Related provisions for PERG 6.4.4

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

CONC 5A.6.1RRP
In this chapter: (1) "ancillary service" is a service in connection with the provision of credit under the agreement for high-cost short-term credit and includes, but not limited to, an insurance or payment protection policy;(2) "borrower" is an individual and includes: (a) any person providing a guarantee or indemnity under the regulated credit agreement; and (b) a person to whom the rights and duties of the borrower under the regulated credit agreement or of a person falling
SYSC 22.9.5GRP
(1) SYSC 22.9.1R applies to keeping records created before the date this chapter came into force as well as ones created afterwards.(2) A3firm does not breach the requirements of this chapter by failing to include something in a reference or by failing to have records2 because it destroyed the relevant records before the date this chapter came into force in accordance with the record keeping requirements applicable to it at the time of destruction.2(3) (1) also applies to records
MAR 10.4.4RRP
1A firm must classify persons holding positions in commodity derivatives or emission allowances according to the nature of their main business, taking account of any applicable authorisation or registration, as:(1) investment firms or credit institutions; or(2) investment funds, either as a UCITS, or an AIF or an AIFM; or(3) other financial institutions, including:(a) insurance undertakings and reinsurance undertakings as defined in the Solvency II Directive; and (b) institutions
12If a deduction is to be attributed to the provision of life cover, the appropriate approach is to assume that the complainant took out the insurance quoted in the alternative repayment quotation provided at the time of the sale. If the quotation is not available, the deduction should be at the rates that would have been quoted at the time.
CONC App 1.3.2RRP

