Related provisions for PERG 5.8.23
41 - 60 of 116 items.
Where an MCD mortgage adviser, or any other firm that is an MCD mortgage lender or an MCD mortgage arranger that provides advisory services within the meaning of article 4(21) of the MCD, advises on a transaction relating to an MCD regulated mortgage contract, it must give the consumer a record on paper, or in another durable medium, of the recommendation provided.[Note: article 22(3)(e) of the MCD]
Where the regulated mortgage contract is for a business purpose or is with a high net worth mortgage customer4, a firm may as an alternative to MCOB 13.4.1 R(1) provide the following information in a durable medium instead of the Money Advice Service3information sheet “Problems3 paying your mortgage”:233(1) details of the consequences if the payment shortfall4 is not cleared;4(2) a description of the options available to the customer for clearing the payment shortfall4; and4(3)
In relation to an MCD regulated mortgage contract, where there is an auction on the capital markets which will, or might reasonably be expected to, result in an interest-rate change, the firm must give the consumer, in good time before the auction, notice in a durable medium of:(1) the upcoming procedure for the auction; and(2) an indication of how the interest rates could be affected.[Note: article 27(4) of the MCD]
(1) An insurance intermediary must, on a commercial customer's request, promptly disclose the commission that it and any associate receives in connection with a policy.(2) Disclosure must be in cash terms (estimated, if necessary) and in writing or another durable medium. To the extent this is not possible, the firm must give the basis for calculation.
2To ensure that a firm pays due regard to the information needs of its clients, and communicates information to them in a way which is clear, fair and not misleading with respect to the activity of issuing electronic money, a firm must ensure that, in good time before the firm issues electronic money to a person, it has been communicated to that person on paper or in another durable medium that the compensation scheme does not cover claims made in connection with issuing electronic
In deciding whether, and how, to communicate information to a particular target audience, a firm should take into account the nature of the product or business, the risks involved, the client's commitment, the likely information needs of the average recipient, and the role of the information in the sales process.
When communicating information, a firm should consider whether omission of any relevant fact will result in the6 information being insufficient, unclear, unfair or misleading. When considering whether a fact should be included in the communication or omitted from it, a firm should bear in the mind the guidance in COBS 4.2.2G to provide information which is appropriate and proportionate.7
Since the use of distance means of communication (such as the internet) by their nature limit the lender's or credit broker's ability to ascertain the customer's level of understanding of explanations provided, a lender or credit broker using those means may, for example, wish to provide local rate telephone number for customers who wish to seek further explanation. [Note: paragraph 3.6 (box) of ILG]
For telephone or face-to-face transactions, interaction between the customer and the firm's representative is also important. It should be made clear to the customer that the customer can ask questions or request further information or explanation and, for example, the representative solely providing the customer with a written explanation of an agreement, or relying solely on a written script in relation to an agreement, is unlikely to comply with the requirement in CONC 4.2.5
A firm must notify a client in good time about any material change to the information provided under the rules in this section which is relevant to a service that the firm is providing to that client. That notification must be given in a durable medium if the information to which it relates is given in a durable medium.8
A firm must not enter into or arrange an execution-only sale for a regulated mortgage contract unless, except as provided in MCOB 4.8A.15 R:(1) for a new regulated mortgage contract not falling within MCOB 4.8A.10 R, the customer has identified the regulated mortgage contract he wishes to purchase, specifying to the firm at least the following information:(a) the name of the mortgage lender;(b) the rate of interest;(c) the interest rate type (that is, whether fixed, variable or
(1) Whenever a firmenters into or arranges an execution-only sale for a regulated mortgage contract, it must make and maintain a record of:(a) the information provided by the customer which satisfies MCOB 4.8A.14R (1), (2) or (3);(b) the provision of the information4 in MCOB 4.8A.14R (4);(c) (where applicable) the confirmation by the customer in MCOB 4.8A.14R (5); and(d) any advice from the firm which the customer rejected, including the reasons why it was rejected, before deciding
(1) There are two specified formats for advice appearing in writing or other legible form.(2) The first is that of a newspaper, journal, magazine or other periodical publication. For these purposes it does not matter what form the periodical publication takes as long as it can be read. This will include, for example, a newspaper appearing as a hard copy or electronically on a website. It will also include any periodical published on an intranet site.(3) The second is that of a
