Related provisions for MCOB 8.5A.12
101 - 120 of 163 items.
A firm should establish and maintain appropriate systems and controls for the management of operational risks that can arise from employees. In doing so, a firm should have regard to:(1) its operational risk culture, and any variations in this or its human resource management practices, across its operations (including, for example, the extent to which the compliance culture is extended to in-house IT staff);(2) whether the way employees are remunerated exposes the firm to the
Firms are reminded of the client's best interests rule, which requires the firm to act honestly, fairly and professionally in accordance with the best interests of their clients. For any transactions involving retail clients carried out under this section the FCA expects that:55(1) the firm ensures that relevant collateral is provided by the borrower in favour of the client;(2) the current realisable value of the
safe custody asset2
and of the relevant collateral is monitored
An MCD mortgage adviser, or any other firm that is an MCD mortgage lender or an MCD mortgage arranger that provides advisory services within the meaning of article 4(21) of the MCD, must ensure that the remuneration structure of the members of staff involved does not:(1) prejudice the ability of the members of staff or the firm to act in the consumer's best interest; and(2) be contingent on sales targets.[Note: article 7(4) of the MCD]
When contacting a customer:(1) a firm must ensure that it does not act in a way likely to be publicly embarrassing to the customer; and(2) a firm must take reasonable steps to ensure that third parties do not become aware that the customer is being pursued in respect of a debt[Note: paragraph 3.7q of DCG].
A firm should bear in mind its obligations under Principle 6. For example, if a firm knows that its interest in a home purchase plan will be assigned and the firm will no longer be responsible for setting rental payments and charges, the offer document should state this fact and who will become responsible after the assignment (if this is not known at the offer stage the customer should be notified as soon as it becomes known).
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
In accordance with PRIN 9 (customer: relationships of trust):(1) a firm must take reasonable steps to ensure the suitability of its advice, which would include acting in the best interests of a customer where the firm makes a recommendation; (2) if it appears to the firm that entering into a regulated credit agreement secured on land is not in the best interests of the customer, that fact should be made clear to the customer; and (3) the firm should encourage the customer to consider
The main purposes of a client bank account acknowledgement letter are:(1) to put the approved bank on notice of a firm'sclients' interests in client money that has been deposited with such person;(2) to ensure that the client bank account has been opened in accordance with CASS 11.9.3 R, and is distinguished from any account containing money that belongs to the firm; and(3) to ensure that the approved bank understands and agrees that it will not have any recourse or right against
(1) 1The requirements in (2) and (3) must be met if:(a) the firm is not providing an investment service in the course of MiFID or equivalent third country business; and(b) the retail client is not otherwise receiving a personal recommendation4 on the mutual society share from the firm or another person.(2) The firm must give the retail client the following statement on paper or another durable medium and obtain confirmation in writing from the retail client that he or she2 has
Where a firm identifies (from its complaints or otherwise) recurring or systemic problems in its sales practices for a particular type of payment protection contract, either for its sales in general or for those from a particular location or sales channel, it should (in accordance with Principle 6 (Customers' interests) and to the extent that it applies), consider whether it ought to act with regard to the position of customers who may have suffered detriment from, or been potentially
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,
1The broad test the FCA will apply when it decides whether to seek an injunction is whether the application would be the most effective way to deal with the FCA's concerns. In deciding whether an application for an injunction is appropriate in a given case, the FCA will consider all relevant circumstances and may take into account a wide range of factors. The following list of factors is not exhaustive; not all the factors will be relevant in a particular case and there may be
If a primary pooling event1 occurs, then:2(1) all client money:2(a) held in the CASS debt management firm'sclient bank accounts; and (b) received by the CASS debt management firm on behalf of a client but not yet paid into the firm'sclient bank accounts;is treated as pooled together to form a notional pool;(2) a CASS debt management firm must calculate the amount it should be holding on behalf of each individual client as at the time of the primary pooling event using the method
3The FCA is the single statutory regulator for all financial business in the UK. Its strategic objective under the Financial Services and Markets Act 2000 (the 2000 Act) is to ensure that the relevant markets function well. The FCA's operational objectives are: securing an appropriate degree of protection for consumers;protecting and enhancing the integrity of the UK financial system; andpromoting effective competition in the interests of consumers in the markets.(Note: The 2000
The rules and guidance in this section1 are intended to promote confidence in the market at Lloyd's, and to protect certain consumers of services provided by the Society in carrying on, or in connection with or for the purposes of, its regulated activities. They do this by ensuring that the Society appropriately and effectively regulates the capacity transfer market so that it operates in a fair and transparent manner.1
1The FCA recognises that preliminary findings letters serve a very useful purpose in focussing decision making on the contentious issues in the case. This in turn makes for better quality and more efficient decision making. However, there are exceptional circumstances in which the FCA may decide it is not appropriate to send out a preliminary findings letter. This includes: (1) where the subject consents to not receiving a preliminary findings letter; or (2) where it is not practicable
(1) In accordance with Principle 6, firms should take reasonable steps to ensure they have suitable business practices and procedures in place for the fair treatment of customers who they understand, or reasonably suspect, have or may have a mental capacity limitation. [Note: paragraph 4.1 of MCG](2) CONC 7.2.1 R requires1firms to establish and implement arrears policies and procedures, which include policies and procedures for the fair and appropriate treatment of customers the