Related provisions for CONC 15.1.15
101 - 120 of 385 items.
In accordance with section 1 of PIDA:(1) a "protected disclosure" is a qualifying disclosure which meets the relevant requirements set out in part 4A of the Employment Rights Act 19963;3(2) a "qualifying disclosure" is a disclosure, made in the public interest3, of information which, in the reasonable belief of the worker making the disclosure, tends to show that one or more of the following (a "failure") has been, is being, or is likely to be, committed:3(a) a criminal offence;
1The guidance on initial disclosure requirements in MCOB 4.4A3 may be relevant; in this context, that guidance should be read using home purchase plan terminology instead of the equivalent regulated mortgage contract terminology, where appropriate3.Additional requirements for distance home purchase mediation contracts with retail customersNote: The rules regarding additional disclosure requirements for, and cancellation of, distance home purchase mediation contracts are set out
3For the purposes of MCOB 4.10.5A R:(1) a home purchase plan will not be suitable for a customer unless the home purchase plan is appropriate to the needs and circumstances of the customer;(2) a firm must base its determination of whether a home purchase plan is appropriate to a customer's needs and circumstances on the facts disclosed by the customer and other relevant facts about the customer of which the firm is or should reasonably be aware;(3) no advice must be given to a
For the agreements referred to in CONC 4.3.2 R, a firm should consider whether it is necessary or appropriate to provide explanations of the matters in CONC 4.5.3R (2), in particular, a firm should consider highlighting key risks to the borrower including the consequences of missing payments or under-paying, including, where applicable, the risk of repossession of the borrower's property.[Note: section 55A(6) of CCA and paragraph 3.1 of ILG][Note: Until the end of 30 September
(1) Before a P2P agreement is made, the firm must:(a) provide the prospective borrower with an adequate explanation of the matters referred to in (2) in order to place the borrower in a position to assess whether the agreement is adapted to the borrower's needs and financial situation;(b) where the P2P agreement is not a non-commercial agreement, advise the prospective borrower:(i) to consider the information which is required to be disclosed under section 55(1) of the CCA; and(ii)
In general, where other requirements for disclosure in a durable medium also apply, the MCD mortgage arranger may, if it would also satisfy those requirements, combine those other disclosures with the information required by MCOB 4A.1.1 R, so long as the combined disclosure is provided to the consumer in good time before the MCD mortgage arranger carries out any MCD mortgage credit intermediation activity.
If, notwithstanding the steps taken by a firm to comply with MCOB 1.6.3 R, it transpires that a mortgage which the firm has treated as unregulated or as a regulated credit agreement4 is in fact a regulated mortgage contract, the firm must as soon as practicable after the correct status of the mortgage has been established:(1) contact the customer and provide him with the following information in a durable medium:(a) a statement that the mortgage contract is a regulated mortgage
(1) MCOB 1.6.4 R(2) means, for example, that if a firm discovered immediately after completion that a loan was a regulated mortgage contract, the firm would be required to comply with MCOB 7.4 (Disclosure at the start of the contract).(2) Although MCOB 1.6.4 R recognises that firms may become aware that a mortgage is a regulated mortgage contract at a late stage, the FCA expects this to be an extremely rare occurrence. It could arise, for example, if a firm has acted on the understanding,
The obligations to supply information to1 the FCA under either SUP 10A.14.8R or SUP 10A.14.10R1apply notwithstanding any agreement (for example a 'COT 3' Agreement settled by the Advisory, Conciliation and Arbitration Service (ACAS)) or any other arrangements entered into by a firm and an employee upon termination of the employee's employment. A firm should not enter into any such arrangements or agreements that could conflict with its obligations under this section.
