Related provisions for CONC 4.3.7
81 - 100 of 258 items.
During the course of a distance contract with a consumer4, the making or performance of which constitutes or is part of a regulated mortgage contract, home purchase plan or regulated sale and rent back agreement:54353(1) the firm must, at the consumer's4 request, provide a paper copy of the contractual terms and conditions of the regulated mortgage contract, home purchase plan,3regulated sale and rent back agreement5 or services being provided by the firm; and 43(2) the firm
Q. Can any trading venue report transactions for the purposes of article 26 of MiFIR to the FCA using an ARM?
A. Yes. The ability of a trading venue to submit data to an ARM is consistent with the definition of an ARM which enables a trading venue to submit information, on its own behalf, to an ARM. It is also consistent with paragraph 2 of article 9 [Security] of MiFID RTS 13, which enables a third party to submit information to an ARM on behalf of others. More generally, it
Q. Can a group of investment firms aggregate their reporting via an internal hub?
A. Yes. A group of investment firms may use a hub to assist with aggregating transaction reporting data for each legal entity that is an investment firm in the group for the purposes of article 26 of MiFIR provided that the hub is either an ARM or the hub uses an ARM to report the transaction data to the FCA. Paragraph 2 of article 9 [Security] of MiFID RTS 13 confirms that an investment firm (‘reporting
4In calculating the cost of the additional administration required as a result of a customer having a payment shortfall, the firm:(1) may, where appropriate, take into account the following types of costs:(a) providing information or documents;(b) non-executive staff costs;(c) premises costs;(d) human resources costs; and(e) information technology costs;(2) should consider the extent to which the cost of the additional administration is shared with the rest of its business; and(3)
This table belongs to COLL 7.3.1 G (4) (Explanation of COLL 7.3)3
3Summary of the main steps in winding up a solvent ICVC or terminating a sub-fund3 under FCArules, assuming FCA approval. Notes: N = Notice to be given to the FCA under regulation 21 of OEIC Regulations E = commencement of winding up or termination W/U = winding up FAP = final accounting period (COLL 7.3.8 R(4)) |
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Step number |
Explanation |
When |
COLL rule (unless stated otherwise) |
1 |
Commence preparation of solvency statement |
N-28 days |
7.3.5 (2) |
2 |
Send audited solvency statement to the FCA with copy to depositary |
By N + 21 days |
7.3.5 (4) and (5) |
3 |
Receive the FCA approval |
N + one month |
Regulation 21 of OEIC Regulations |
4 |
Normal business ceases; notify unitholders3 3 |
E |
7.3.6 |
5 |
Realise proceeds, wind up, instruct depositary accordingly |
ASAP after E |
7.3.7 |
6 |
Prepare final account or termination account & have account audited |
On completion of W/U or termination |
7.3.8 |
7 |
Send final account or termination account and auditor's report to the FCA & unitholders |
3 | 7.3.8(6) |
8 |
Request FCA to revoke relevant authorisation order or update its records4 |
On completion of W/U or termination4 |
7.3.7(9) |
(1) [deleted]633333333(1A) [deleted]63(2) For any annual accounting period or half-yearly accounting period which begins after commencement of the winding up or termination6, a copy of the long report must be supplied free of charge to any unitholder upon request.3(3) The6ACD must ensure that it keeps unitholders appropriately informed about the winding up or termination including, if known, its likely duration.3(4) The ACD must send a copy of the information required by (3) to
(1) 3The effect of COLL 7.3.10R6 is that the ACD must continue to prepare annual and half-yearly6 long reports and to make them available to unitholders in accordance with COLL 4.5.14 R.(2) Where there are outstanding unrealised assets, keeping unitholders appropriately informed may, for example, be carried out by providing updates at six-monthly or more frequent intervals.
To aid consumer awareness of the protections offered by the provisions in this chapter, respondents must:(1) publish appropriate information regarding their internal procedures for the reasonable and prompt handling of complaints;616616(2) refer eligible complainants to the availability of this information:616556165(a) 5in relation to a payment service, in the information on out-of-court complaint and redress procedures required to be provided or made available under regulations
If an MCD credit intermediary has, before or at the point of sale, provided an eligible complainant with appropriate information in a durable medium about their internal procedures for the reasonable and prompt handling of complaints pursuant to another rule, the MCD credit intermediary need not refer to the availability of that information again under DISP 1.2.1R(2)(b).9
A consumer2 has no right to cancel a home finance transaction1 concluded with a firm but may have a right to cancel a distance contract concluded with a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31for the provision of his services. Whether a mortgage intermediary,3 a home purchase intermediary or a SRB intermediary31 concludes a distance mortgage mediation contract,3 a distance home purchase mediation contract or a distance regulated sale and rent
(1) For the purpose of MCOB 13.5.1 R, charges that trigger the requirement for regular statements include all charges and fees levied directly as a result of the account falling into arrears. This includes charges such as monthly administrative charges, legal fees and interest. If interest is applied to the amount of the arrears, as it is applied to the rest of the mortgage, a firm need not send a written statement, unless other charges are also being made. If interest is applied
(1) Paragraphs (2) to (5) apply to CONC 4.1.3 R and CONC 4.1.4 R (rules on content of quotations).(2) “Quotation” means any document by which a person gives a customer information about the terms on which the person or a lender or owner is prepared to do business, but it does not include:(a) a communication which is also a financial promotion;(b) any document given to a customer under section 58 of the CCA (opportunity for withdrawal from prospective land mortgage);(c) any document
23If a firm considers that it can meet this requirement, the firm should by letter explain clearly to the complainant the reasons why it proposes that the benefit should not be treated as a windfall and should be taken into account. The firm should provide the complainant with copies of the relevant documents.
