Related provisions for IPRU-INV 9.2.6

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IPRU-INV 13.1.3GRP
Although financial resources and appropriate systems and controls can generally mitigate operational risk, professional indemnity insurance has a role in mitigating the risks a firm faces in its day-to-day operations, including those arising from not meeting the legally required standard of care when advising on investments. The purpose of the rules in this section is also to ensure that a firm has in place the type, and level, of professional indemnity insurance necessary to
IPRU-INV 13.1.29GRP
(1) 1For the purposes of the provisions relating to professional indemnity insurance, “additional capital resources” means readily realisable own funds or capital resources under IPRU-INV 13.15.3R, depending on the type of firm1.(2) 1The FCA1 expects items included in own funds or capital resources under IPRU-INV 13.15.3R, depending on the type of firm,1 to be regarded as “readily realisable” only if they can be realised, at any given time, within 90 days.
IPRU-INV 13.1A.3RRP
(1) A firm which is not an IDD insurance intermediary5 must have:(a) initial capital of EUR 50,000; or (b) professional indemnity insurance at least equal to the requirements of IPRU-INV 13.1.11R4 and IPRU-INV 13.1.15R4 to IPRU-INV 13.1.27R4; or 1(c) a combination of initial capital and professional indemnity insurance in a form resulting in a level of coverage equivalent to (a) or (b). [Note: Article 67(3) of MiFID and article 31(1) of the CRD (see also rule IPRU-INV
IPRU-INV 13.1A.4RRP
(1) A firm that is also an IDD insurance intermediary5 must have professional indemnity insurance at least equal to the limits set out in IPRU-INV 13.1.10R4 and in addition must2 have:1(a) initial capital of EUR 25,000; or (b) professional indemnity insurance at least equal to the requirements1 of IPRU-INV 13.1.12R4 and IPRU-INV 13.1.15R4 to IPRU-INV 13.1.27R4; or 211(c) a combination of initial capital and professional indemnity insurance in a form resulting in a level
IPRU-INV 13.1A.5GRP
A trade-off between initial capital and professional indemnity insurance is appropriate such that EUR 1 of initial capital is the equivalent of professional indemnity insurance cover of EUR 20 for a single claim against the firm and EUR 30 in aggregate.
IPRU-INV 13.1A.13RRP
A firm must, at all times, maintain a combination of professional indemnity insurance and own funds, at least equal to the requirements in this chapter for professional indemnity insurance and initial capital.
IPRU-INV 9.2.4RRP
(1) An exempt CAD firm which is not an IDD insurance intermediary3 must have: (a) initial capital of EUR 50,000; or (b) professional indemnity insurance covering the whole territory of the UK4or some other comparable guarantee against liability arising from professional negligence, representing at least EUR 1,000,000 applying to each claim and in aggregate EUR 1,500,000 per year for all claims; or (c) a combination of initial capital and professional
IPRU-INV 9.2.5RRP
(1) An exempt CAD firm that is also an IDD insurance intermediary3 must comply with the professional indemnity insurance requirements at least equal to those set out in IPRU-INV 9.2.4R(1)(b)2 (except that the minimum limits of indemnity are at least EUR 1,250,000 for a single claim and EUR 1,850,0003 in aggregate) and in addition has to have: (a) initial capital of EUR 25,000; or (b) professional indemnity insurance covering the whole territory of the
IPRU-INV 9.2.7RRP
(a) If another authorised person which has net tangible assets of more than £10 million provides a comparable guarantee, an exempt CAD firm can treat it as an alternative to effecting or maintaining professional indemnity insurance pursuant to the rules relating to professional indemnity insurance above. (b) If the exempt CAD firm is a member of a group in which there is an authorised person with net tangible assets of more
IPRU-INV 11.3.13UKRP
(1) An AIFM shall implement effective internal operational risk management policies and procedures in order to identify, measure, manage and monitor appropriately operational risks including professional liability risks to which the AIFM is or could be reasonably exposed. The operational risk management activities shall be performed independently as part of the risk management policy.(2) An AIFM shall set up a historical loss database, in which any operational failures,
SUP 16.12.28ARRP

2The applicable data items, reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm'saccounting reference date, unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period.

Description of data item11

Data item11 (note 1)

Frequency

Submission deadline

Annual regulated business revenue up to and including £5 million

Annual regulated business revenue over £5 million

Balance Sheet

Section A RMAR

Half yearly

Quarterly

30 business days

Income Statement

Section B RMAR

Half yearly

Quarterly

30 business days

Capital Adequacy (note 3)58

Section D1 RMAR

Half yearly

Quarterly

30 business days

Professional indemnity insurance

(note 2)11

Section E RMAR

Half yearly

Quarterly 11

11

30 business days

Threshold Conditions

Section F RMAR

Half yearly

Half yearly

30 business days

Training and Competence

Section G RMAR

Half yearly

Half yearly

30 business days

COBS11 data

Section H RMAR

Half yearly

Half yearly

30 business days

Supplementary product sales data

Section I RMAR

Half yearly11

11

Annually

30 business days

Client money and client assets (note 3)58

Section C RMAR

Half yearly

Quarterly

30 business days

Fees and levies

Section J RMAR

Annually

Annually

30 business days

Note 1

When submitting the completed data item required, a firm must use the format of the data item set out in SUP 16 Annex 18A. Guidance notes for the completion of the data items is set out in SUP 16 Annex 18B.

11Note 2

This item only applies to firms that may be subject to an FCA80 requirement to hold professional indemnity insurance and are not exempt CAD firms.

68

58Note 3

This item does not apply to firms who only carry on home finance mediation activities exclusively in relation to second charge regulated mortgage contracts or legacy CCA mortgage contracts (or both)66 and who are not otherwise expected to complete it by virtue of carrying out other regulated activities.

This item also does not apply if the firm is a P2P platform operator facilitating home finance transactions and is not required to submit it by virtue of carrying out other regulated activities. 83
EG 8.2.6RP
1Examples of circumstances in which the FCA will consider varying a firm'sPart 4A permission because it has serious concerns about a firm, or about the way its business is being or has been conducted include where: (1) in relation to the grounds for exercising the power under section 55J(1)(a) or section 55L(2)(a) of the Act, the firm appears to be failing, or appears likely to fail, to satisfy the threshold conditions relating to one or more, or all, of its regulated activities,