Related provisions for SUP App 2.7.2

INSPRU 1.2.6AG07/03/2016

7Some of the rules made by the FCA7 contain references to, or are reliant on, rules that are only made by the PRA. Firms should consider GEN 2.2.13A R (cross-references in the Handbook) and GEN 2.2.23 R to GEN 2.2.25 G (cutover: application of provisions made by both the FCA and the PRA) when applying these rules. In the context of mathematical reserves, the FCArules ensure a firm takes into account its regulatory duty to treat customers fairly.79

INSPRU 1.2.10R07/03/2016

In the actuarial valuation under PRA Rulebook: Non Solvency II firms: Insurance Company – Mathematical Reserves, 2.17, a firm must use methods and prudent assumptions which:(1) are appropriate to the business of the firm;(2) are consistent from year to year without arbitrary changes (see INSPRU 1.2.11 G);(3) are consistent with the method of valuing assets (see PRA Rulebook: Non-Solvency II firms: Insurance Company – Overall Resources and Valuation, 3)7;(4) include appropriate

SYSC 7.1.7BG01/07/2015

In setting the method of determining the remuneration of employees involved in the risk management function:(1) firms that SYSC 19D applies to will also need to comply with the dual-regulated firms Remuneration Code; and(2) firms that the remuneration part of the PRA Rulebook applies to will also need to comply with it.16513138

SYSC 7.1.8G09/12/2019

2(1) [deleted]1313(2) The term 'risk management function' in SYSC 7.1.6 R and SYSC 7.1.7R, and for a common platform firm in article 23(2) of the MiFID Org Regulation,19 refers to the generally understood concept of risk assessment within a firm, that is, the function of setting and controlling risk exposure.32917(3) [deleted]242017(4) For an SMCR firm that is a PRA authorised person24, the risk management function is a PRA controlled function (SMF4). For an enhanced scope SMCR

COCON 4.2.25G07/03/2016

For the purpose of rule SC4 in COCON 2.2.4R, regulators in addition to the FCA and the PRA are those which have recognised jurisdiction in relation to activities to which COCON applies and have a power to call for information from the relevant person in connection with their function or the business for which they are responsible. This may include an exchange or an overseas regulator.

COCON 4.2.28G10/12/2018

(1) If a senior conduct rules staff member comes across a piece of information that is something of3 which they think the FCA or PRA could reasonably expect notice, they should determine whether that information falls within the scope of their responsibilities.5 For an SMF manager those responsibilities will be set out in that person’sstatement of responsibilities.52(2) If it does, then they should ensure that, if it is otherwise appropriate to do so, it is disclosed to the appropriate

COCON 1.1.2R09/12/2020

Table: To whom does COCON apply? 9

9Persons to whom COCON applies	Comments9
(1) An SMF manager.9
(2) An employee (“P”) of an SMCR firm 12 who:9 (a) performs the function of an SMF manager;9 (b) is not an approved person to perform the function in question; and9 (c) is required to be an approved person at the time P performs that function.9
(3) An employee of an SMCR firm 12 who would be performing an FCA-designated senior management function 12 but for SUP 10C.3.13R (The 12-week rule). 9
(4) A certification employee of an SMCR firm 12.9	This applies even if the certification employee has not been notified that COCON applies to them or notified of the rules that apply to them.9
(5) An employee of an SMCR firm who would be performing an FCA certification function but for SYSC 27.5.1R (Emergency appointments) or SYSC 27.5.3R (Temporary12 UK role). 9 12
(6) Any employee of an SMCR firm 12 not coming within another row of this table, except one listed in column (2) of this row (6) of this table12. 9	(A)12 This row (6)12 does not apply to an employee of an SMCR firm 12 who only performs functions falling within the scope of the following roles:9 (a) receptionists; (b) switchboard operators; (c) post room staff; (d) reprographics/print room staff; (e) property/facilities management; (f) events management; (g) security guards; (h) invoice processing; (i) audio visual technicians; (j) vending machine staff; (k) medical staff; (l) archive records management; (m) drivers; (n) corporate social responsibility staff; (o) taking part in following activities of the firm:14 14 (i) the firm’s activities as a data controller; or 14(ii) the firm’s activities of data processing; as defined in the data protection legislation, but subject to Note (1) of this table14;data protection legislation;10 (p) cleaners; (q) catering staff; (r) personal assistant or secretary; (s) information technology support (ie, helpdesk); and (t) human resources administrators /processors. 12 14 12 14 17
(7) [deleted]12 9	12 9
(8) A board director of: a UK SMCR firm.12 9 9 9 9	12 9
12 9
14Note (1): A function is only within paragraph (o) of column (2) (Comments) of row (6) of this table if the function does not require the employee concerned to exercise a significant amount of discretion or judgment.

