Related provisions for SUP 10C.12.8
201 - 220 of 382 items.
1The grounds on which the FCA may exercise its power to cancel an authorised person's
permission under section 55J of the Act are the same as the grounds for variation and for imposition of requirements. They are set out in section 55J(1) and section 55L(2) and described in EG 8.1.1. Examples of the types of circumstances in which the FCA may cancel a firm'sPart 4A permission include: (1) non-compliance with a Financial Ombudsman Service award against the
1The FCA's enforcement activities in respect of registrant-only societies focus on prosecuting societies that fail to submit annual returns. As registrant-only societies are not subject to the rules imposed by the Act and by the FCA
Handbook, the requirement that they submit annual returns provides an important check that the interests and investments of members, potential members, creditors and other interested parties are being safeguarded. The power to prosecute
Where any member of the management body2 of a UK recognised body:(1) is the subject of any disciplinary action because of concerns about his or her2 alleged misconduct; or2(2) resigns as a result of an investigation into his or her2 alleged misconduct; or(3) is dismissed for misconduct;that body must immediately give the FCA1 notice of that event, and give the information specified for the purposes of this rule in REC 3.5.2 R.1
Where a UK recognised body has taken any disciplinary action against any member or any employee of a member, in respect of a breach of a rule relating to the carrying on by the UK recognised body of any of its regulatory functions, that body must immediately notify the FCA1of that event, and give:1(1) the name of the person concerned;(2) details of the disciplinary action taken by the UK recognised body; and(3) the UK recognised body's reasons for taking that disciplinary act
1The FCA recognises the importance of consistency in its decision-making and that it must consider the approach previously taken to, say, the application of a particular rule or Principle in a given context. This applies equally to consideration by the RDC or by the settlement decision makers when they look at action taken by the FCA in earlier, similar, cases. This is not to say that the FCA cannot take a different view to that taken in the earlier case: the facts of two enforcement
Where the FCA1 considers that it is unlikely to make a recognition order, it will discuss its concerns with the applicant with a view to enabling the applicant to make changes to its rules or guidance, or other parts of the application. If the FCA1 decides to refuse to make a recognition order, it will follow the procedure set out in section 298 of the Act (Directions and revocation: procedure) (which applies in consequence of section 290(5) of the Act (Recognition orders)) which
1On its web site, the FCA gives2 anonymous examples of where it has decided not to investigate or take enforcement action in relation to a possible rule
breach because of the way in which the firm has conducted itself when putting the matter right. This is part of an article entitled ‘The benefits to firms and individuals of co-operating with the FCA2’. However, in those cases where enforcement action is not taken and/or a formal investigation is not commenced,
1A firm2 must:(1) report to the FCA any2: (a) significant breaches of the firm's rules;(b) disorderly trading conditions;2(c) conduct that may involve market abuse; and2(d) system disruptions in relation to a financial instrument;2(2) supply the information required under this rule without delay to the FCA and any other authority competent for the investigation and prosecution of market abuse; and2(3) provide full assistance to the FCA, and any other authority competent for the
1A disapplication order in relation to exempt regulated activities made against a member will be relevant should that member subsequently apply for authorisation under the Act. Whether or not such an application for authorisation is successful will depend on many factors, including the FCA's grounds for making the disapplication order. For example, if the order for disapplication of the exemption was made on the grounds of a breach of rules made under section 332(1) of the Act,
The FCA has made rules providing that compensation costs and specific costs attributable to the classes (other than the deposit acceptors’ contribution class),14 and which exceed the classlevy limits, may be allocated to the retail pool. Levies allocated to the retail pool are then allocated amongst the other such classes, together with the deposit acceptors’ contribution class.14 The deposit acceptors’ contribution class14 may contribute to compensation costs levies or specific
SYSC 10.2.2 R is made under section 137P6 of the Act (Control of information rules). It has the following effect:6(1) acting in conformity with SYSC 10.2.2 R (1) provides a defence against proceedings brought under sections89(2), 90(1) and 91(1) 4of the Financial Services Act 2012 (Misleading statements, Misleading impressions and Misleading statements etc. in relation to benchmarks) - see sections 89(3)(b), 90(9)(c) and 91(3)(b); and5444(2) [deleted]5(3) acting in conformity