Related provisions for ICOBS 2.5.2B

SUP 16.3.1G01/07/2021

The effect of SUP 16.1.1 R is that this section applies to every firm except an ICVC42.

SYSC 22.9.5G09/12/2019

(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

ICOBS 1.1.4G06/01/2008

Guidance on the application provisions is in ICOBS 1 Annex 1 (Part 4).

PERG 8.11.1G01/07/2005

The various exemptions in the Financial Promotion Order are split into three categories:(1) exemptions applicable to all controlled activities (Part IV of the Order);(2) exemptions applicable only to controlled activities concerning deposits and contracts of insurance other than life policies (Part V of the Order); and(3) exemptions applicable to any other types of controlled activity (Part VI of the Order).

PERG 4.1.6G01/10/2018

A person may be intending to carry on activities related to other forms of investment in connection with mortgages, such as advising on and arranging an endowment policy or ISA to repay an interest-only mortgage. Such a person should also consult the guidance in PERG 2 (Authorisation and regulated activities),2PERG 5 (Guidance on insurance distribution3 activities) and PERG 8 (Financial promotion and related activities). In addition, PERG 14 (Guidance on home reversion and home

PERG 8.7.2G29/07/2022

Controlled activity and controlled investment are defined in Schedule 1 to the Financial Promotion Order and are listed in PERG 8.36.3 G and PERG 8.36.4 G. Broadly speaking, controlled activities and controlled investments are similar to regulated activities and specified investments under the Regulated Activities Order. However, with controlled activities, the exclusions set out in the Regulated Activities Order do not, in most cases, apply. It is important to note, however,

FEES 6.5A.7R01/04/2018

[deleted]2

PERG 5.13.4G01/10/2018

Insurance insurance distribution activities2 activities able to be carried on by an appointed representative. This table belongs to PERG 5.13.3 G.

Type of contract of insurance	Regulated activities an appointed representative can carry on
General insurance contract	dealing in investments as agent; arranging; assisting in the administration and performance of a contract of insurance; advising on investments; and agreeing to carry on these regulated activities.
Pure protection contract	dealing in investments as agent (but only where the contract is not a long-term care insurance contract); arranging; assisting in the administration and performance of a contract of insurance; advising on investments; and agreeing to carry on these regulated activities.
Life policy	arranging; assisting in the administration and performance of a contract of insurance; advising on investments; and agreeing to carry on these regulated activities

DISP App 1.3.9G06/04/2008

12A firm may arrange the sale of the endowment policy on the traded endowment market, provided the full implications of such a course of action are explained to the complainant and his express consent is obtained for the firm to arrange the sale. This includes informing the investor that he will continue to be the life assured under the policy. The complainant should be informed that such an arrangement may reduce or eliminate the amount of redress actually borne by the firm,

PERG 5.2.7G01/10/2018

[deleted]4

PERG 8.1.3G29/07/2022

In particular, this guidance covers:(1) invitations and inducements (see PERG 8.4);(2) meaning of 'in the course of business' (see PERG 8.5);(3) meaning of 'communicate' (see PERG 8.6);(4) meaning of 'engage in investment activity' (see PERG 8.7);(4A) meaning of ‘engage in claims management activity’ (see PERG 8.7A);2(5) meaning of 'having an effect in the United Kingdom' (see PERG 8.8);(6) circumstances where the restriction in section 21 does not apply (see PERG 8.9);(7) types

