Related provisions for ICOBS 6.1.9
161 - 180 of 292 items.
(1) [deleted]21111(1A) [deleted]21(2) For any annual accounting period or half-yearly accounting period which begins after commencement of the winding up or termination2, a copy of the long report must be supplied free of charge to any unitholder upon request.1(2A) The2manager must ensure that it keeps unitholders appropriately informed about the winding up or termination, including its likely duration.1(2B) The manager must send a copy of the information required by COLL 7.4.5
(1) 1The effect of COLL 7.4.5R2 is that the manager must continue to prepare annual and half-yearly long reports and to make them available to unitholders in accordance with COLL 4.5.14 R.(2) Where there are outstanding unrealised assets, keeping unitholders appropriately informed may, for example, be carried out by providing updates to unitholders at six-monthly or more frequent intervals.
(1) This Remuneration Principle stresses the importance of risk adjustment in measuring performance, and the importance within that process of applying judgment and common sense. The FCA expects that a firm will apply qualitative judgements and common sense in the final decision about the performance-related components of variable remuneration pools. (2) [deleted]1(3) We consider good practice in this area to be represented by those firms who provide a quantitative reference or
A firm may apply discretionary factors to the extent that is appropriate and consistent with the overall aims of the risk adjustment exercise. Where such further adjustments have been made, firms should provide clear quantification and explanation to ensure their risk adjustment frameworks are sufficiently transparent.
In relation to a regulated mortgage contract for a business purpose or with a high net worth mortgage customer7, if a firm has opted for the tailored route, it must adopt the following modifications to the sourcebook:333(1) 11substitute an alternative description of the facility provided under the regulated mortgage contract for 'mortgage' where that term is used in any disclosure;733337(2) substitute the term 'illustration' for ‘Key facts illustration’ when opting to use the
(1) 10By virtue of amendments to articles 60B, 60C and 61 of the Regulated Activities Order which came into force on 21 March 2016, certain regulated credit agreements became regulated mortgage contracts (but see the transitional provisions described in (3) below). The provisions of MCOB that apply to these regulated mortgage contracts include:(a) MCOB 7 (Disclosure at start of contract and after sale);(b) MCOB 12 (Charges); and(c) MCOB 13 (Arrears, payment shortfalls and repossessions:
The main reasons why a credit union should maintain adequate accounting and other records are:(1) to provide the governing body5 with adequate financial and other information to enable it to conduct its business in a prudent manner on a day-to-day basis;(2) to safeguard the assets of the credit union and the interests of members and persons too young to be members; (3) to assist officers of the credit union to fulfil their regulatory and statutory duties in relation to the preparation
FCA6 staff will usually inform or discuss with the person concerned any action they contemplate before they recommend to the RDC that the FCA6 takes formal action. The FCA6 may also be invited to exercise certain powers by the persons who would be affected by the exercise of those powers. In these circumstances if the person concerned has agreed to or accepted the action proposed then the decisions referred to in DEPP 2.5.13 G will be taken by FCA6 staff under executive procedures
Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) [deleted]66(2) [deleted]66(3) Friendly Societies Act 1992, section 58A1: The warning notice and decision notice must set out the terms of the direction which the FCA6 proposes or has decided to give and any specification of when the friendly society is to comply with it. A decision notice given under section 58A(3) must give an indication of the society's right, given by
Where6COBSrules specified in the table in COBS 18.5.2 R apply to a firm carrying on scheme management activity12 or, for an AIFM, AIFM investment management functions, the following modifications apply:666(1) subject to (2), references to customer or client are to be construed as references to any fund6for12 which the firm6 is acting or intends to act12; 66(2) in the case of a small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6, when a firm6 is required
In the FCA's opinion, however, such information may7 take on the nature of advice if the circumstances in which it is provided give it the force of a recommendation. For example:7(1) a person may provide information on a selected, rather than balanced7, basis that would tend to influence the decision of the borrower; and7(2) a person, as a result of going through the sales process, may discuss7 the merits of one regulated mortgage contract over another, resulting in advice to
7The first type involves identifying regulated mortgage contracts based on7 factual matters. For example, the purpose may be to identify7 whether a borrower wishes to pay a fixed or variable rate of interest or the size of deposit available.7 There are various possible scenarios, including the following:(1) the questioner may go on to identify several particular7regulated mortgage contracts which match features identified by the pre-sale7 questioning; provided these are presented
1The Small and Medium Sized Business (Finance Platforms) Regulations were made under the Small Business, Enterprise and Employment Act. The Small and Medium Sized Business (Finance Platforms) Regulations require designated banks to provide specified information about rejected loan applications made by small and medium sized business customers (with their consent) to designated finance platforms which must then provide such information to finance providers on request. The Treasury
A firm is unlikely, for example, to be treating its customer fairly in relation to termination of a home purchase plan, home reversion plan or regulated sale and rent back agreement2if:(1) the grounds on which it may terminate all or part of a plan or agreement2 are unduly wide, or on which a customer may terminate are unduly narrow; or(2) the customer is not given appropriate notice of termination.
