Related provisions for PERG 5.16.1
61 - 71 of 71 items.
(1) A firm must:3(a) take reasonable steps to ensure that a personal recommendation, or a decision to trade, is suitable for its client; and3(b) ensure that any life policy proposed is consistent with the client’s insurance demands and needs.3(2) When making the personal recommendation or managing his investments, the firm must obtain the necessary information regarding the client's:(a) knowledge and experience in the investment field relevant to the specific type of designated
COBS does not apply to an authorised professional firm with respect to its non-mainstream regulated activities, except that:(1) the fair, clear and not misleading rule applies;(2) the financial promotion rules apply as modified below;(3) the rules in the following parts of COBS which implemented4 the IDD apply in relation to insurance distribution activities:3(a) COBS 2.1.1R, COBS 2.2A and COBS 2.3A (Conduct of business obligations);3(b) COBS 4 (Communicating with clients, including
In some cases, a person may make arrangements to enter into a contract of insurance as policyholder on its own behalf and also arrange that another person become a policyholder under the same contract of insurance. If so, the person should be aware that the effect of the narrower exclusion in article 28 as part of implementation of the IDD1 is that they1 may be arranging on behalf of the other policyholder. This may be relevant, for example, to a company which arranges insurance
Section 418 of the Act (Carrying on regulated activities in the United Kingdom) takes this one step further. It extends the meaning that 'in the United Kingdom' would ordinarily have by setting out 7additional cases. The Act states that, in these 7cases, a person who is carrying on a regulated activity but who would not otherwise be regarded as carrying on the activity in the United Kingdom is, for the purposes of the Act, to be regarded as carrying on the activity in the United
The activity of assisting in the administration and performance of a contract of insurance is a regulated activity that is identified in the IDD28. Further guidance on this activity is in PERG 5.7 (The regulated activities28: assisting in the administration and performance of a contract of insurance).
For a firm whose business is not governed by the IDD10, it is possible to 'opt out' on a one-way basis. However, in order to maintain a comparable regime to that applying to MiFID business, all 'MiFID type' business undertaken outside the scope of MiFID should comply with the client money rules or be 'opted out' on a two-way basis.
(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
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