Related provisions for SUP 15.8.14
A firm in the RAG group in column (1), which is a type of firm in column (2) and whose ultimate parent is a mixed activity holding company must:
- (1)
submit the annual report and accounts of the mixed activity holding company to the FCA annually; and
- (2)
notify the FCA that it is covered by this reporting requirement by email using the email address specified in SUP 16.3.10 G (3), by its accounting reference date.
(1)
(2)
RAG
Firm type
1
3
4
7
1Introduction |
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1. |
An accredited body is a body appearing in the list of such bodies in the Glossary.1 1 |
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2. |
Information on accredited bodies, including guidance on the process for including an applicant body in the list, is set out below and the obligation to pay the application fee is set out in FEES 3.2. |
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3. |
[deleted]1 1 |
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Process for including a body in the list of accredited bodies |
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4. |
In considering the compatibility of a proposed addition with the statutory objectives, the FCA will determine whether the applicant will, if accredited, contribute to securing an appropriate degree of protection for consumers having regard in particular to: |
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(1) |
the matters set out in paragraphs 10 to 20; and |
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(2) |
the rules and practices of the applicant. |
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5. |
An application to the FCA to be added to the list of accredited bodies should set out how the applicant will satisfy the criteria in paragraphs 10 to 20. The application should be accompanied by a report from a suitable auditor which sets out its independent assessment of the applicant's ability to meet these criteria. An application form is available from the FCA upon request. |
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6. |
When considering an application for accredited body status the FCA may: |
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(1) |
carry out any enquiries and request any further information that it considers appropriate, including consulting other regulators; |
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(2) |
ask the applicant or its specified representative to answer questions and explain any matter the FCA considers relevant to the application; |
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(3) |
take into account any information which the FCA considers appropriate to the application; and |
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(4) |
request that any information provided by the applicant or its specified representative is verified in such a manner as the FCA may specify. |
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7. |
The FCA will confirm its decision in writing to the applicant. |
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8. |
The FCA will enter into an agreement with the applicant or accredited body which will require the accredited body to meet, among other obligations, the criteria and expectations set out in this Appendix or other parts of the Handbook, as amended from time to time.5 Approval as an accredited body becomes effective only when the name of the applicant is added to the Glossary definition of accredited body. |
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9. |
Paragraphs 10 to 20 set out the criteria which an applicant should meet to become an accredited body and which an accredited body should meet at all times. |
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Acting in the public interest and furthering the development of the profession |
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10. |
The FCA will expect an accredited body to act in the public interest, to contribute to raising consumer confidence and professional standards in the retail investment advice market and to promoting the profession. |
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Carrying out effective verification services |
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11. |
If independent verification of a retail investment adviser's professional standards has been carried out by an accredited body, the FCA will expect the accredited body to provide the retail investment adviser with evidence of that verification in a durable medium and in a form agreed by the FCA. This is referred to in this Appendix and TC 2.15 as a ‘statement of professional standing’. |
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12. |
The FCA will expect an accredited body to have in place effective procedures for carrying out its verification activities. These should include: |
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(1) |
verifying that each retail investment adviser who is a member of or subscriber to the accredited body's verification service has made an annual declaration in writing that the retail investment adviser has, in the preceding 12 months, complied with APER or4COCON2(as applicable)4 and completed the continuing professional development required under TC 2.1.15 R;1 |
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(2) |
verifying annually the continuing professional development records of no less than 10% of the retail investment advisers who have used its service in the previous 12 months to ensure that the records are accurate and the continuing professional development completed by the retail investment advisers is appropriate; and |
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(3) |
verifying that, if required by TC, the retail investment advisers who use its services have attained an appropriate qualification. This should include, where relevant, checking that appropriate qualification gap-fill records have been completed by the retail investment advisers. |
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13. |
The FCA will not expect an accredited body to carry out the verification in paragraph 12(3) if a retail investment adviser provides the accredited body with evidence in a durable medium which demonstrates that another accredited body has previously verified the retail investment adviser's appropriate qualification, including, where relevant, appropriate qualification gap-fill. |