TC App 1.1.1R29/07/2022

1Activity	Products/Sectors		Is there an appropriate qualification4requirement? 4
Designated investment business carried on for a retail client
Providing basic advice	1.	Stakeholder products excluding a deposit-based stakeholder product	No
Advising or giving personal recommendations (as relevant)13	2.	Giving personal recommendations on securities 13 which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	Yes
	3.	Giving personal recommendations on derivatives 13	Yes2
	4.	Giving personal recommendations on retail investment products 13 which are not broker funds 6 6	Yes2
	5.	Giving personal recommendations on13 Friendly Society life policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales	No2
	6.	Giving personal recommendations on13 Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5	Yes2
	7.	Giving personal recommendations on long-term care insurance contracts 13	Yes2
	8.	Giving personal recommendations on investments 13 in the course of corporate finance business	Yes2
	9.	Advising on syndicate participation at Lloyd's	Yes2
	129A.	Advising on P2P agreements	Yes
Undertaking the activity in column 2	10.	Broker fund adviser	Yes
Undertaking the activity in column 2	11.	Pension transfer specialist	Yes2
Giving personal recommendations13 and dealing	12.	Giving personal recommendations on and dealing in securities 13 which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	Yes
Giving personal recommendations13 and dealing	13.	Giving personal recommendations on and dealing in derivatives 13	Yes2
4Dealing	13A.8	Securities which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	No
4Dealing	413B.8	Derivatives	No
15 MiFID business bidding	13C15	emissions auction products 15	No15
8		14
Managing	14.	Investments	Yes
Overseeing on a day-to-day basis	15.	Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme	Yes
	16.	Safeguarding and administering investments or holding client money	Yes2
	17.	Administrative functions in relation to managing investments	Yes2
	18.	Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies	Yes2
	19.	Administrative functions in relation to the operation of stakeholder pension schemes	Yes2
Mortgage Activity10 and reversion activity carried on for a customer 10
9 10Advising; arranging (bringing about) an execution-only sale, excluding variations to an existing home finance transaction except where the effect is to change all or part of the home finance transaction from one interest rate to another. See Note 3, which for the avoidance of doubt forms part of this rule.	20	Regulated mortgage contracts for a non-business purpose	Yes
	20A	Regulated mortgage contracts for a business purpose	No
	21	Equity release transactions	Yes
9Designing scripted questions for execution-only sales	21A	Regulated mortgage contracts for a non-business purpose	Yes
	21B	Regulated mortgage contracts for a business purpose	No
	22	Equity release transactions	Yes
Overseeing execution-only sales on a day-to-day basis9 9	23.	Equity release transactions	Yes
11 MCD credit agreement activities carried on for consumers
11manufacturing	23A	an MCD credit agreement	No
11 entering into a regulated mortgage contract or entering into a regulated credit agreement as lender	23B	an MCD credit agreement	No
11 arranging (bringing about) regulated mortgage contracts or acting as an MCD credit broker	23C	an MCD credit agreement	No
11 advising on a regulated mortgage contract or advising on a regulated credit agreement for the acquisition of land	23D	an MCD credit agreement	No
11directly managing or supervising employees who carry on any of the MCD credit agreement activities 23A to 23D	23E	an MCD credit agreement	No
[Note: article 9(1) of the MCD]11
Non-investment insurance business carried on for a consumer
Giving personal recommendations13	24.	Giving personal recommendations on non-investment insurance contracts 13	No
3 Regulated sale and rent back activity carried on for a customer
Advising	25.	Regulated sale and rent back agreements	No
Overseeing an execution-only sale 10 on a day-to-day basis 10	26.	Regulated sale and rent back agreements	No
16 Regulated funeral plan activity carried on for a customer
16 Dealing in investments as agent	27	Funeral plan contracts	No
16 Arranging (bringing about) deals in investments	28	Funeral plan contracts	No
16 Making arrangements with a view to transactions in investments	29	Funeral plan contracts	No
16 Managing investments	30	Funeral plan contracts	No
16 Safeguarding and administering investments	31	Funeral plan contracts	No
16 Sending dematerialised instructions	32	Funeral plan contracts	No
16 Causing dematerialised instructions to be sent	33	Funeral plan contracts	No
16 Advising on investments	34	Funeral plan contracts	No
16 Entering as provider into a funeral plan contract	35	Funeral plan contracts	No
16 Carrying out a funeral plan contract as provider	36	Funeral plan contracts	No
16 Agreeing to carry on a regulated activity	37	Funeral plan contracts	No
Notes:
1.	In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them.
2.	Thus, for example, paragraph 24,13 consistent with the heading above it, refers only to personal recommendations given in relation to13 non-investment insurance contracts given to a consumer.10 3 3
122A.	In relation to activity number 9A, see TC 2.1.5HR and TC 2.1.6R(2). There is no qualification for this activity in the list of qualifications set out in TC Appendix 4E. However, the effect of TC 2.1.5HR is that an employee advising on P2P agreements must be qualified to the same standard as if that employee were providing investment advice to retail clients on retail investment products.
103.	For the purpose of product numbers 20, 20A and 21 the activity of arranging (bringing about) referred to in the activity column: (a) includes activity which would be arranging (bringing about) but for the exclusion in article 28A of the Regulated Activities Order; and (b) does not include activities which taken on their own would not fall within the definition of that activity. For these purposes no account should be taken of the fact that for an activity to be a regulated activity it must be carried on by way of business (see PERG 4.3).
4.	In this Appendix, paragraphs 23A, 23B, 23C, 23D and 23E relate to the implementation of article 9(1) of the MCD. The specified activities do not, in and of themselves, attract a qualification requirement. However, where those activities overlap with those specified under the heading "mortgage activity and reversion activity carried on for a customer", qualification requirements may apply.

