[deleted] 5
Related provisions for ICOBS 5.1.3B
201 - 220 of 303 items.
A CASS debt management firm must also retain any other documentation or evidence it believes is necessary to demonstrate that it has complied with each of the applicable requirements in this section (such as any evidence it has obtained to ensure that the individual that has countersigned a client bank account acknowledgement letter1 that has been returned to the firm was authorised to countersign the letter on behalf of the relevant approved bank).
(1) If a firm receives information that puts it in the position described in CASS 8.2.1 R (4) in order to effect transactions immediately on receiving that information, then such information could only amount to a mandate if the firm retained3 it (for example by not destroying the relevant document, electronic record or telephone recording3):3(a) after it uses it to effect those immediate transactions; or(b) because those transactions are not, for whatever reason, effected immediately.(2)
4The guidance in relation to the recognition requirements in the sections of REC 2 listed in Column A of the table below applies to a RAP in relation to the equivalent RAP recognition requirements listed in Column C and (if shown) with the modifications in Column B.
Table: Guidance on RAP recognition requirements
Column A |
Column B |
Column C Relevant RAP recognition requirement |
REC 2.2.2G to REC 2.2.7G (Relevant circumstances and Outsourcing) |
Reg 13 |
|
REC 2.3.3G to REC 2.3.9G (Financial resources) |
Reg 14 |
|
REC 2.4.3G to REC 2.4.6G (Suitability) |
In addition to the matters set out in REC 2.4.3G to REC 2.4.6G, the FCA will have regard to whether a key individual has been allocated responsibility for overseeing the auction platform of the UK recognised body. |
Reg 15 |
REC 2.5.3G to REC 2.5.20G (Systems and controls and conflicts) and REC 2.5A (Guidance on Public Interest Disclosure Act: Whistleblowing) |
Reg 16 and 17(2)(f) |
|
REC 2.6.26G to REC 2.6.34G (Safeguards for investors) |
Reg 17 |
|
REC 2.7.3G to REC 2.7.4G (Access to facilities) |
The FCA shall have regard to whether a RAP provides access to bid at auctions only to those persons eligible to apply for admission to bid under regulation 16 of the UK auctioning regulations. |
Reg 17(2)(a) and 20 |
REC 2.8.3G to REC 2.8.4G (Settlement and clearing services) |
Reg 17(2)(d) and 21 |
|
REC 2.9.3G to REC 2.9.4G (Transaction recording) |
Reg 17(2)(e) |
|
REC 2.10.3G to REC 2.10.4G (Financial crime and market abuse) |
Reg 17(2)(g) |
|
REC 2.11.3G to REC 2.11.4G (Custody) |
REC 2.11.4G is replaced with the following for a RAP: Where a RAP arranges for other persons to provide services for the safeguarding and administration services of assets belonging to users of its facilities, it will also need to satisfy the RAP recognition requirement in regulation 17(2)(h) of the RAP regulations (see REC 2A.2.1UK). |
Reg 17(2)(h) |
REC 2.12.1G to REC 2.12.2G (Availability of relevant information) |
REC 2.12.1G to REC 2.12.2G are replaced with the following for a RAP: In determining whether appropriate arrangements have been made to make relevant information available to persons engaged in dealing in emissions auction products the FCA may have regard to: (1) the extent to which auction bidders are able to obtain information in a timely fashion about the terms of those emissions auction products and the terms on which they will be auctioned, either through accepted channels for dissemination of information or through other regularly and widely accessible communication media; (2) what restrictions, if any, there are on the dissemination of relevant information to auction bidders; and (3) whether relevant information is, or can be, kept to restricted groups of persons in such a way as to facilitate or encourage market abuse. A RAP does not need to maintain its own arrangements for providing information on the terms of emissions auction products to auction bidders where it has made adequate arrangements for other persons to do so on its behalf or there are other effective and reliable arrangements for this purpose. |
Reg 17(2)(c) |
REC 2.13.3G to REC 2.13.6G (Promotion and maintenance of standards) |
Reg 18 |
|
REC 2.14.3G to REC 2.14.6G (Rules and consultation) |
Reg 19 |
|
REC 2.15.3G to REC 2.15.6G (Discipline) |
Reg 22 |
|
REC 2.16.3G to REC 2.16.4G (Complaints |
Reg 23 |