Bodies whose agreements of the specified description are exempt agreements

INSURANCE COMPANIES

Abbey Life Assurance Company Limited

Abbey Life Pension and Annuities Limited

Albany Life Assurance Company Limited

Allchurches Life Assurance Limited

Alliance Assurance Company Limited

Allied Dunbar Assurance PLC

Ambassador Life Assurance Company Limited

American Life Insurance Company

Ansvar Insurance Company Limited

Atlas Assurance Company Limited

Australian Mutual Provident Society

Avon Insurance PLC

Black Horse Life Assurance Company Limited

Bradford Insurance Company Limited

Britannic Assurance Public Limited Company

The British & European Reinsurance Company Limited

British Equitable Assurance Company Limited

The British Life Office Limited

The British Oak Insurance Company Limited

British Reserve Insurance Company Limited

Caledeonian Insurance Company

The Cambrian Insurance Company Limited

The Canada Life Assurance Company

Cannon Assurance Limited

Car and General Insurance Corporation Limited

City of Westminster Assurance Company Limited

City of Westminster Assurance Society Limited

Clerical, Medical and General Life Assurance Society

Colonial Life (UK) Limited

The Colonial Mutual Life Assurance Society Limited

Commercial Union Assurance Company plc

Commercial Union Pensions Management Limited

Commercial Union Life Assurance Company Limited

Confederation Life Insurance Company

The Contingency Insurance Company Limited

Co-operative Insurance Society Limited

Cornhill Insurance Public Limited Company

Criterion Insurance Company Limited

Crown Life Assurance Company Limited

Crown Life Insurance Company Limited

Crown Life Pensions Limited

Crusader Insurance PLC

The Dominion Insurance Company Limited

Eagle Star Insurance Company Limited

Ecclesiastical Insurance Office plc

Economic Insurance Company Limited

English & American Insurance Company Limited

The Equitable Life Assurance Society

Equico International Limited

Equity & Law Life Assurance Society plc

Essex and Suffolk Insurance Company Limited

Excess Insurance Company Limited

Federation Mutual Insurance Limited

Fine Art and General Insurance Company Limited

Friends' Provident Life Office

FS Assurance Limited

General Accident Fire and Life Assurance Corporation Public Limited Company

General Accident Life Assurance Limited

General Accident Linked Life Assurance Limited

General Portfolio Life Insurance Public Limited Company

Gisborne Life Assurance Company Limited

Gresham Life Assurance Society Limited

Guardian Assurance plc

Guardian Royal Exchange Assurance plc

Hill Samuel Life Assurance Limited

The Ideal Insurance Company Limited

The Imperial Life Assurance Company of Canada

Irish Life Assurance plc

The Iron Trades Employers Insurance Association Limited

Legal and General Assurance Society Limited

The Licenses and General Insurance Company Limited

The Life Association of Scotland Limited

London Aberdeen & Northern Mutual Assurance Society Limited

London and Manchester Assurance Company Limited

London and Manchester (Pensions) Limited

London & Scottish Assurance Corporation Limited

The London Assurance

The London Life Association Limited

The Manufacturers Life Insurance Company

Marine and General Mutual Life Assurance Society

Maritime Insurance Company Limited

Medical Sickness Annuity & Life Assurance Society Limited

The Mercantile and General Reinsurance Company plc

Midland Assurance Limited

The Motor Union Insurance Company Limited

Minister Insurance Company Limited

Municipal Life Assurance Limited

Municipal Mutual Insurance Limited

NALGO Insurance Association Limited

National Employers' Life Assurance Company Limited

National Employers' Mutual General Insurance Association Limited

The National Farmers Union Mutual Insurance Society Limited

National House-Building Council

The National Insurance and Guarantee Corporation PLC

The National Mutual Life Association of Australasia Limited

National Mutual Life Assurance Society

National Provident Institution

National Vulcan Engineering Insurance Group Limited

N.E.L. Pensions Limited

The New Zealand Insurance plc

North British & Mercantile Insurance Company Limited

The Northern Assurance Company Limited

Norwich Union Asset Management Limited

Norwich Union Fire Insurance Society Limited

Norwich Union Insurance Group (Pensions Management) Limited

Norwich Union Life Insurance Society

NRG London Reinsurance Company Limited

Oaklife Assurance Limited

The Ocean Accident & Guarantee Corporation Limited

The Orion Insurance Company P.L.C.