34Product providers with windfall benefits in the form of policy augmentations should tell:(1) their own relevant customers (mortgage endowment complainants); and(2) 1other firms1 with such customers (and any other interested parties);that they have excluded windfall augmentation benefits from values used or to be used for loss and redress.1Firms1 should provide this information to the Financial Services Compensation Scheme when providing them with a value to be used for loss
2The following are examples of types of behaviour which have previously resulted in the3FCA the deciding to issue a prohibition order or withdraw the approval of an approved person:(1) Providing false or misleading information to the FCA; including information relating to identity, ability to work in the United Kingdom, and business arrangements;
(2)
Failure to disclose material considerations on application forms, such as details of County
(1) A firm must not agree to:(a) deal in investments as agent for an insurance undertaking in connection with an insurance distribution activity3; or(b) act
as agent for an insurance undertaking for
the purpose of settling claims or handling premium refunds;
or(c) otherwise
receive money as agent of an insurance undertaking;unless:(d) it
has entered into a written agreement with the insurance
undertaking to that effect; and(e) it
is satisfied on reasonable grounds that the terms
(1) An EEA UCITS management company that manages a UCITS scheme must establish appropriate procedures and arrangements to make information available at the request of the public or the FCA.(2) The EEA UCITS management company must ensure that the procedures and arrangements it establishes in accordance with (1), enable the FCA to obtain any information it requests directly from the management company.[Note: article 15 second paragraph and article 21(2) third paragraph, of the
When considering an application for admission to listing, the FCA may:(1) carry out any enquiries and request any further information which it considers appropriate, including consulting with other regulators or exchanges;(2) request that an applicant, or its specified representative answer questions and explain any matter the FCA considers relevant to the application for listing;(3) take into account any information which it considers appropriate in relation to the application
(1) This rule applies to an issuer that is not required to prepare consolidated accounts.(2) In preparing the condensed balance sheet and the condensed profit and loss account an issuer must follow the same principles for recognising and measuring as when preparing annual financial reports.[Note: article 5(3) of the TD](3) The balance sheet and the profit and loss account must show each of the headings and subtotals included in the most recent annual financial statements of the
A company with, or applying for, a premium listing of its securities11 must appoint a sponsor on each occasion that it:45(1) is required to submit any of the following documents to the FCA in connection with6 an application for admission of securities115 to premium listing6:66(a) a prospectus or supplementary prospectus13; or671(b) [deleted]126(c) a summary document as required by article 1(5)(j) of the Prospectus Regulation13; or6(d) listing particulars referred to in LR 15.3.3
(1) In a sale that does not involve a personal recommendation, a firm must take reasonable steps to ensure a customer (C) understands that C is2 responsible for deciding whether a policy meets C’s2 demands and needs.(2) [deleted]2(3) If a firm anticipates providing, or provides, information on any main characteristic of a policy orally during a non-advised sale, taking reasonable steps includes explaining the customer's responsibility orally.(4) A policy's main characteristics
The appropriate regulator will examine any deviation on its own facts and will always want to understand clearly the reasons for that deviation and the firm's plans for remedying it. Deviation is, however, likely to prompt a re-examination by the appropriate regulator of the firm's compliance, and likely future compliance, with threshold conditions. The appropriate regulator will have regard to the information provided by the firm and to any other relevant factors in assessing