(1) Regulation 46 (Application of the financial promotion and scheme promotion restrictions) provides that where a person may market an AIF under regulation 49, 50 or 51:(a) to the extent that such marketing falls within section 21(1) (restrictions on financial promotion) or 238(1) (restrictions on promotion) of the Act, the person may market the AIF to a retail client only if the person does so without breaching the restriction in that section; and(b) to the extent that any activity
If a firm repurchases securitised exposures or securitisation positions, it must:(1) be able to demonstrate that it has adequately considered the following:(a) the price of the repurchase;(b) the firm's capital and liquidity position before and after repurchase;(c) the performance of the securitised exposures; and(d) the performance of the securitisation positions;(2) have concluded, taking into account the factors in (1) and any other relevant information, that the repurchase
DISP 1.3.3 R requires the firm to put in place appropriate management controls and take reasonable steps to ensure that in handling complaints it identifies and remedies any recurring or systemic problems. If a firm receives complaints about its sales of payment protection contracts it should analyse the root causes of those complaints including, but not limited to, the consideration of:(1) the concerns raised by complainants (both at the time of the sale and subsequently);(2)
When a firm promotes a personal pension scheme, including a group personal pension scheme, to a group of employees it must:(1) be satisfied on reasonable grounds that the scheme is likely to be at least as suitable for the majority of the employees as a stakeholder pension scheme; and(2) record why it thinks the promotion is justified.
Subject to CASS 11.1.6 R, only the rules and guidance in the debt management client money chapter listed in the table below apply to CASS small debt management firms.
Reference |
Rule |
Application |
|
Firm classification |
|
Responsibility for CASS operational oversight |
|
Definition of client money and discharge of fiduciary duty |
|
Organisational requirements |
|
Statutory trust |
|
Selecting an approved bank at which to hold client money |
|
Client bank account acknowledgement letters |
|
Segregation and the operation of client money accounts |
|
Payments to creditors |
|
CASS 11.11.1 R to CASS 11.11.12 R , CASS 11.11.30 R and CASS 11.11.32 G |
Records, accounts and reconciliations |
CASS 11 resolution pack |
|
Client money distribution in the event of a failure of a firm or approved bank |
5A firm may recalculate the periodic instalment of capital or interest (or both), provided that any such recalculation is consistent with the firm’s obligations under the Handbook.
If a firm exercises a power under the terms of a mortgage contract to recalculate periodic instalments of capital or interest (or both) using a mortgage balance that includes charges (such as arrears management charges) or interest arising because one or more monthly instalments were missed, the firm
3It is important that the FCA maintains an accurate public record. One of the ways the FCA does this is by publishing1 the reasons for variations of Part 4A permission, the imposition of requirements,5 variations of the approval of SMF managers and the imposition and variation of directions under regulation 74C(5) of the Money Laundering Regulations5. The FCA will always aim to balance1 the interests of consumers and the possibility of unfairness to the person subject to the
(1) A firm must make and retain a record:(a) of the customer information, including that relating to the customer's needs and circumstances, that it has obtained for the purposes of MCOB 4.7A;(b) that explains why the firm has concluded that any advice given to a customer complies with MCOB 4.7A.2 R and satisfies the suitability requirement in MCOB 4.7A.5R (1);6(c) of the customer's positive choice in MCOB 4.6A.2 R (Rolling up of fees or charges into loan) where applicable; and6(d)
(1) A firm must make and retain an adequate record of the information that it provides to each customer at the start of the lifetime mortgage1 in accordance with this section.1(2) The record required by (1) must be maintained for a year from the date that the information is provided to the customer.
A firm must, in a financial promotion or a document which is intended for individuals which relates to its credit broking, indicate the extent of its powers and in particular whether it works exclusively with one or more lenders or works independently. [Note: section 160A(3) of CCA][Note: article 21(a) of the Consumer Credit Directive]