Related provisions for SUP 11.7.1

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

PERG 6.3.1GRP
The business of effecting or carrying out contracts of insurance is subject to prior authorisation under the Act1and regulation by the FCA and PRA1. (There are some limited exceptions to this requirement, for example, for breakdown insurance.)1
APER 2.1A.3RRP

1Statements of Principle issued under section 64A(1)(a) of the Act

Statement of Principle 1

An approved person must act with integrity in carrying out his accountable functions.

Statement of Principle 2

An approved person must act with due skill, care and diligence in carrying out his accountable functions.

Statement of Principle 3

An approved person must observe proper standards of market conduct in carrying out his accountable functions.

Statement of Principle 4

An approved person must deal with the FCA, the PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA or the PRA would reasonably expect notice.

Statement of Principle 5

An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the APER employer4 for which they are 1responsible in their 1accountable function is organised so that it can be controlled effectively.

Statement of Principle 6

An approved person performing an accountable higher management function1 must exercise due skill, care and diligence in managing the business of the APER employer4 for which they are1 responsible in their 1accountable function.

Statement of Principle 7

An approved person performing an accountable higher management function1 must take reasonable steps to ensure that the business of the APER employer4 for which they are 1responsible in their 1accountable function complies with the relevant requirements and standards of the regulatory system.
COLL 11.5.5GRP
Section 351A of the Act provides that where an auditor of an AUT or ACS1 which is a master UCITS or a feeder UCITS, or any person acting on their behalf, makes a disclosure to comply with rules implementing Chapter VIII of the UCITS Directive, that disclosure is not to be taken as a contravention of any duty to which the person making the disclosure is subject. The OEIC Regulations (see regulation 83A) contain corresponding provisions for auditors of ICVCs that are feeder UCITS
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
SYSC 19A.1.1RRP
(1) 1The Remuneration Code applies to:33(a) [deleted]63(b) [deleted]63(c) an IFPRU investment firm;6 and73(d) 3an overseas firm that would be an IFPRU investment firm if it had been a UK domestic firm, had carried on all its business in the UK and had obtained whatever authorisations for doing so as are required under the Act.8(2) In relation to a 3firm that falls under (1)(d), the Remuneration Code applies only in relation to activities carried on from an establishment in the
GEN 1.3.1GRP
The FCA5 recognises that there may be occasions when, because of a particular emergency, a person (generally a firm, but in certain circumstances, for example in relation to price stabilising rules, an unauthorised person) may be unable to comply with a particular rule in the Handbook. The purpose of GEN 1.3.2 R is to provide appropriate relief from the consequences of contravention of such a rule in those circumstances.1993
COLL 9.4.1RRP
(1) The operator of a recognised scheme5must maintain facilities in the United Kingdom in order to satisfy the requirements of COLL 9.4.2 R to COLL 9.4.6 R. 4(2) In this section, a facility is a place of business that complies with COLL 9.4.6 R (Place of facilities).
PRIN 3.4.4RRP
A contravention of the rules in PRIN does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action).
PERG 8.11.6GRP
Some exemptions are based on the communicator believing on reasonable grounds that the recipient meets certain conditions. For example, articles 19(1)(a), 44, 47 and 49. What are reasonable grounds for these purposes will be a matter for the courts to decide. In the FCA's view, it would be reasonable for a communicator to rely on a statement made by a potential recipient that he satisfies relevant conditions. This is provided that there is no reason to doubt the accuracy of the
EG 12.1.1RP
1The FCA has powers under sections 401 and 402 of the Act to prosecute a range of criminal offences in England, Wales and Northern Ireland. The FCA may also prosecute criminal offences where to do so would be consistent with meeting any of its statutory objectives.
BIPRU 12.3.9GRP
As part of the SLRP, the appropriate regulator will assess the appropriateness of the liquidity risk tolerance adopted by an ILAS BIPRU firm to ensure that this risk tolerance is consistent with maintenance by the firm of adequate liquidity resources for the purpose of the overall liquidity adequacy rule. The appropriate regulator will expect a firm to provide it with an adequately reasoned explanation for the level of liquidity risk which that firm'sgoverning body has decided
SYSC 22.2.3RRP

Table: What positions need a reference

Position

When to obtain reference

Comments

(A) Permitting or appointing someone to perform an FCA controlled function or a PRA controlled function.

One month before the end of the application period

Where a request for a reference would require:

(a) the firm requesting the reference;

(b) the employer giving the reference; or

(c) any other person;

to make a mandatory disclosure prior to P disclosing to its current employer that such application has been made, the date is the end of the application period.

(B) Issuing a certificate under section 63F of the Act (Certification of employees by2 authorised persons).

Before the certificate is issued

This includes renewing an existing certificate.

(C) Appointing someone to any of the following positions (as defined in the PRA Rulebook):

(a) a notified non-executive director;

(b) a credit union non-executive director; or

(c) a key function holder.

Not applicable

SYSC 22.2.1R (obligation to obtain a reference) does not apply to a firm appointing someone to the position in column (1).

However SYSC 22.2.2R does apply to a firm asked to give a reference to a firm appointing someone to the position in column (1).

3(D) A firm appointing someone to be a non-SMF board director subject to competence requirements of itself.

Before appointment

Only applies where the appointment is by a UK SMCR firm that is:

(a) a core SMCR firm; or

(b) an enhanced scope SMCR firm.

Note 1: Mandatory disclosure means an obligation in any applicable laws, regulations or rules to declare or disclose information to the public.

Note 2: P refers to the employee or ex-employee about whom the reference is given as defined in more detail in SYSC 22.2.1R and SYSC 22.2.2R.

Note 3: The application period means the period for consideration referred to in section 61 of the Act (Determination of application).
APER 1.1A.9GRP
[deleted]5
CONC 3.2.1GRP
The rules in this chapter adopt various concepts from the restriction on financial promotions by unauthorised persons in section 21(1) of the Act (Restrictions on financial promotion). Guidance on that restriction and the communications which are exempt from it is contained in PERG 8 (Financial promotion and related activities) and that guidance will be relevant to interpreting these rules. In particular, guidance on the meaning of:(1) 'communicate' is in PERG 8.6 (Communicate);
COCON 3.1.3GRP
Without prejudice to section 66A of the Act, a person will only be in breach of any of the rules in COCON where they are personally culpable. Personal culpability arises where: (1) a person's conduct was deliberate; or(2) the person's standard of conduct was below that which would be reasonable in all the circumstances.
FIT 1.3.4AGRP
1A firm3 assessing the continuing fitness and propriety of an approved person is required to notify the FCA under section 63(2A) of the Act if it forms the opinion that there are grounds on which the FCA could withdraw its approval (see SUP 10C.14.24R). In discharging its obligation to notify the FCA, a firm3 should take into account how relevant and how important the matter is that comes to its attention which suggests an approved person might not be fit and proper before determining
REC 4.4.2GRP
The Act does not provide a mechanism for appeals to the FCA2 from decisions by recognised bodies in relation to complaints. However, the FCA2 is required by section 299 of the Act (Complaints about recognised bodies) to have arrangements to investigate complaints (called relevant complaints in the Act) which it considers relevant to the question of whether a recognised body should remain recognised as such. This section describes aspects of the FCA's2 arrangements for investigating