Related provisions for IPRU-INV 4.1.2

IPRU-INV 4.4.1D01/01/2016

The Society must maintain appropriate and effective arrangements to require members’ agents1 to meet and continue to meet financial resource requirements at least equivalent to the requirements set out in Lloyd's Capital and Solvency Requirements 2001, as they are in force immediately before commencement.

IPRU-INV 4.4.3D01/01/2016

The report referred to in IPRU-INV 4.4.2D must reach the FCA1 within two months of the end of the relevant quarter and must state: (1) whether the Society has any information indicating or tending to indicate that, during the quarter to which the report relates, the members’ agents1 failed to meet the financial resource requirements referred to in IPRU-INV 4.4.1D; (2) whether, at the end of the quarter to which the report relates, the members’ agents1 failed to meet the financial

IPRU-INV 4.4.4D01/01/2016

In addition to the reports required under IPRU-INV 4.4.2D, the Society must give the FCA1 an annual report on each members’ agents1 compliance or non-compliance with financial resource requirements as at the end of that members’ agent's1 financial year.

IPRU-INV 4.4.5D01/01/2016

The report in IPRU-INV 4.4.4D must reach the FCA1 within seven months of that members’ agent's1 accounting reference date and must: (1) confirm that: (a) the Society has received from that members’ agent1 in respect of the financial year to which the report relates, all relevant attachments to the Annual Financial Return that the members’ agent1 is required to make to the Society under the requirements identified in IPRU-INV 4.4.1D; (b) that members’ agent1 met the applicable

IPRU-INV 4.1.1R30/12/2015

This chapter applies to the Society and members' advisers.

COBS 18.6.4R01/11/2007

When a firm is carrying on Lloyd's market activities, any reference in COBS to the term:(1) designated investment is to be taken to include the following specified investments:(a) the underwriting capacity of a Lloyd's syndicate;(b) membership of a Lloyd's syndicate; and (c) rights to or interests in the specified investments in (a) or (b);(2) designated investment business is to be taken to include the following regulated activities:(a) advising on syndicate participation at

IPRU-INV 4.3.1D01/01/2016

The directions in IPRU-INV 4.4.1D to IPRU-INV 4.4.5D and IPRU-INV 4.5.1D are given in relation to the exercise of the powers of the Society and of the Council generally, with a view to achieving the objective that members’ agents1 have adequate financial resources to support, and keep and preserve adequate accounting records in respect of their business at Lloyd's.

IPRU-INV 4.5.1D01/01/2016

The Society must maintain appropriate and effective arrangements to require members’ agents1 to meet the obligation to keep and preserve accounting records, set out in Lloyd's Underwriting Agents Byelaw (No 4 of 1984), Section III, paragraph 53B, as it is in force immediately before commencement.

PERG 8.18.1G01/07/2005

A person involved in insurance business written at Lloyd’s may be making financial promotions when attracting another person:(1) to effect or carry out contracts of insurance written at Lloyd’s (where the controlled activity which is the subject of the financial promotion is effecting and carrying out contracts of insurance); or(2) to have assets held under funds at Lloyd’s (where the controlled activity may involve dealing in securities and contractually based investments, arranging

PERG 2.10.9G01/07/2005

Several activities carried on in connection with business at Lloyds are regulated activities in respect of which authorisation must be obtained. These include the regulated activities of advising on syndicate participation at Lloyd's or managing the underwriting capacity of Lloyd's syndicate as a managing agent at Lloyd's or arranging (bringing about) deals in investments or making arrangements with a view to transactions in investments for another in relation to such participation

PERG 2.10.15G06/04/2007

In addition, there are restrictions on carrying on (or agreeing to carry on) certain other regulated activities. These relate to managing investments, advising on investments, advising on a home finance transaction,2advising on syndicate participation at Lloyd's, entering into a home finance transaction or administering a home finance transaction.222

TC 2.1.7R03/01/2018

A firm must ensure that an employee does not carry on any of the following activities without first attaining 16each module of an appropriate qualification:1616(1) [deleted]1616(1A) giving personal recommendations25 on and dealing in securities which are not stakeholder pension schemes, personal pension schemes18 or broker funds;16(1B) giving personal recommendations25 on and dealing in derivatives;(2) the activity of a broker fund adviser;(3) advising on syndicate participation

TC 2.1.9R10/12/2018

(1) If a firm is satisfied that an employee meets the conditions in this rule then the requirements to have attained 16each module of an appropriate qualification 16will only apply if that employee is carrying on one of the activities specified in this rule.1616(2) The conditions are that a firm should be satisfied that an employee:(a) has at least three years' up-to-date relevant experience in the activity in question obtained while employed outside the United Kingdom;(b) has