COCON 1.1.2AR03/07/2017

9For Swiss general insurers, references in this sourcebook to parts of the PRA Rulebook for ‘Solvency II firms’ are to be read as references to the corresponding parts of the PRA Rulebook applying to large non-directive insurers.

SUP 12.2.2AG01/04/2014

(1) 15Under sections 20(1) and (1A) of the Act (Authorised persons acting without permission), if an authorised person carries on a regulated activity in the United Kingdom, or purports to do so, otherwise than in accordance with his permission, he is to be taken to have contravened a requirement imposed by the FCA (in the case of a FCA-authorised person) or the FCA and the PRA (in the case of a PRA-authorised person).(2) In addition, under section 23(1A) of the Act (Contravention

SUP 12.2.3G01/04/2014

As long as the conditions in section 39 of the Act are satisfied, any person, other than an authorised person (unless he has only a limited permission)15, may become an appointed representative, including a body corporate, a partnership or an individual in business on his own account. However, an appointed representative cannot be an authorised person under the Act unless he has only a limited permission. A person15 cannot be exempt for some regulated activities and authorised

PERG 2.10.10G01/04/2013

But under section 316 of the Act (Direction by a regulator) the general prohibition does not apply to a person who is a member of the Society of Lloyds unless the FCA or PRA has made a direction that it should apply. The general prohibition is disapplied in relation to any regulated activity carried on by a member relating to contracts of insurance written at Lloyds. Directions can be made by the FCA or PRA in relation to individual members or the members of the Society of Lloyds

PERG 2.10.11G01/04/2013

A person who ceased to be an underwriting member at any time on or after 24 December 1996 may, without authorisation, carry out contracts of insurance he has underwritten at Lloyds. But this is subject to any requirements or rules that the PRA may impose under sections 320 to 322 of the Act (Former underwriting members).

SUP App 2.15.8AG07/03/2016

4A Solvency II firm should include the following information in its run off plan, except in the circumstances set out in SUP App 2.15.8B G:(1) a forecast summary revenue account for the with-profits fund, in accordance with PRA Rulebook: Non-Solvency II firms: Run Off Operations 6.1(3)(a)5;(2) a forecast summary balance sheet and “eligible own funds” as defined in the PRA Rulebook: Glossary and any notional SCR for the with-profits fund, in accordance with PRA Rulebook: Non-Solvency

SUP App 2.15.11G07/03/2016

The run-off plan of a firm to which PRA Supervisory Statement: Non-Solvency II Insurance companies – Capital assessments5 applies4 should include:4(1) a revised individual capital assessment for the firm (see INSPRU 7.12), which reflects the impact of the closure of the relevant with-profits fund; or2(2) a statement that the firm is satisfied that the closure will not materially affect the firm's most recent assessment.

SUP 12.4.4G08/12/2022

In assessing, under SUP 12.4.2 R (2)(b), whether an appointed representative is otherwise 1suitable to act for the firm in that capacity, a firm should consider:(1) whether the person is fit and proper; guidance on the information that firms should take reasonable steps to obtain and verify is given in SUP 12 Annex 2;(2) the fitness and propriety (including good character) and financial standing of the controllers, directors, partners, proprietors and managers of the person;