(1) The firm may require the consumer to pay for any loss under a contract caused by market movements that the firm would reasonably incur in cancelling it. The period for calculating the loss shall end on the day on which the firm receives the notification of cancellation.(2) This rule:(a) does not apply for a distance contract or for a contract established on a regular or recurring premium or payment basis; and(b) only applies if the firm has complied with its obligations to
A credit broker must disclose to a customer in good time before a credit agreement or a consumer hire agreement is entered into, the existence of any commission or fee or other remuneration payable to the credit broker by the lender or owner or a third party in relation to a credit agreement or a consumer hire agreement, where knowledge of the existence or amount of the commission could actually or potentially:(1) affect the impartiality of the credit broker in recommending a
At the request of the customer, a credit broker must disclose to the customer, in good time before a regulated credit agreement or a regulated consumer hire agreement is entered into, the amount (or if the precise amount is not known, the likely amount) of any commission or fee or other remuneration payable to the credit broker by the lender or owner or a third party.[Note: paragraph 3.7i (box) of CBG]
Section 81 of the Act (supplementary listing particulars) requires
an issuer to submit supplementary listing particulars to the FCA for approval if at any time after listing particulars have been submitted
to the FCA and before the commencement of dealings
in the securities following
their admission to the official list:(1) there is a significant change affecting
any matter contained in those particulars the inclusion of which was required
by:(a) section 80 of the Act (general
1If
final terms of the offer are not included in the listing
particulars:(1) the final terms must be provided
to investors and filed with the FCA, and made available to the public,
as if the relevant requirements in PRR 3.2, article 21 of the Prospectus Regulation, the PR Regulation and the Prospectus RTS Regulation4 applied
to them; and(2) the listing
particulars must disclose the criteria and/or the conditions
in accordance with which the above elements will be determined or,
Principles 6 (Customers' interests), 7 (Communications with clients), 8 (Conflicts of interest), 9 (Customers: relationships of trust) and 10 (Clients' assets) impose requirements on firms expressly in relation to their clients or customers. These requirements depend, in part, on the characteristics of the client or customer concerned. This is because what is "due regard" (in Principles 6 and 7), "fairly" (in Principles 6 and 8), "clear, fair and not misleading" (in Principle
If the person with or for whom the firm is carrying on an activity is acting through an agent, the ability of the firm to treat the agent as its client under COBS 2.4.3 R3 (Agent as client) will not be available. For example, if a general insurer is effecting a general insurance contract through a general insurance broker who is acting as agent for a disclosed policyholder, the policyholder will be a client of the firm and the firm must comply with the Principles accordingly.
Where a firm takes on responsibility for giving information to a customer or receiving information from a customer in accordance with provisions of the CCA (for example, supplying a copy of an executed regulated credit agreement under section 61A of the CCA) the firm should ensure it is familiar with the relevant statutory requirements and has adequate system and procedures in place to comply with the provision in question.
3If a customer has not entered into an agreement referred to in section 155(2) of the CCA within six months of the customer being introduced by the firm to a potential source of credit or of bailment (or in Scotland of hire), or to another firm that carries on credit broking of the kind specified in article 36A(1)(a) to (c) of the RAO (disregarding the effect of paragraph (2) of that article)5, as soon as reasonably practicable after the expiry of that six-month period a firm
1When
an insurer or managing
agent receives a claim under a long-term
care insurance contract, it must respond promptly by providing
the policyholder, or the person acting on the policyholder's behalf,
with:(1) a claim form (if it requires one
to be completed);(2) a summary of its claims handling
procedure; and(3) appropriate information about the
medical criteria that must be met, and any waiting periods that apply, under
the terms of the policy.