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14. |
The FCA will expect an accredited body to make it a contractual condition of membership (where a retail investment adviser is a member of the accredited body) or of using its verification service (where a retail investment adviser is not a member of the accredited body) that, as a minimum, the accredited body will not continue to verify a retail investment adviser's standards and will3 withdraw its statement of professional standing if5: (1) it is provided with false information in relation to a retail investment adviser’s qualifications or continuing professional development;5 (2) it is provided with a false declaration in relation to a retail investment adviser’s compliance with APER or COCON (as applicable); or5 (3) the retail investment adviser becomes subject to a prohibition order.5 In this regard, an accredited body must have in place appropriate decision-making procedures with a suitable degree of independence and transparency. 2223234334 |
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Having appropriate systems and controls in place and providing evidence to the FCA of continuing effectiveness |
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15. |
The FCA will expect an accredited body to ensure that it has adequate resources and systems and controls in place in relation to its role as an accredited body. |
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16. |
The FCA will expect an accredited body to have effective procedures in place for the management of conflicts of interest and have a well-balanced governance structure that engages a broad set of qualities and competences,5 with at least one member who is independent of the sector. |
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17. |
The FCA will expect an accredited body to have a code of ethics and to ensure that its code of ethics and verification service terms and conditions do not contain any provisions that conflict with APER or COCON (as applicable)4. 2 |
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Ongoing cooperation with the FCA |
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18. |
The FCA will expect an accredited body to provide the FCA with such documents and information as the FCA reasonably requires, and to cooperate with the FCA in an open and transparent manner. |
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19. |
The FCA will expect an accredited body to share information as soon as reasonably practicable with the FCA (subject to any legal constraints, including those in data protection legislation)5 in relation to the professional standards of the retail investment advisers who use its service as appropriate. Examples might include conduct issues, complaints, dishonestly obtaining or falsifying qualifications or continuing professional development, a failure to complete appropriate continuing professional development, or the accredited body’s decision to withdraw or not renew a retail financial adviser’s statement of professional standing. 5The FCA will expect an accredited body to notify the firm if issues such as these arise. |
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20. |
The FCA will expect an accredited body to submit to the FCA, every 2 years, a5 report by a suitable independent auditor which sets out that auditor’s assessment of the quality of the body’s satisfaction of the criteria in paragraphs 10 to 19 in the preceding 245months and whether, in the auditor’s view, the body is capable of satisfying the criteria in the subsequent 245months. The FCA will expect this report to be submitted to the FCA every 2 years, within 35months of the anniversary of the date on which the accredited body was added to the Glossary definition of accredited body. |
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Withdrawal of accreditation |
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21. |
If an accredited body fails or, in the FCA's view, is likely to fail to satisfy the criteria, the FCA will discuss this with the accredited body concerned. If, following a period of discussion, the accredited body has failed to take appropriate corrective action to ensure that it satisfies and will continue to satisfy the criteria, the FCA will withdraw the accredited body’s accreditation. Withdrawal of an accredited body’s accreditation will be reflected in the Handbook by amending the list published under the Glossary definition of accredited body5. The FCAFCA will expect the body to notify each retail investment adviser holding a current statement of professional standing of the FCA's decision. A statement of professional standing issued by the accredited body before the withdrawal of accreditation will continue to be valid until its expiration. |
Applicable sections (see SUP 11.1.1 R)
Category of firm |
Applicable sections |
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(1) |
A UK domestic firm other than a building society, a non-directive friendly society5, a non-directive firm45or (in the case of an FCA-authorised person) a firm with only a limited permission3 54 |
All except SUP 11.3, SUP 11.4.2A RandSUP 11.4.4 R3 |
(1A) |
(a) In the case of an exempt change in control (see Note), SUP 11.1, SUP 11.2andSUP 11.9 (b) In any other case, all except SUP 11.3andSUP 11.4.4 R3 9 |
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(2) |
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(2A) 3 |
4 | all exceptSUP 11.3, SUP 11.4.2 R, 4andSUP 11.4.4 R3 |
5(2B) |
(In the case of an FCA-authorised person) a firm with only a limited permission |
All except SUP 11.3, SUP 11.4.2 R , and SUP 11.4.4 R |
(3) |
All except SUP 11.3, SUP 11.4.2 R, SUP 11.4.2A R, 4, SUP 11.4.9 G, SUP 11.5.8 G to SUP 11.5.10 G, SUP 11.6.2 R, SUP 11.6.3 R, 4, SUP 11.73 |
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Note |
In row (1A), a change in control is exempt if the controller or proposed controller is exempt from any obligation to notify the appropriate regulator9 under Part XII of the Act (Control Over Authorised Persons9) because of The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009 (SI 2009/7744). (See SUP 11.3.2A G).21 944994494 |
Table of periodic fees payable to the FCA65
651 Fee payer |
2 Fee payable |
3 Due date |
4 Events occurring during the period leading to modified periodic fee |
25 | As54 specified in FEES 4.3.1 R in relation to FEES 4 Annex 2AR and FEES 4 Annex 11 R6554 373737 |
