Related provisions for SYSC 19D.3.28

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DTR 7.1.3RRP
An issuer must ensure that, as a minimum, the relevant body must:(1) monitor the financial reporting process and submit recommendations or proposals to ensure its integrity4;(2) monitor the effectiveness of the issuer’s internal quality control4 and risk management systems and, where applicable, its internal audit, regarding the financial reporting of the issuer, without breaching its independence4; (3) monitor the statutory audit of the annual and consolidated financial statements,
CONC 4.3.3GRP
For the agreements referred to in CONC 4.3.2 R, a firm should consider whether it is necessary or appropriate to provide explanations of the matters in CONC 4.5.3R (2), in particular, a firm should consider highlighting key risks to the borrower including the consequences of missing payments or under-paying, including, where applicable, the risk of repossession of the borrower's property.[Note: section 55A(6) of CCA and paragraph 3.1 of ILG][Note: Until the end of 30 September
IPRU-INV 11.2.2GRP
(1) The professional negligence capital requirement applies to a full-scope UK AIFM which, in line with IPRU-INV 11.3.11G(1)(a), covers professional liability risks by way of own funds. (2) The PII capital requirement applies to a full-scope UK AIFM which, in line with IPRU-INV 11.3.11G(1)(b), decides to cover professional liability risks by professional indemnity insurance.
DEPP 6.5A.2GRP
(1) The FCA2 will determine a figure that reflects the seriousness of the breach. In many cases, the amount of revenue generated by a firm from a particular product line or business area is indicative of the harm or potential harm that its breach may cause, and in such cases the FCA2 will determine a figure which will be based on a percentage of the firm’s revenue from the relevant products or business areas. The FCA2 also believes that the amount of revenue generated by a firm
SYSC 5.2.38GRP
[deleted] Editor’s note: The text of this provision has been moved to SYSC 27.8.9G]88
BIPRU 14.4.6RRP
If the amount of positive exposure resulting from free delivery transactions is not material, a firm may apply a risk weight of 100% to these exposures.
SYSC 1.4.2RRP
A contravention of a rule in SYSC 11 to 2SYSC 14, SYSC 18 to10SYSC 21,7SYSC 22.8.1R, SYSC 22.9.1R or SYSC 23 to 9SYSC 28A12 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). 344378
DISP 1.1A.18UKRP
2Investment firms’ compliance function shall analyse complaints and complaints-handling data to ensure that they identify and address any risks or issues. [Note: article 26(7) of the MiFID Org Regulation]
MCOB 2A.1.2RRP
When establishing and applying remuneration policies for members of staff who are responsible for the assessment of affordability for consumers, an MCD mortgage lender must comply with the following principles:(1) be consistent with, and promote, sound and effective risk management;(2) not encourage risk-taking that exceeds the level of tolerated risk of the MCD mortgage lender;(3) be in line with the business strategy, objectives, values and long-term interests of the MCD mortgage
IPRU-INV 5.4.12RRP
A firm's total capital requirement is the sum of its:(a) expenditure based requirement calculated in accordance with IPRU-INV 5.10;(b) position risk requirement calculated in accordance with IPRU-INV 5.11;(c) counterparty risk requirement calculated in accordance with IPRU-INV 5.12 to 5.15;(d) foreign exchange requirement calculated in accordance with IPRU-INV 5.16; and(e) other assets requirement calculated in accordance with IPRU-INV 5.17.
BIPRU 9.4.17GRP
2When considering an application for a waiver of the requirements in BIPRU 9.4.11R and BIPRU 9.4.12R, the appropriate regulator may undertake a visit to the firm in order to examine the firm's risk management and governance arrangements. Before such a visit, the appropriate regulator may request information from the firm additional or supplementary to that provided in the waiver application.
SYSC 4.8.9RRP

[deleted] 5

DISP App 1.4.15GRP

12Example 9

Example 9

Term extends beyond retirement age: example of failure to explain investment risks

Background

45 year old male non-smoker, having taken out a £50,000 loan in 1998 for a term of 25 years. Unsuitable sale identified on the grounds of affordability and complaint raised on 12th anniversary.

It has always been the intention of the complainant to retire at state retirement age 65.

Term from date of sale to retirement is 20 years and the maturity date of the mortgage is five years after retirement.

In addition, an endowment does not meet the complainant's attitude to investment risk and a repayment mortgage would have been taken out if properly advised.

Established facts

Surrender value (on the 25 year policy) at time complaint assessed:

£12,500

Capital repaid under repayment mortgage of term to retirement date (20 years):

£21,000

Surrender value less capital repaid:

(£8.500)

Difference in outgoings (repayment - endowment):

£5,400

Cost of converting from endowment mortgage to repayment mortgage:

£200

Basis of compensation:

The surrender value of the (25 year term) endowment policy is compared to the capital that would have been repaid to date under a repayment mortgage arranged to repay the loan at retirement age, in this example, a repayment mortgage for a term of 20 years. The complainant has gained from lower outgoings of the endowment mortgage to date. In calculating the redress, the gain may be offset against the loss unless the complainant's particular circumstances are such that it would be unreasonable to take account of the gain. The conversion costs are also taken into account in calculating the redress.

Redress generally

Loss from surrender value less capital repaid:

(£8,500)

Gain from total lower outgoings under endowment mortgage:

£5,400

Cost of converting to a repayment mortgage:

(£200)

Net loss:

(£3,300)

Therefore total redress is:

£3,300

Redress if it is unreasonable to take account of gain from lower outgoings

Loss from surrender value less capital repaid:

(£8,500)

Gain from total lower outgoings under endowment mortgage:

Ignored

Cost of converting to a repayment mortgage:

(£8,700)

Therefore total redress is:

£8,700
EG 13.6.2RP
1When deciding whether to petition on this ground the FCA will consider all relevant facts including: (1) whether the needs of consumers and the public interest require the company or partnership to cease to operate; (2) the need to protect consumers' claims and client assets; (3) whether the needs of consumers and the public interest can be met by using the FCA's other powers; (4) in the case of an authorised person, where the FCA considers that the authorisation should be withdrawn
EG 8.2.6RP
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,
PERG 5.3.8GRP
Large risks situated outside the UK4 are also excluded (described in more detail at PERG 5.11.16 G (Large risks)). The location of the risk or commitment may be determined by reference to the State in which the risk is situated or the State of the commitment.4 Broadly put, this is:1111(1) for insurance relating to buildings and/or their contents, the State4 in which the property is situated;(2) for insurance relating to vehicles, the State4 of registration;(3) for policies of
COLL 6.10.2RRP
In complying with SYSC 4.3.1 R (Responsibility of senior personnel), an authorised fund manager of a UCITS scheme3must ensure that its senior personnel:(1) are responsible for the implementation of the general investment policy for each scheme it manages, as defined, where relevant, in the prospectus or the instrument constituting the fund;22(2) oversee the approval of investment strategies for each scheme it manages;(3) are responsible for ensuring that the authorised fund manager3has
SUP 10C.12.33GRP
Where a firm is expanding or transforming its business model or its risk profile and there are identifiable upcoming milestones, the FCA may wish to link the duration of a candidate's approval to these milestones.
EG 3.11.1RP
1The FCA recognises that there are good reasons for firms wishing to carry out their own investigations. This might be for, for example, disciplinary purposes, general good management, or operational and risk control. The firm needs to know the extent of any problem, and it may want advice as to what immediate or short-term measures it needs to take to mitigate or correct any problems identified. The FCA encourages this proactive approach and does not wish to interfere with a