SUP App 3.10.2G01/01/2016

This is a guide only and should not be used as a substitute for legal advice

in individual cases.

Table 3: Solvency II Directive activities7 7		Part II RAO Activities	Part III RAO Investments
	1. Non-life insurance activities
1.	Taking up and carrying on direct non-life insurance business	Article 10	Article 75
2.	Classes 1 to 18 of non-life insurance business in Point A of Annex I to the Solvency II7 Directive 7 7		Corresponding paragraphs 1 to 18 of Schedule 1, Part I
	2. Life insurance activities7 7
1.	Taking up and carrying on direct life insurance business	Article 10	Article 75
2.	Classes I to IX of direct life insurance business in Annex II to the Solvency II Directive7 7		Corresponding paragraphs I to IX of Schedule 1, Part II

SUP App 3.9.7G01/10/2018

Table 2B: Insurance Distribution14Directive2 Activities/Examples14 2		Part II RAO Activities	Part III RAO Investments
1.	Proposing14 or carrying out other work preparatory to the conclusion of contracts of insurance or reinsurance14.	Articles 25, 53(1)10 and 64	Articles 75, 89 (see Note 1)
141A.	Advising on contracts of insurance or reinsurance	Articles 53(1) and 64	Articles 75, 89
2.	Concluding contracts of insurance or reinsurance14	Articles 21, 25, 53(1)10 and 64	Articles 75, 89
3.	Assisting in the administration and performance of contracts of insurance or reinsurance14, in particular in the event of a claim.	Articles 39A, 64	Articles 75, 89
144	Provision of information concerning one or more insurance contracts in accordance with criteria selected by customers through a website or other media and the compilation of an insurance product ranking list, including price and product comparison, or a discount on the price of an insurance contract, when the customer is able to directly or indirectly conclude an insurance contract using a website or other media.	Articles 21, 25, (where this involves the provision of advice) 53(1), and 64.	Articles 75, 89
Note 1. Rights to or interests in life policies are specified investments under Article 89 of the Regulated Activities Order, but rights to or interests in general insurance contracts are not.
14Note 2. Row 4 in Table 2B includes text that appears in article 2.1(1) of the IDD. These activities are not considered to be separate, discrete activities under the IDD but rather are included by way of an example of what constitutes insurance distribution. They have been included in this table for completeness, together with an indication of the Part II RAO activities and Part III RAO investments that may be relevant. This is to indicate, including for firms considering undertaking passport activities under the IDD, how these examples may relate to regulated activities and specified investments.

PERG 8.13.1G03/01/2018

The exemptions in Part V of the Financial Promotion Order concern financial promotions relating to deposits and contracts of insurance2. The exemptions may be combined with exemptions in Part IV and1 Part VI (see PERG 8.11.3 G (Types of exemption under the Financial Promotion Order).1 The exemptions in Part V do not apply to life policies or structured deposits.21

COBS 5.1.11G01/04/2013

In the FCA's view, other examples of:(1) 'initial service agreement' include:(a) subscribing to an investment trust savings scheme; or(b) concluding a life policy, personal pension scheme or stakeholder pension scheme that includes a pre-selected option providing for future increases or decreases in regular premiums or payments; and(2) 'operations' include:(a) successive purchases or sales of shares under an investment trust savings scheme; and(b) subsequent index-linked changes

Related provisions for ICOBS 2.5.2B

Search Term(s)

Filter by Topics

Filter by Modules

Filter by Documents

Filter by Keywords

Effective Period

Similar To

This is a guide only and should not be used as a substitute for legal advice