IPRU-INV 4.2.4G30/12/2015

A members' adviser is not regulated by the Society and accordingly this chapter specifies the financial resource and accounting requirements to be met. Firms which fall within the scope of this chapter will be firms with permission only to advise persons on syndicate participation at Lloyd's. The nature of that advisory business is akin to corporate finance advice and so the applicable requirements are those in IPRU-INV

TC App 1.1.1R03/01/2018

1Activity	Products/Sectors		Is there an appropriate qualification4requirement? 4
Designated investment business carried on for a retail client
Providing basic advice	1.	Stakeholder products excluding a deposit-based stakeholder product	No
Advising or giving personal recommendations (as relevant)13	2.	Giving personal recommendations on securities 13 which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	Yes
	3.	Giving personal recommendations on derivatives 13	Yes2
	4.	Giving personal recommendations on retail investment products 13 which are not broker funds 6 6	Yes2
	5.	Giving personal recommendations on13 Friendly Society life policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales	No2
	6.	Giving personal recommendations on13 Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5	Yes2
	7.	Giving personal recommendations on long-term care insurance contracts 13	Yes2
	8.	Giving personal recommendations on investments 13 in the course of corporate finance business	Yes2
	9.	Advising on syndicate participation at Lloyd's	Yes2
	129A.	Advising on P2P agreements	Yes
Undertaking the activity in column 2	10.	Broker fund adviser	Yes
Undertaking the activity in column 2	11.	Pension transfer specialist	Yes2
Giving personal recommendations13 and dealing	12.	Giving personal recommendations on and dealing in securities 13 which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	Yes
Giving personal recommendations13 and dealing	13.	Giving personal recommendations on and dealing in derivatives 13	Yes2
4Dealing	13A.8	Securities which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	No
4Dealing	413B.8	Derivatives	No
8 MiFID business bidding	13C.	Emissions auction products that are financial instruments	No
Managing	14.	Investments	Yes
Overseeing on a day-to-day basis	15.	Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme	Yes
	16.	Safeguarding and administering investments or holding client money	Yes2
	17.	Administrative functions in relation to managing investments	Yes2
	18.	Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies	Yes2
	19.	Administrative functions in relation to the operation of stakeholder pension schemes	Yes2
Mortgage Activity10 and reversion activity carried on for a customer 10
9 10Advising; arranging (bringing about) an execution-only sale, excluding variations to an existing home finance transaction except where the effect is to change all or part of the home finance transaction from one interest rate to another. See Note 3, which for the avoidance of doubt forms part of this rule.	20	Regulated mortgage contracts for a non-business purpose	Yes
	20A	Regulated mortgage contracts for a business purpose	No
	21	Equity release transactions	Yes
9Designing scripted questions for execution-only sales	21A	Regulated mortgage contracts for a non-business purpose	Yes
	21B	Regulated mortgage contracts for a business purpose	No
	22	Equity release transactions	Yes
Overseeing execution-only sales on a day-to-day basis9 9	23.	Equity release transactions	Yes
11 MCD credit agreement activities carried on for consumers
11manufacturing	23A	an MCD credit agreement	No
11 entering into a regulated mortgage contract or entering into a regulated credit agreement as lender	23B	an MCD credit agreement	No
11 arranging (bringing about) regulated mortgage contracts or acting as an MCD credit broker	23C	an MCD credit agreement	No
11 advising on a regulated mortgage contract or advising on a regulated credit agreement for the acquisition of land	23D	an MCD credit agreement	No
11directly managing or supervising employees who carry on any of the MCD credit agreement activities 23A to 23D	23E	an MCD credit agreement	No
[Note: article 9(1) of the MCD]11
Non-investment insurance business carried on for a consumer
Giving personal recommendations13	24.	Giving personal recommendations on non-investment insurance contracts 13	No
3 Regulated sale and rent back activity carried on for a customer
Advising	25.	Regulated sale and rent back agreements	No
Overseeing an execution-only sale 10 on a day-to-day basis 10	26.	Regulated sale and rent back agreements	No
Notes:
1.	In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them.
2.	Thus, for example, paragraph 24,13 consistent with the heading above it, refers only to personal recommendations given in relation to13 non-investment insurance contracts given to a consumer.10 3 3
122A.	In relation to activity number 9A, see TC 2.1.5HR and TC 2.1.6R(2). There is no qualification for this activity in the list of qualifications set out in TC Appendix 4E. However, the effect of TC 2.1.5HR is that an employee advising on P2P agreements must be qualified to the same standard as if that employee were providing investment advice to retail clients on retail investment products.
103.	For the purpose of product numbers 20, 20A and 21 the activity of arranging (bringing about) referred to in the activity column: (a) includes activity which would be arranging (bringing about) but for the exclusion in article 28A of the Regulated Activities Order; and (b) does not include activities which taken on their own would not fall within the definition of that activity. For these purposes no account should be taken of the fact that for an activity to be a regulated activity it must be carried on by way of business (see PERG 4.3).
4.	In this Appendix, paragraphs 23A, 23B, 23C, 23D and 23E relate to the implementation of article 9(1) of the MCD. The specified activities do not, in and of themselves, attract a qualification requirement. However, where those activities overlap with those specified under the heading "mortgage activity and reversion activity carried on for a customer", qualification requirements may apply.