The third specified format is for advice in any service consisting of the broadcast or transmission of television or radio programmes. This will encompass the transmission through cable of interactive television programmes. In the FCA's view, ‘service’ in this context goes beyond any particular series of programmes broadcast or transmitted through a given medium. It refers instead to the administrative system (usually aimed at a particular audience) through which a range of different
A MiFID optional exemption firm that chooses to take advantage of the provisions in SYSC 10A.1.9R should set out its decision in its recording policy. Further, any minute or note made in accordance with SYSC 10A.1.9R should contain all relevant substantive details of the conversation, as well as the information set out in SYSC 10A.1.9R(4)(a)-(d). MiFID optional exemption firms should note that the effect of SYSC 10A.1.3R is to require their compliance, as relevant, with article
Client instructions given otherwise than by telephone must be made in a durable medium such as by mail, faxes, emails or documentation of client instructions issued at meetings. In particular, the content of relevant face-to-face conversations with a client may be recorded by using written minutes or notes. [Note: article 16(7) of MiFID, seventh subparagraph]
GEN 2.2.14 R means that, for example, electronic media may be used to make communications which are required by a provision of the Handbook to be "in writing", unless a contrary intention appears, or the use of electronic media would contravene some other requirement. GEN 2.2.14 R does not, however, affect any other legal requirement which may apply in relation to the form or manner of executing a document or agreement. 368
(1) 4The authorised fund manager of a UCITS scheme which is a feeder UCITS must:(a) where requested by an investor, provide copies of the annual and half-yearly long reports of its master UCITS free of charge; and(b) file copies of the annual and half-yearly long reports of its master UCITS with the
FCA
.(2) Except where an investor requests paper copies or the use of electronic communications is not appropriate, the annual and half-yearly long reports of its master UCITS may
(1) 7The authorised fund manager of a feeder NURS must, where requested by an investor or the
FCA
, provide to such person copies of the annual and half-yearly long reports (or nearest equivalent documents for a qualifying master scheme that is a recognised scheme) of its qualifying master scheme free of charge.(2) Except where an investor requests paper copies or the use of electronic communications is not appropriate, the annual and half-yearly long reports (or nearest equivalent
(1) If arrangements made by a firm under SYSC 10.1.7 R9 are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of a client will be prevented, the firm must clearly disclose the following9 to the client before undertaking business for the client:93(a) the general nature or sources of conflicts of interest, or both; and9(b) the steps taken to mitigate those risks.9(2) The disclosure must:(a) be made in a durable medium; 9(b) clearly state
(1) 5Where the organisational or administrative arrangements made by a UK UCITS management company13 for the management of conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to the interests of the UCITS scheme13it manages or of its Unitholders will be prevented, the senior personnel or other competent internal body of the firm must be promptly informed in order for them to take any necessary decision to ensure that in all cases
(1) 9A firm must ensure that any TTCA14 is the subject of a written agreement made on a durable medium between the firm and the client.(2) Regardless of the form of the agreement in (1) (which may have additional commercial purposes), it must cover the client's agreement to: (a) the terms for the arrangement relating to the transfer of the client's full ownership of the safe custody asset to the firm;(b) any terms under which the ownership of the safe custody asset is to transfer
(1) 9If a client communicates to a firm that it wishes (whether pursuant to a contractual right or otherwise) to terminate a TTCA14 and the client's communication is not in writing, the firm must make a written record of the client's communication which also records the date the communication was received.(2) A firm must keep a client's written communication, or a written record of the client's communication in (1), for five years, starting from the date the communication was
(1) 1When communicating or approving a financial promotion concerning an MCD regulated mortgage contract which indicates an interest rate or any figures relating to the cost of the credit to the consumer, a firm must ensure that the financial promotion includes standard information which specifies in a clear, concise and prominent way:(a) the identity of the MCD creditor or, where applicable, the MCD mortgage credit intermediary2 or appointed representative;(b) where applicable,
A number of exemptions require that a financial promotion must be accompanied by certain indications. Article 9 of the Financial Promotion Order states that indications must be presented in a way that can be easily understood and in such manner as is ‘best calculated’ to bring the matter to the recipient’s attention. In the FCA's opinion, the expression ‘best calculated’ should be construed in a sensible manner. It does not, for instance, demand that the indication be presented
(1) 6Taking reasonable steps in CASS 6.2.10R (4) includes following this course of conduct:(a) determining, as far as reasonably possible, the correct contact details for the relevant client;(b) writing to the client at the last known address either by post or by electronic mail to inform it: (i) of the name of the firm with which the client first deposited the safe custody asset in question; (ii) of the firm's intention to pay the safe custody asset to charity under CASS 6.2.10