Pearl Assurance Public Limited Company

Pensions Management (SWF) Limited

Permanent Insurance Company Limited

Phoenix Assurance Public Limited Company

Pioneer Mutual Insurance Company Limited

Prolific Life and Pensions Limited

Property Growth Pensions & Annuities Limited

Provident Life Association Limited

Provident Mutual Life Assurance Association

Provincial Insurance Public Limited Company

The Prudential Assurance Company Limited

Railway Passengers Assurance Company

Refuge Assurance, public Limited company

Regency Life Assurance Company Limited

The Reliance Fire and Accident Insurance Corporation Limited

The Reliance Marine Insurance Company Limited

Reliance Mutual Insurance Society Limited

Royal Exchange Assurance

Royal Insurance Public Limited Company

Royal Insurance (Int.) Limited

Royal Insurance (U.K.) Limited

Royal Life Insurance Limited

Royal Life (Unit Linked Assurances) Limited

Royal Life (Unit Linked Pension Funds) Limited

The Royal London Mutual Insurance Society Limited

The Royal National Pension Fund for Nurses

Royal Reinsurance Company Limited

Schroder Life Assurance Limited

Scottish Amicable Life Assurance Society

Scottish Equitable Life Assurance Society

Scottish General Insurance Company Limited

Scottish Insurance Corporation Limited

The Scottish Life Assurance Company

The Scottish Mutual Assurance Society

The Scottish Provident Institution

Scottish Union and National Insurance Company

Scottish Widows' Fund and Life Assurance Society

Sentinel Life plc

Skandia Life Assurance Company Limited

Standard Life Assurance Company

Standard Life Pension Funds Limited

The State Assurance Company Limited

Suffolk Life Annuities Limited

Sun Alliance and London Assurance Company Limited

Sun Insurance Office Limited

Sun Life Assurance Company of Canada

Sun Life Assurance Society plc

Target Life Assurance Company Limited

Teachers Assurance Company Limited

Trident Investors Life Assurance Company Limited

Trident Life Assurance Company Limited

Trinity Insurance Company Limited

UK Life Assurance Company Limited

United British Insurance Company Limited

United Friendly Insurance plc

United Kingdom Temperance and General Provident Institution

United Standard Insurance Company Limited

The University Life Assurance Society

The Victory Reinsurance Company Limited

Wesleyan and General Assurance Society

The Western Australian Insurance Company Limited

The White Cross Insurance Company Limited

World-Wide Reassurance Company Limited

The Yorkshire Insurance Company Limited

Zurich Life Assurance Company Limited

FRIENDLY SOCIETIES

The Ancient Order of Foresters Friendly Society

Anglo-Saxons Friendly Society

Blackburn Philanthropic Mutual Assurance Society

British Benefit Society

British Order of Ancient Free Gardeners' Friendly Society

Brunel Assurance Society

Cirencester Benefit Society

Civil Servants' Annuities Assurance Society

Colmore Friendly Society

Coventry Assurance Society

Dentists' Provident Society

Devon and Exeter Women's Equitable Benefit Society

The Exeter Equitable Friendly Society

Grand United Order of Oddfellows Friendly Society

The Hampshire and General Friendly Society

Harvest Friendly Society

Hearts of Oak Benefit Society

The Ideal Benefit Society

Independent Order of Oddfellows Kingston Unity Friendly Society

The Independent Order of Odd Fellows Manchester Unity Friendly Society

The Independent Order of Rechabites, Salford Unity, Friendly Society

Leeds District of the Ancient Order of Foresters Investment Association

Leek Assurance Collecting Society

The Leicester District Foresters' Investment Society

Liverpool Victoria Friendly Society

The Manchester and Districts of the Ancient Order of Foresters Investment Association

National Deposit Friendly Society

National Equalized Druids Friendly Society

National United Order of Free Gardeners Friendly Society

New Tab Friendly Society

Northumberland and Durham Miners' Permanent Relief Fund Friendly Society

Nottingham Oddfellows Assurance Friendly Society

The Order of Druids Friendly Society

The Order of the Sons of Temperance Friendly Society

Original Holloway Society

Pioneer Benefit Society

Preston Catholic Collecting Society

Preston Shelley Assurance Collecting Society

Provident Reliance Friendly Society

Rational and County Assurance Society

Royal Liver Friendly Society

Scottish Friendly Assurance Society

The Scottish Legal Life Assurance Society

The Shepherds Friendly Society

Sons of Scotland Temperance Friendly Society

Stepney District Distressed Members' Pension Benevolent Fund

The Sussex Widow and Orphans Society

Teachers Provident Society

Time Assurance Society

Tunbridge Wells Equitable Friendly Society

Tunstall and District Assurance Collecting Society

United Ancient Order of Druids Friendly Society

United Kingdom Civil Service Benefit Society

United Patriots' National Benefit Society

West Surrey General Benefit Society

Widow and Orphan Fund of the Woolwich District of the Independent Order of Odd Fellows, Manchester Unity Friendly Society

Widow and Orphans' Fund, Stepney District of the Independent Order of Odd Fellows, Manchester Unity Friendly Society

Widow, Widowers and Orphans' Fund of the Godalming District of the Independent Order of Oddfellows, Manchester Unity, Friendly Society

Wiltshire Holloway Benefit Society

CHARITIES

The Central Board of Finance of the Church of England

Church Commissioners

The Church of England Pensions Board

The Church of Scotland

The Church of Scotland General Trustees

Church of Scotland Trust

The Representative Body of the Church in Wales

Timber Trades Benevolent Society

The Winchester Diocesan Board of Finance

York Diocesan Board of Finance Limited

AGRICULTURAL CORPORATIONS

The Agricultural Mortgage Corporation Public Limited Company

The Scottish Agricultural Securities Corporation Public Limited Company

OTHER BODIES

General Practice Finance Corporation Limited

MCOB 7.5.2RRP
Where a tied product is operated separately from the regulated mortgage contract, for example where the premiums on a tied insurance product are not combined with payments on the regulated mortgage contract, the statement required by MCOB 7.5.1 R in relation to the tied product may be provided in a separate communication.
REC 5.2.14GRP

Information and supporting documentation (see REC 5.2.4 G).

(1)

Details of the applicant's constitution, structure and ownership, including its memorandum and articles of association (or similar or analogous documents ) and any agreements between the applicant, its owners or other persons relating to its constitution or governance (if not contained in the information listed in REC 5.2.3A G)1. An applicant for RAP status must provide details of the relationship between the governance arrangements in place for the UK RIE and the RAP.76

3

(2)

Details of all business to be conducted by the applicant, whether or not a regulated activity (if not contained in the information listed in REC 5.2.3A G)1.

(3)

Details of the facilities which the applicant plans to operate, including details of the trading platform or (for a RAP) auction platform,7 settlement arrangements, clearing facilitation services5 and custody services which it plans to supply. An applicant for RAP status must provide details on the relationship between the auction platform and any secondary market in emissions auction products which it operates or plans to operate.76

635443

(4)

Copies of the last three annual reports and accounts and, for the current financial year, quarterly management accounts.

(5)

Details of its business plan for the first three years of operation as a UK recognised body (if not contained in the information listed in REC 5.2.3A G)1.

(6)

A full organisation chart and a list of the posts to be held by key individuals (with details of the duties and responsibilities) and the names of the persons proposed for these appointments when these names are available (if not contained in the information listed in REC 5.2.3A G)1.