DISP 1.11.10R01/11/2007

A members' adviser must establish and maintain effective arrangements for handling any complaint from a member of the Society regarding advice given to the member in connection with the acquiring or disposing of syndicate participation.

PERG 8.36.3G03/01/2018

Table Controlled activities

1.	Accepting deposits
2.	Effecting and carrying out contracts of insurance
3.	Dealing in securities, structured deposits11and contractually based investments
4.	Arranging deals in investments
4A.4	Operating a multilateral trading facility4 10
104B.	Credit broking
104C.	Operating an electronic system in relation to lending
114D.	Operating an organised trading facility
5.	Managing investments10
105A.	Debt adjusting
105B.	Debt counselling
6.	Safeguarding and administering investments
7.	Advising on investments
8.	Advising on syndicate participation at Lloyd's
9.	Providing funeral plan contracts
10.	Providing qualifying credit
11.3 3	Arranging qualifying credit etc
12.3 3	Advising on qualifying credit etc10
1012A.	Providing relevant consumer credit
1012B.	Providing consumer hire
313.	Providing a home reversion plan
314.	Arranging a home reversion plan
315.	Advising on a home reversion plan
316.	Providing a home purchase plan
317.	Arranging a home purchase plan
318.	Advising on a home purchase plan
718A.	Providing a regulated sale and rent back agreement
718B.	Arranging a regulated sale and rent back agreement
718C.	Advising on a regulated sale and rent back agreement
19.3 3	Agreeing to do anything in 3 to 18C7 above 3 7

FEES 4.4.9D01/04/2013

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

SYSC 5.2.28AR10/12/2018

[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.5.3R]8

PERG 2.7.17G01/07/2005

Certain activities carried on in connection with business at Lloyds will be regulated. In addition to those already mentioned (arranging deals in the underwriting capacity of a Lloyd's syndicate or membership of a Lloyd'ssyndicate), there are three other regulated activities as follows.(1) Managing the underwriting capacity of a Lloyd's syndicate as a managing agent at Lloyd's is a regulated activity. 'Managing agent' is defined in article 3(1) of the Regulated Activities Order.(2)

SUP 16.12.4R13/04/2018

Table of applicable rules containing data items 4, frequency and submission periods

(1)		(2)	(3)	(4)
RAGnumber	Regulated Activities	Provisions containing:
RAGnumber	Regulated Activities	applicabledata items	reporting frequency/ period	due date32 32
	27 12 12	37
RAG 1	• accepting deposits • meeting of repayment claims 76 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
RAG 2.1	• effecting contracts of insurance • carrying out contracts of insurance • entering as provider into a funeral plan contract	71 2	71 2	71 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	SUP 16.12.9 R2	SUP 16.12.9 R2	SUP 16.12.9 R2
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 16.12.10 R2 SUP 16.12.11 R78except FSA001 and FSA002 on consolidated basis for FINREP firms 37 37	SUP 16.12.10 R2SUP 16.12.12 R78 37	SUP 16.12.10 R2SUP 16.12.13 R
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 • managing an AIF 38 • managing a UCITS 38 5 • operating an electronic system in relation to lending (FCA-authorised persons only)48 38 38	SUP 16.12.14 R2 SUP 16.12.15 R78, except FSA001 and FSA002 on consolidated basis for FINREP firms 37 37	SUP 16.12.14 R2SUP 16.12.16 R78 37	SUP 16.12.14 R2SUP 16.12.17 R
RAG 5	• home finance administration or home finance providing activity 11 11	76SUP 16.12.18BR 37 and SUP 16.12.18C R58 2 58	76SUP 16.12.18BR 37 and SUP 16.12.18C R58 2 58	76SUP 16.12.18BR 37 and SUP 16.12.18C R58 2 58
RAG 6	• safeguarding and administration of assets (without arranging) • arranging safeguarding and administration of assets • acting as trustee or depositary of an AIF 38 • acting as trustee or depositary of a UCITS 38 38 40 38	SUP 16.12.19A R2	SUP 16.12.20 R2	SUP 16.12.21 R2
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 R78except FSA001 and FSA002 on consolidated basis for FINREP firms 37 37	SUP 16.12.23A R78 37 37	SUP 16.12.24AR78
RAG 8	• making arrangements with a view to transactions in investments • operating a multilateral trading facility4 • operating an organised trading facility35	SUP 16.12.25AR or SUP 16.12.25CR for UK designated investment firms except80 FSA001 and FSA002 on consolidated basis for FINREP firms 80 37 78 37	SUP 16.12.26 R	SUP 16.12.27 R
RAG 9	• home finance mediation activity 14 • insurance mediation activity (non-investment insurance contracts) 14	SUP 16.12.28A R14	SUP 16.12.28A R14	SUP 16.12.28A R14
RAG 10	• the activities of an RIE 97 97	SUP 16.12.29 G2	SUP 16.12.29 G2	SUP 16.12.29 G2 32
32 RAG 11	bidding in emissions auctions	SUP 16.12.29A R	SUP 16.12.29A R	SUP 16.12.29A R
47 RAG 12 71	• credit-related regulated activity	SUP 16.12.29C R	SUP 16.12.29C R	SUP 16.12.29C R