(1) Unless (2) applies54, on or before the relevant dates specified in FEES 4.3.6 R.12 (2) If54 an event specified in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event, or if later the dates specified in FEES 4.3.6 R.754 77776464414141 |
Firm receives permission, or becomes authorised or registered under the Payment Services Regulations, article 8 of the MCD Order32, the DRS Regulations41 or the Electronic Money Regulations12;9 or firm9extends permission or its payment service activities916 679 |
Persons who hold a certificate issued by the FCA64 under article 54 of the Regulated Activities Order (Advice given in newspapers etc.) 64 |
£1,15151 46314031 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice23 (2) If an event in column 4 occurs,52 during the course of a fee year,64 30 days after the occurrence of that event.51 2364 |
Certificate issued to person by the51FCA64 under article 4054 of the Regulated Activities Order46 64 |
23 | In relation to each unit trust the amount specified in part 1 of 25FEES 4 Annex 4 |
Authorisation order is made in relation to the relevant scheme24 |
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24Any authorised fund manager of an authorised contractual scheme; |
In relation to each authorised contractual scheme the amount specified in part 1 of25FEES 4 Annex 4 |
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In relation to each ICVC,25 the amount specified in part 1 of25FEES 4 Annex 4 |
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Persons who, under the constitution or founding arrangements of a recognised scheme, are 33responsible for the management of the property held for or within the scheme; |
In relation to each recognised scheme the amount specified in part 1 of25FEES 4 Annex 4 |
The relevant scheme becomes a recognised scheme25 |
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Not applicable |
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33 | In relation to each LTIF49 the amount specified in part 1 of FEES 4 Annex 433 |
(1) Unless (2) applies, on or before 1 August or, if later, within 30 days of the date of the invoice.33 (2) If an event in column 4 occurs during the course of a fee year, 30 days after the occurrence of that event.33 |
The LTIF49 is authorised by the FCA under the LTIF Regulation49 33 |
On or before the relevant dates specified in FEES 4.3.6 R23 23 |
Not applicable |
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FEES 4 Annex 6, part 1for a UK RIE; and55 FEES 4 Annex 6R, part 1A for a UK RIE that is also a RAP55 651349 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year64, 30 days after the occurrence of that event 2364 |
Recognition order is made. The modified1166 periodic fee is specified in FEES 4 Annex 6 R, Part 1.491166 116611661311661166 |
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65 | FEES 4 Annex 6, part 2 |
(1) On or before the relevant dates specified in FEES 4.3.6 R23 (2) If the event in column 4 occurs during the course of a fee year64, 30 days after the occurrence of that event. 2364 |
Recognition order is made. The modified1166 periodic fee is specified in FEES 4 Annex 6, Part 2.1166 1166116611661166 |
A listed issuer35 (in LR) of shares and certificates representing certain securities35. 33 |
Within 30 days of the date of the invoice |
Listedissuer3 (in LR) becomes subject to listing rules 3 |
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3110122323311210231 | Within 30 days of the date of the invoice |
141414 | |
All non-listed issuers (in DTR) of shares and certificates representing certain securities35. 66 |
29 | Within 30 days of the date of the invoice |
Non-listed issuer (in DTR) becomes subject to disclosure requirements36 and transparency rules629 |
Within 30 days of the date of the invoice |
A person is approved as a primary information provider |
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6All firms reporting transactions in securities derivatives10to the FCA64 in accordance with SUP 17, and market operators who provide facilities for trading in securities derivatives.10 6410 |
Within 30 days of the date of the invoice |
Not applicable |
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15Any issuer of a regulated covered bond. |
(1) Unless (2) applies, on or before the relevant dates specified in FEES 4.3.6 R (2) If an event specified in column 4 occurs during the course of a fee year64, 30 days after the occurrence of that event or, if later, the dates specified in FEES 4.3.6 R 64 |
A person becomes registered as an issuer of a regulated covered bond |
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26(i) A non-UK AIFM49 which has notified the FCA of its intention to market an AIF in the UK under regulation 5949 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. (ii) non-UK AIFM49 which has notified the FCA of its intention to market an AIF in the UK under regulation 58 or 59 of the AIFMD UK regulation and which has not ceased to market that AIF in the UK as at 1 April of the current fee year. |
For each notification made by the AIFM of the kind specified in part 2 of FEES 4 Annex 4, the amount specified in part 2 of FEES 4 Annex 4 |
(1) Unless (2) applies, on or before 1 August, or, if later, within 30 days of the date of the invoice (2) If an event in column 4 occurs during the course of a financial year, 30 days after the occurrence of that event |
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The basic fee contained in part 3 of FEES 4 Annex 4 |
The AIFM is registered by the FCA under regulation 10 of the AIFMD UK regulation. |
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30 | [deleted]41 |
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The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
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The tariff specified in FEES 4 Annex 15R |
Payable in accordance with FEES 4.3.6R |
Not applicable |
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50Any UK-based firm registered as a credit rating agency; a trade repository; a securitisation repository or any third country firm certified as a credit rating agency or recognised as a trade repository. |
The tariff specified in FEES 4 Annex 16R |
Within 30 days of the date of the invoice |
Not applicable |
Within 30 days of the date of the invoice58 |
Not applicable |
Note:Sponsors on the list of approved sponsors as at 1 April each year will be liable for the full year's annual fee unless FEES 4.3.13 R applies.2