(7)

Details of its auditors, bankers, solicitors and any persons providing corporate finance advice or similar services (such as reporting accountants) to the applicant.

(8)

Details of any relevant functions to be outsourced or delegated, with copies of relevant agreements.

(9)

Details of information technology systems and of arrangements for their supply, management, maintenance and upgrading, and security.

(10)

Details of all plans to minimise disruption to operation of its facilities in the event of the failure of its information technology systems.

(11)

Details of internal systems for financial control, arrangements for risk management and insurance arrangements to cover operational and other risks.

(12)

Details of its arrangements for managing any counterparty risks.

5

(13)

Details of internal arrangements to safeguard confidential or privileged information and for handling conflicts of interest.

(14)

Details of arrangements for complying with the notification rules and other requirements to supply information to the FCA5.

5

(15)

Details of the arrangements to be made for monitoring and enforcing compliance with its rules and with its clearing, settlement and default arrangements.

(16)

A summary of the legal due diligence carried out in relation to ascertaining the enforceability of its rules (including default rules) and the results and conclusions reached.

5

(17)

Details of the procedures to be followed for declaring a member in default, and for taking action after that event to close out positions, protect the interests of other members and enforce its default rules.

(18)

Details of membership selection criteria, rules and procedures, including (for a RAP) details of how the rules of the UK RIE will change in order to reflect RAP status7.

63

(19)

Details of arrangements for recording transactions effected by, or cleared through, its facilities.

(20)

Details of arrangements for detecting financial crime and market abuse , including arrangements for complying with money laundering law.

(21)

Details of criteria, rules and arrangements for selecting specified investments to be admitted to trading on (or cleared by) an RIE and, where relevant, details of how information regarding specified investments will be disseminated to users of its facilities.

5

(22)

Details of arrangements for cooperating with the FCA5 and other appropriate authorities, including draft memoranda of understanding or letters.

5

(23)

Details of the procedures and arrangements for making and amending rules, including arrangements for consulting on rule changes.

(24)

Details of disciplinary and appeal procedures, and of the arrangements for investigating complaints.

ICOBS 3.2.8RRP
The requirements relating to the placing and receipt of orders do not apply to contracts concluded exclusively by exchange of e-mail or by equivalent individual communications.[Note: article 10(4) and 11(3) of the E-Commerce Directive]
PERG 5.16.2GRP
(1) Text of article 2.1(1) of the Insurance Distribution Directive1 “‘Insurance distribution’ means the activities of advising on, proposing or carrying out other work preparatory to the conclusion of contracts of insurance, of concluding such contracts, or of assisting in the administration and performance of such contracts, in particular in the event of a claim, including the provision of information concerning one or more insurance contracts in accordance with criteria selected
CONC App 1.2.3RRP
(1) The total charge for credit which may be provided under an actual or prospective regulated credit agreement shall be the total cost of credit to the borrower determined in accordance with the requirements in (2) to (5) below.(2) Subject to (3), the following costs shall be included in the total cost of credit to the borrower:1(-a) any fee or charge payable by the borrower to a credit broker in connection with the agreement (if the fee or charge is known to the lender);1(a)
MCOB 6.4.7RRP
In adapting and revising the illustration in accordance with MCOB 6.4.4 R(1), a firm may:(1) add extra information at the beginning and end of the illustration, such as conditions which are not covered by the illustration;(2) include greater detail within each of the specified sections than that included in an illustration provided in accordance with MCOB 5 (Pre-application disclosure); and(3) leave blank, except for the text 'not applicable', sections that are irrelevant, such
DISP 1.10.3GRP
For the purposes of DISP 1.10.2R, DISP 1.10.2-AR13, DISP 1.10.2AR and DISP 1.10.2BR,13 when completing the return, the firm should take into account the following matters.106184(1) If a complaint could fall into more than one category, the complaint should be recorded in the category which the firm considers to form the main part of the complaint.10(2) Under DISP 1.10.2R(1)(b), DISP 1.10.2R(2)(b), DISP 1.10.2-AR or DISP 1.10.2BR(2),13 a firm should report information relating

Glossary of defined terms for Chapter 9

Note: If a defined term does not appear in the glossary below, the definition appearing in the HandbookGlossary applies.

approved exchange

means an investment exchange listed as such in Appendix 33 to IPRU-INV 3.

exchange

means a recognised investment exchange or designated investment exchange.