SUP 12.4.5C08/12/2022

1

Multiple principal agreement

	Matter	Explanation
1.	Scope of appointment	The scope of appointment given by each principal to the appointed representative.
2.	Complaints handling	The identity of the principal which will be the point of contact for a complaint from a client (referred to as the "lead-principal" in SUP 12.4.5D G to SUP 12.4.5E G).
		An agreement that each principal will co-operate with each other principal in resolving a complaint from a client in relation to the appointed representative's conduct.
		The arrangements for complaints handling, including arrangements for resolving disputes between the principals in relation to their liability to a client in respect of a complaint and arrangements for dealing with referrals to the Financial Ombudsman Service.
3.	Financial promotions	The arrangements for approving financial promotion.
4.	Control and monitoring	The arrangements for the control and monitoring of the activities of the appointed representative (see in particular SUP 12.6.6 R (Regulated activities and investment services outside the scope of appointment) and SUP 12.6.7 G (Senior management responsibility for appointed representatives)).
5.	Approved person status	The arrangements for making applications for approved person status (see SUP 10A and SUP 10C12 (Approved persons) and the corresponding PRA requirements).12 23 23
6.	Training and competence	The arrangements for training and competence (see TC).
7.	Co-operation	The arrangements for co-operation over any other issues which may arise from the multiple appointments, including issues which may damage the interests of clients dealing with the appointed representative and administrative issues.
7.	Co-operation	An agreement by each principal to take reasonable steps to ensure that it does not cause the appointed representative or any of its other principals to be in breach of their obligations to each other or under the regulatory system.
8.	Sharing information	The arrangements for sharing information on matters relevant to the matters covered under the multiple principal agreement and each principal's obligations under SUP 12.6 (Continuing obligations of firms with appointed representatives) and SUP 12.6A (Assessment of compliance)21.
8.	Sharing information	An agreement that each principal will notify each other principal of any information which is materially relevant to the multiple principal agreement.

CREDS 2.2.65G10/12/2018

(1) SYSC 23 to SYSC 276 have a number of requirements about the governance and senior management arrangements of SMCR firms6. 5(2) A credit union is a type of SMCR firm6.(3) SYSC 23 to SYSC 276 are summarised in CREDS 2.2.66G to CREDS 2.2.70G.(4) The PRA’s requirements about the subjects dealt with in SYSC 23 to SYSC 276 are set out in its Rulebook. CREDS does not summarise them.

CREDS 2.2.73G07/03/2016

(1) 5Section 63E(1) of the Act also applies to functions specified by the PRA.(2) The PRA’s certification regime (including the functions referred to in (1)) is described in its Rulebook. It is not summarised in CREDS.

SUP 16.12.4R01/08/2022

Table of applicable rules containing data items 4, frequency and submission periods