PERG 2.9.1G03/01/2018

The various exclusions outlined below deal with a range of different circumstances. (1) Each set of circumstances described in PERG 2.9.3 G to PERG 2.9.17 G has some application to several regulated activities relating to securities, structured deposits,18relevant investments orhome finance transactions.4 They have no effect in relation to the separate regulated activities of accepting deposits, issuing electronic money,9effecting or carrying out contracts of insurance, bidding

TC App 4.1.1AE03/01/2018

24In relation to the above RDR activities a qualification in the table in Part 2 will meet the qualification requirement in relation to the activity listed in column 3 of that table, for the purpose of TC 2.1.10E(2), to the extent set out below:

(1)
where an ‘a’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement on and after, 31 December 2012; and
(2)
where a ‘b’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement until 31 December 2012. On and after 31 December 2012 this must be combined with qualification gap-fill. This gap-fill constitutes additional structured continuing professional development, which need not be by examination, completed and verified by an accredited body.

24Part 1B: The non-Retail Distribution Review activities (non-RDR activities)

Activity Number	Non-RDR24 Activity (non-overseeing activity)24	24
7	Giving personal recommendations 26 on long-term care insurance contracts	24	24
8	Giving personal recommendations 26 on investments in the course of corporate finance business
9	Advising on syndicate participation at Lloyd's
11	Undertaking the activity of a pension transfer specialist
14 and 10	Managing investments and/or undertaking the activity of a broker fund adviser
20	Advising on a regulated mortgage contract for a non-business purpose; or Arranging (bringing about) an execution-only sale of a regulated mortgage contract for a non-business purpose, excluding variations to an existing regulated mortgage contract, except where the effect is to change all or part of the regulated mortgage contract from one interest rate to another14	24	24
21	Advising on equity release transactions; or Arranging (bringing about) an execution-only sale of an equity release transaction, excluding variations to an existing equity release transaction, except where the effect is to change all or part of the equity release transaction from one interest rate to another14
1421A	Designing scripted questions for an execution-only sale of a regulated mortgage contract for a non-business purpose
22	Designing scripted questions for an execution-only sale of an 14 equity release transaction 14 14
24	24

24Activity Number	Non-RDR Activity (overseeing activity)
15	Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme.
16	Overseeing on a day to day basis safeguarding and administering investments or holding client money.
17	Overseeing on a day to day basis administrative functions in relation to managing investments: (i) arranging settlement; (ii) monitoring and processing corporate actions; (iii) client account administration, liaison and reporting including valuation and performance measurement; (iv) ISA or CTF administration; (v) investment trust savings scheme administration.
18	Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies: (i) new business administration; (ii) policy alterations including surrenders and policy loans; (iii) preparing projections; (iv) processing claims, including pension payments; (v) fund switching.
19	Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes: (i) new business administration; (ii) receipt of or alteration to contributions; (iii) preparing projections and annual statements; (iv) administration of transfers; (v) handling claims, including pension payments; (vi) fund allocation and switching.
23	Overseeing non-advised sales on a day to day basis of equity release transactions.

Related provisions for IPRU-INV 4.1.2

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