23The letter should also explain how the proposed value of the benefit has been calculated and should inform the complainant that if he does not accept the proposal to take the benefit into account he may tell the firm, with reasons. The letter should also say that, if he remains dissatisfied with the firm's response, he may refer the matter to the Financial Ombudsman Service.
(1) An authorised fund manager of a UCITS scheme that has been approved by the
FCA
to operate as a feeder UCITS, including as a feeder UCITS of a different master UCITS, must provide the following information to its unitholders at least 30 calendar days before the date when the feeder UCITS is to start to invest in units of the master UCITS or, if it has already invested in them, the date when its investment will exceed the limit applicable under COLL 5.2.11R (9) (Spread: general):(a)
A firm must (except where the contract is a credit agreement to which the disclosure regulations apply) provide sufficient information, in1 a durable medium, when the customer first enquires about the firm's services, about the following matters to enable the customer to make a reasonable decision:1(1) the nature of the firm's service offered in the contract to the customer; [Note: paragraph 3.38b of DMG](2) the duration of the contract; [Note: paragraph 3.38c of DMG](3) the total
A firm must ensure that: (1) all advice given and action taken by the firm or its agent or its appointed representative: (a) has regard to the best interests of the customer; (b) is appropriate to the individual circumstances of the customer; and (c) is based on a sufficiently full assessment of the financial circumstances of the customer;[Note: paragraph 2.6a of DMG](2) customers receive sufficient information about the available options identified as suitable for the customers'
A firm must:(1) provide the customer with a source of impartial information on the range of debt solutions available to the customer in the relevant country of the UK; [Note: paragraph 3.23b of DMG](2) before giving any advice or any recommendation on a particular course of action in relation to the customer'sdebts, carry out a reasonable and reliable assessment of:(a) the customer's financial position (including the customer's income, capital and expenditure);(b) the customer's
Where:(1) there are two or more customers or prospective customers in relation to the same home finance transaction;(2) a rule in MCOB requires the provision of information to such customers; and(3) the customers have different addressesa firm should send the information to each address. If the customers share the same address, it will be sufficient to send a single copy of the information addressed to each of the customers.
Where the customer is looking to increase the borrowing secured on the property which is the subject of an existing regulated mortgage contract, a firm must inform the customer (either orally or in writing) that it may be possible, and more appropriate, for the customer to take a further advance with the existing lender rather than entering into an equity release transaction with another provider.
MCOB 8.5A.5R (3) means that where the advice provided is based on a selection of equity release transactions from a single or limited number of providers, the assessment of suitability should not be limited to the types of equity release transactions which the firm offers. A firm cannot recommend the 'least worst' equity release transaction where the firm does not have access to products appropriate to the customer's needs and circumstances. This means, for example, that if a
1The FCA will assess on a case-by-case basis whether to carry out a formal investigation, after considering all the available information. Factors it will take into account include: (1) the elements of the suspected contravention or breach;
(2) whether the FCA considers that the persons concerned are willing to co-operate with it; (3) whether obligations of confidentiality inhibit individuals from providing information unless the FCA compels them to do so by
(1) A firm must, in any relevant communication, indicate the extent of its powers, in particular whether it works exclusively with one or more lenders (including, for example, if it works exclusively with lenders who are participants in the electronic system that the firm operates) or whether it works as an independent broker.[Note: article 21(a) of the Consumer Credit Directive](2) In this rule, a “relevant communication” means a financial promotion or a document which:(a) is
1A firm must ensure that, on first making contact with a customer who is an individual and an unauthorised reversion provider, when it anticipates giving personalised information or advice on a home reversion plan, it must provide the customer with the following warnings in a durable medium:(1) that a home reversion plan is a long-term investment; and(2) that a home reversion plan is a complex legal arrangement, and that expert independent legal advice should be obtained before
1Under section 166A of the Act, the FCA also has a power to require a firm to appoint a skilled person to collect or update information, or itself to appoint a skilled person to do so, where it considers that the firm has failed to provide information required by the FCA or update information previously provided to the FCA.