(1)		(2)	(3)	(4)
RAGnumber	Regulated Activities	Provisions containing:
RAGnumber	Regulated Activities	applicabledata items	reporting frequency/ period	due date32 32
	27 12 12	37
RAG 1	• accepting deposits • meeting of repayment claims 76 • managing dormant asset funds (including the investment of such funds)93 76	RAG 1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook.76
RAG 2.1	• effecting contracts of insurance • carrying out contracts of insurance • entering as provider into a funeral plan contract 88• carrying out a funeral plan contract as provider	71 RAG 2.1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook except firms carrying out funeral plan provision activities in relation to which SUP 16.12.8AR applies.88 2	71 2	71 2
RAG 2.2	• managing the underwriting capacity of a Lloyds syndicate as a managing agent at Lloyds • advising on syndicate participation at Lloyds • arranging deals in contracts of insurance written at Lloyds	SUP 16.12.9 R2	SUP 16.12.9 R2	SUP 16.12.9 R2
RAG 3	• dealing in investment as principal • dealing in investments as agent • advising on investments (except P2P agreements) 67 (excluding retail investment activities) • arranging (bringing about) deals in investments (excluding retail investment activities) • advising on P2P agreements (when carried on exclusively with or for professional clients)67	SUP 16.12.10 R2 SUP 16.12.11 R78 89 37 37	SUP 16.12.10 R2SUP 16.12.12 R78 37	SUP 16.12.10 R2SUP 16.12.13 R
RAG 4	• managing investments • establishing, operating or winding up a collective investment scheme • establishing, operating or winding up a stakeholder pension scheme • establishing, operating or winding up a personal pension scheme2 • managing an AIF 38 • managing a UK UCITS 82 • operating an electronic system in relation to lending (FCA-authorised persons only)48 38 38 38 5	SUP 16.12.14 R2 SUP 16.12.15 R78 89 37 37	SUP 16.12.14 R2SUP 16.12.16 R78 37	SUP 16.12.14 R2SUP 16.12.17 R
RAG 5	• home finance administration or home finance providing activity 11 • the activity of a P2P platform operator facilitating a home finance transaction, where the lender or provider does not require permission to enter into the transaction83 11	76SUP 16.12.18BR 37 and SUP 16.12.18C R58 2 58	76SUP 16.12.18BR 37 and SUP 16.12.18C R58 2 58	76SUP 16.12.18BR 37 and SUP 16.12.18C R58 2 58
RAG 6	• safeguarding and administration of assets (without arranging) • arranging safeguarding and administration of assets • acting as trustee or depositary of an AIF 38 • acting as trustee or depositary of a UK UCITS 82 38 40 38 38	SUP 16.12.19A R2	SUP 16.12.20 R2	SUP 16.12.21 R2
RAG 7	• retail investment activities • advising on P2P agreements (except when carried on exclusively with or for professional clients)67 • advising on pensions transfers & opt-outs • arranging (bringing about deals) in retail investments	SUP 16.12.22A R89 37 78 37	SUP 16.12.23A R78 37 37	SUP 16.12.24AR78
RAG 8	• making arrangements with a view to transactions in investments • operating a multilateral trading facility4 • operating an organised trading facility35	SUP 16.12.25AR89 80 37 78 37	SUP 16.12.26 R	SUP 16.12.27 R
RAG 9	• home finance mediation activity 14 • insurance distribution activity 84 (non-investment insurance contracts)88• funeral plan distribution 14	SUP 16.12.28A R14	SUP 16.12.28A R14	SUP 16.12.28A R14
RAG 10	• the activities of an RIE 98 98	SUP 16.12.29 G2	SUP 16.12.29 G2	SUP 16.12.29 G2 32
32 RAG 11 81	bidding in emissions auctions 87 81	SUP 16.12.29AR87 81	SUP 16.12.29AR87 81	SUP 16.12.29AR87 81
47 RAG 12 71	• credit-related regulated activity	SUP 16.12.29C R	SUP 16.12.29C R	SUP 16.12.29C R

SUP 16.12.10R31/12/2014

(1) 2SUP 16.12.11 R to SUP 16.12.13 R do not apply to:(a) a lead regulated firm (except in relation to data items 47 to 55 (inclusive));13(b) an OPS firm;(c) a local authority;3(d) a service company.3(2) A PRA lead regulated firm and an OPS firm must submit a copy of its annual report and audited accounts within 80 business days from its accounting reference date.5555(3) A PRA service company must submit a copy of its annual audited financial statements within 6 months from its

EG 9.3.801/03/2016

2The FCA will consult the PRA before withdrawing an approval given by the PRA.

BIPRU 9.12.11R01/04/2013

Table:

This table belongs to BIPRU 9.12.10 R

4

4Credit Quality Step		Securitisation positions			Resecuritisation positions
Credit assessments other than short term	Short-term credit assessments	A	B	C	D	E
1	1	7%	12%	20%	20%	30%
2		8%	15%	25%	25%	40%
3		10%	18%	35%	35%	50%
4	2	12%	20%		40%	65%
5		20%	35%		60%	100%
6		35%	50%		100%	150%
7	3	60%	75%		150%	225%
8		100%			200%	350%
9		250%			300%	500%
10		425%			500%	650%
11		650%			750%	850%
all other, unrated		1250%

[Note: For mapping of the credit quality step to the credit assessments of eligible ECAIs, refer to: http://www.fca.org.uk/your-fca/documents/fsa-ecais-securitisation for the FCA and http://www.bankofengland.co.uk/publications/Documents/other/pra/policy/2013/ecaissecuritisation.pdf for the PRA.]