As soon as reasonably practicable after
receipt of a claim, the insurer or managing agent must tell the policyholder, or the person acting
on the policyholder's behalf:(1) (for each part of the claim it
accepts), whether the claim will be settled by paying the policyholder,
providing goods or services to the policyholder or
paying another person to provide
those goods or services; and(2) (for each part of the claim it
rejects), why the claim has been rejected and whether any future
The following is a non-exhaustive list of examples of conduct that would be in breach of rule SC2.(1) Failing to take reasonable steps to implement (either personally or through a compliance department or other departments) adequate and appropriate systems of control to comply with the relevant requirements and standards of the regulatory system for the activities of the firm.(2) Failing to take reasonable steps to monitor (either personally or through a compliance department
SC4 applies to senior conduct rules staff members in addition to rule 3 in COCON 2.1.3R. Although, the rules have some overlap, they are different. Rule 3 normally relates to responses from individuals to requests from the regulator, whereas rule SC4 imposes a duty on a senior conduct rules staff member to disclose appropriately any information of which the appropriate regulator would reasonably expect, including making a disclosure in the absence of any request or enquiry from
(1) If a senior conduct rules staff member comes across a piece of information that is something of3 which they think the FCA or PRA could reasonably expect notice, they should determine whether that information falls within the scope of their responsibilities.5 For an SMF manager those responsibilities will be set out in that person’sstatement of responsibilities.52(2) If it does, then they should ensure that, if it is otherwise appropriate to do so, it is disclosed to the appropriate
A firm will satisfy the disclosure obligation under this section if it:(1) discloses the essential arrangements relating to the fee, commission or non-monetary benefit in summary form;(2) undertakes to the client that further details will be disclosed on request; and(3) honours the undertaking in (2).[Note:12article 29(2) of the UCITS implementing Directive]7
(1) 1If a firm enters into an arrangement with another firm under which it makes or receives a payment of commission in relation to the sale of a packaged product that is increased in excess of the amount disclosed to the client, the firm is likely to have breached the rules on disclosure of charges, remuneration and commission (see COBS 6.4) and, where applicable, the rule on inducements in COBS 2.3.1R (2)(b), unless the increase is attributable to an increase in the premiums
(1) A firm must make a record of the information disclosed to the client in accordance with COBS 2.3.1R (2)(b)4 and must keep that record for at least five years from the date on which it was given.4(2) A firm must also 4make a record of each benefit given to another firm which does not have to be disclosed to the client4in accordance with COBS 2.3.1R (2)(b)(ii),4 and must keep that record for at least five years from the date on which it was given.1412
(1) MCOB 4.4 (Initial disclosure requirements) applies only in relation to varying the terms of a regulated mortgage contract entered into by the customer in any of the following ways:(a) adding or removing a party;(b) taking out a further advance; or(c) switching all or part of the regulated mortgage contract from one interest rate to another.1(2) Otherwise, this chapter, MCOB 4, applies in relation to any form of variation of a regulated mortgage contract.
(1) The information-sharing agreement referred to in COLL 11.5.1 R must include:(a) identification of the documents and categories of information which are to be routinely shared between both auditors;(b) whether the information or documents referred to in (a) are to be provided by one auditor to the other or made available on request;(c) the manner and timing, including any applicable deadlines, of the transmission of information by the auditor of the master UCITS to the auditor
Section 351A of the Act provides that where an auditor of an AUT or ACS1 which is a master UCITS or a feeder UCITS, or any person acting on their behalf, makes a disclosure to comply with rules implementing Chapter VIII of the UCITS Directive, that disclosure is not to be taken as a contravention of any duty to which the person making the disclosure is subject. The OEIC Regulations (see regulation 83A) contain corresponding provisions for auditors of ICVCs that are feeder UCITS
(1) The obligations to supply information to:(a) the FCA under this chapter;(b) [deleted]1apply notwithstanding any:(c) agreement (for example a 'COT 3' Agreement settled by the Advisory, Conciliation and Arbitration Service (ACAS)); or(d) any other arrangements entered into by a firm and an employee upon termination of the employee’s employment.(2) A firm should not enter into any such arrangements or agreements that could conflict with its obligations under this chapter.
(1) A firm must inform the account-holder in writing of the matters in (2) without delay where:(a) the account-holder overdraws on the current account without a pre-arranged overdraft, or exceeds a pre-arranged overdraft limit, for a period exceeding one month; (b) the amount of that overdraft or excess is significant throughout that period; (c) the overdraft or excess is a regulated credit agreement; and(d) the account-holder has not been informed in writing of the matters in
The accounting policies and presentation applied to half-yearly figures must be consistent with those applied in the latest published annual accounts except where:(1) the accounting policies and presentation are to be changed in the subsequent annual financial statements, in which case the new accounting policies and presentation should be followed and the changes and the reasons for the changes should be disclosed in the half-yearly report; or(2) the FCA otherwise agrees.
(1) In addition to the requirement set out in DTR 4.2.7 R, an issuer of shares must disclose in the interim management report the following information, as a minimum:(a) related parties transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or the performance of the enterprise during that period; and(b) any changes in the related parties transactions described in the last annual report that