operation or (for RAPs) the timing, frequency or duration of its bidding windows,2 it must give the FCA3 notice of that proposal, and particulars of, and the reasons for, the actions proposed, at the same time as the proposal is first formally communicated to its members or shareholders, or any group or class of them.3
17When the
Ombudsman9
has determined a complaint:9(1) the Ombudsman will give both parties a signed written statement of the determination, giving the reasons for it;(2) the statement will require the complainant to notify the Ombudsman ,9 before the date specified in the statement, whether he accepts or rejects the determination;(3) if the complainant notifies the Ombudsman that he accepts the determination within that time limit, it is final and binding on both parties;(4)
(1) SYSC 22.2.2R(1) to (3) normally has a six year time limit. SYSC 22.2.2R(3)(c) removes that time limit for serious matters. This paragraph (SYSC 22.5.10G) and SYSC 22.5.11G have guidance about this. This guidance is also relevant to the time limits for updating references in SYSC 22.2.6R.(2) The removal of the time limit does not mean that the time that has elapsed since the matter occurred is irrelevant. The length of time that has elapsed is relevant to deciding whether the
(1) An issuer of securities represented by listedcertificates representing certain securities must notify a RIS of any change of depositary.(2) The notification required by paragraph (1) must be made as soon as possible, and in any event by 7.30 a.m. on the business day following the change of depositary, and contain the following information:(a) the name, registered office and principal administrative establishment if different from the registered office of the depositary;(b)
The debt management client money chapter applies (to the extent indicated by CASS 11.1.4 R to CASS 11.1.6 R) to a CASS debt management firm, even if at the date of the determination or, as the case may be, the notification, referred to in CASS 11.2.4 R, the CASS debt management firm is not holding client money, provided that:(1) it held client money in the previous calendar year; or(2) it projects to hold client money in the current calendar year.
(1) A person who is required to make a notification may, without affecting their responsibility, appoint another person to make the notification on his behalf.(2) Where two or more persons are required to make a notification such persons may, without affecting their responsibility, arrange for a single notification to be made.[Note: article 8(3) of the TD implementing Directive.]
(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
(1) Under the Gibraltar Order2 made under section 409 of the Act, a Gibraltar firm is treated as an EEA firm under Schedule 3 to the Act if it is:22(a) [deleted]141212(aA) [deleted]1212(b) authorised in Gibraltar under the CRD8; or282(c) authorised in Gibraltar under the IDD15; or2(d) authorised in Gibraltar under the MiFID4;9 or114(e) authorised in Gibraltar under the UCITS Directive9; or11(f) authorised in Gibraltar under AIFMD.11(g) authorised in Gibraltar under the MCD13(1A)
A3firm must notify the FCA as soon as reasonably practical after it becomes aware of the failure of any bank, exchange, clearing house, intermediate broker, settlement agent, OTC counterparty or other entity with which it has placed, or whom it has allowed to hold, client money3:(1) [deleted]3(2) [deleted]3(3) whether it intends to make good any secondary pooling shortfall that has arisen or may arise; and3(4) the amount of that secondary pooling shortfall, or the expected amount
(1) An originator of a synthetic securitisation may calculate risk weighted exposure amounts1, and, as relevant, expected loss amounts, for the securitised exposures in accordance with BIPRU 9.5.3 R and BIPRU 9.5.4 R, if either of the following conditions is fulfilled:1(a) 1significant credit risk is considered to have been transferred to third parties, either through funded or unfunded credit protection; or(b) 1the originator applies a 1250% risk weight to all securitisation
Under BIPRU 1.2.30 R (2) a firm should notify the appropriate regulator as soon as is reasonably practicable if its trading book policy statement is subject to significant changes. Therefore if a firm makes a change in accordance with BIPRU 7.1.10R it should consider whether it is necessary to report it to the appropriate regulator.
4For each 8sponsor service requiring the submission of a document to the FCA or contact with the FCA, a sponsor must:8(1) at the time of submission or on first making contact with the FCA8notify the FCAof the name and contact details of a key 8contact within8 the sponsor for that matter8; and8888(2) ensure that its key8contact : 88(a) has8 sufficient knowledge about the listed company or applicant and the proposed matter8to be able to answer queries from the FCA about it; 888(b)
(1) 9A firm may submit persistency and a data report for a 12 month period ending within 4 months of its accounting reference date if:(a) it has notified the FCA of this intention by email using the email address specified in SUP 16.3.10 G (3) no later than the firm'saccounting reference date; and(b) it either:(i) has an accounting reference date other than 31 December; or(ii) undertakes industrial assurance policy business.