[Note:BCD, Annex IX, Part 4, point 46]4

FEES 6.3.3G01/04/2018

The FSCS has committed itself in Memorandum of Understanding with9 the FCA9 to publish its policy in respect of levying.815681515151515

SUP 10A.12.2G07/12/2020

Table: FCA-approved persons forms

Form		Purpose	Handbook requirement
the relevant Form A	SUP 10C Annex 3D7 3 1 1	Application to perform controlled functions under the approved persons regime	SUP 10A.13.3 D
Form B	SUP 10C Annex 4R5	Notice to withdraw an application to perform controlled functions under the approved persons regime	SUP 10A.13.19 R
Form C	SUP 10C Annex 5R5	Notice of ceasing to perform controlled functions	SUP 10A.14.8 R
Form D	SUP 10C Annex 6R5	Notification of changes in personal information or application details	SUP 10A.14.15 R
Form E	SUP 10C Annex 7D7 1 1 3	Internal transfer of an approved person	SUP 10A.14.4 D
7 5 5 5 6
7 5

ICOBS 4.2.6G01/10/2018

Insurers are reminded that they are not permitted to carry out business which does not directly arise from their insurance business2 (see the restriction of business in INSPRU 1.5.13R and rule 9 of the PRA Rulebook2: Solvency II firms: Conditions Governing Business). 1

SUP 10C.16.6G07/03/2016

Failing to disclose relevant information to the FCA may be a criminal offence under section 398 of the Act.

SYSC 22.7.11G09/12/2019

(1) Although this chapter (see SYSC 22.2.3R) only requires a3firm to try to get a reference for a person it is recruiting to perform an FCA controlled function or a PRA controlled function towards the end of the application process, the FCA would normally expect a firm to have obtained the reference before the application for approval is made. 2(2) The main examples of circumstances in which it would be reasonable for a firm to delay getting a reference are where asking for a

SUP 15.6.2G27/09/2019

SUP 15.6.1 R applies also in relation to rules outside this chapter, and even if they are not notification rules. Examples of rules and chapters to which SUP 15.6.1 R is relevant, are:(1) Principle 11, and the guidance on Principle 11 in SUP 2 (Information gathering by the FCA and PRA99 on their9 own initiative);9(2) SUP 15 (Notifications to the FCA3):99(3) SUP 16 (Reporting requirements); (4) [deleted]81(5) any notification rule (see Schedule 2 which contains a consolidated summary

ICOBS 6.3.1R01/01/2021

(1)
Before a pure protection contract is concluded, a firm must communicate, at least,1 the information in the table below to the customer.1
1
(2)
The information must be provided in a clear and accurate manner, in writing, and in an official language of the State of the commitment or in another language if the policyholder so requests and the law of the State of the commitment so permits or the policyholder is free to choose the applicable law.1
1

Information to be communicated before conclusion
(1)	The name of the insurance undertaking and its legal form.
(2)	The name of the state2 in which the head office and, where appropriate, the agency or branch1 concluding the contract is situated. 1
(3)	The address of the head office and, where appropriate, of the agency or branch concluding the contract.
1(3a)	A concrete reference to the firm's SFCR allowing the policyholder easy access to this information.
(4)*	Definition of each benefit and each option.
(5)*	Term of the contract.
(6)*	Means of terminating the contract.
(7)*	Means of payment of premiums and duration of payments.
(8)*	Information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate.
(9)*1	Arrangements for application of the cancellation period.
(10)	General information on the tax arrangements applicable to the type of policy.
(11)	The arrangements for handling complaints concerning contracts by policyholders, lives assured or beneficiaries 1 under contracts including, where appropriate, the existence of a complaints body (usually the Financial Ombudsman Service), without prejudice to the right to take legal proceedings. 1
(12)	The law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applicable, the law the firm 1 proposes to choose. 1
Note: The rule on mid-term changes applies to items marked with an asterisk (see ICOBS 6.3.3 R).

[Note: article 185 of the Solvency II Directive 1]

1

Related provisions for SUP App 2.7.2

Search Term(s)

Filter by Topics

Filter by Modules

Filter by Documents

Filter by Keywords

Effective Period

Similar To

Multiple principal agreement