initial capital

means the initial capital of a firm calculated in accordance with section 9.3.

intangible assets

the full balance sheet value of a firm's intangible assets including goodwill, capitalised development costs, licences, trademark and similar rights etc.

intermediate broker

in relation to a margined transaction, means any person through whom the firm undertakes that transaction.

material current year losses

means losses of an amount equal to 10% or more of initial capital minus B (with B calculated in accordance with Table 9.5.2R).

material holding

means a firm's holdings of shares and any other interest in the capital of a credit institution or financial institution:

(a) which exceeds 10% of the capital of the issuer, and, where this is the case, any holdings of subordinated debt of the same issuer, the full amount is a material holding; or

(b) holdings not deducted under (a) if the total amount of such holdings exceeds 10% of that firm'sown funds, in which case only the excess amount is a material holding.

material insurance holdings

(a) means the holdings of an exempt CAD firm of items of the type set out in (b) in any:

(i) insurance undertaking; or

(ii) insurance holding company that fulfils one of the following conditions:

(iii) it is a subsidiary undertaking of that firm; or

(iv) that firm holds a participation in it.

(b) An item falls into this provision for the purpose of (a) if it is:

(i) an ownership share; or

(ii) subordinated debt or another item of capital that forms part of the tier two capital resources that1 falls into GENPRU 2 or, as the case may be, INSPRU 7, or is an item of “basic own funds” defined in the PRA Rulebook: Glossary.

own funds

means the own funds of a firm calculated in accordance with 9.2.9R(2) and The Interim Prudential Sourcebook for Investment Businesses Chapter 9: Financial resources requirements for an exempt CAD firm Page 2 of 2 Version: November 2007 9.2.8R(b).

own funds requirement

means the requirement set out in 9.2.9R(1) and 9.2.8R(b).

verified

means checked by an external auditor who has undertaken at least to:

(a) satisfy himself that the figures forming the basis of the interim profits have been properly extracted from the underlying accounting records;

(b) review the accounting policies used in calculating the interim profits so as to obtain comfort that they are consistent with those normally adopted by the firm in drawing up its annual financial statements and are in accordance with the relevant accounting principles;

(c) perform analytical procedures on the result to date, including comparisons of actual performance to date with budget and with the results of prior period(s);

(d) discuss with management the overall performance and financial position of the firm;

(e) obtain adequate comfort that the implications of current and prospective litigation, all known claims and commitments, changes in business activities and provisioning for bad and doubtful debts have been properly taken into account in arriving at the interim profits; and

(f) follow up problem areas of which he is already aware in the course of auditing the firm's financial statements.

MCOB 7.6.17RRP
(1) Where the further advance for which the customer has applied is in the form of an annual insurance premium secured by a first legal charge, a firm:(a) may, instead of providing an illustration or ESIS8 in accordance with MCOB 7.6.7 R, provide confirmation of the matters required by MCOB 7.6.5 R; and(b) where (a) applies use the following text:"Your annual insurance premium has been/will be added to your mortgage account [unless you pay it by dd/mm/yy]. If you choose to pay
GEN 6.1.6RRP
The Society, managing agents and members' agents must not cause or permit any member, in the conduct of his insurance business at Lloyd's, to enter into, arrange, claim on or make a payment under a contract of insurance that is intended to have, or has or would have, the effect of indemnifying any person against all or part of a financial penalty.
DISP 1.11.7GRP
Each member of the Society is individually subject to the rules in this chapter as a result of the insurance market direction given in DISP 2.1.7 D23 under section 316 of the Act (Direction by a regulator).232323
CASS 7.17.2RRP
Subject to CASS 7.17.3 R in respect of a trustee firm, a firm receives and holds client money as trustee on the following terms:(1) for the purposes of, and on the terms of, the client money rules and the client money distribution and transfer rules1; (2) (a) where a firm maintains only a general pool of client money, subject to (4), for the clients (other than clients which are insurance undertakings when acting as such with respect to client money received in the course of insurance
MIPRU 3.1.1RRP
62(1) [deleted]6(1A) Subject to the exceptions in (3) to (8), this chapter applies to a firm with Part 4A permission to carry on any of the following activities:6(a) insurance distribution activity8;6(b) home finance mediation activity; and6(c) MCD article 3(1)(b) credit intermediation activity.6(2) [deleted]61515(3) In6 relation to insurance distribution activity8, this chapter does not apply to a firm if another authorised person which has net tangible assets of more than £10