Related provisions for SYSC 10.1.8A

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MIPRU 5.1.1RRP
2This chapter applies to a firm with a Part 4A permission to carry on:(1) insurance business; or(1A) insurance distribution activity; or4(2) home financing;111(3) [deleted]4
MIPRU 5.1.2GRP
The purpose of this chapter is to implement article 164 of the IDD4 in relation to insurance undertakings and insurance intermediaries. The provisions of this chapter have been extended to home finance providers1 in relation to insurance distribution activity4, and to insurance undertakings and home finance providers in relation to home finance mediation activity1, to ensure that firms using these services are treated in the same way and to ensure that clients have the same protection.
SUP 18.3.1GRP
Under section 115 of the Act, the appropriate regulator3 has the power to give a certificate confirming that a firm possesses any necessary margin of solvency,1 to facilitate an insurance business transfer to the firm under overseas legislation 2from a Swiss general insurance company. This section provides guidance on how the appropriate regulator3 would exercise this power and on related matters.313
SUP 18.3.1AGRP
3Unless otherwise expressly stated by the appropriate regulator, all the procedural aspects for dealing with insurance business transfers outside the United Kingdom should be discussed by firms with the PRA in the first instance.
INSPRU 1.1.3RRP
For an insurer10 with a branch in the United Kingdom whose insurance business in the United Kingdom is not restricted to reinsurance other than a Swiss general insurer10INSPRU 1.1.27R applies separately in respect of its world-wide activities and its activities carried on from a branch in the United Kingdom.9
INSPRU 1.1.5RRP
[deleted]109
MIPRU 3.1.2GRP
The definition of insurance distribution activity8 is any of several activities 'in relation to a contract of insurance' which includes a contract of reinsurance. This chapter, therefore, applies to a reinsurance intermediary in the same way as it applies to any other insurance intermediary.
MIPRU 3.1.4GRP
Any breach in the duty of a firm or of its agents under the regulatory system or civil law can give rise to claims being made against the firm. Professional indemnity insurance has an important role to play in helping to finance such claims. In so doing, this chapter amplifies threshold condition 4 (Adequate resources). This threshold condition provides that a firm must have, on a continuing basis, resources that are, in the opinion of the appropriate regulator, adequate in relation
PERG 5.3.9GRP
For an activity to be a regulated activity, it must be carried on in relation to 'specified investments' (see section 22 of the Act Regulated activities) and Part III of the Regulated Activities Order (Specified investments)). For the purposes of insurance distribution activity3, specified investments include the following 'relevant investments' defined in article 3(1) of the Regulated Activities Order (Interpretation):(1) rights under any contract of insurance (see article 75
PERG 5.3.10GRP
A person will have rights under a contract of insurance when that person3 is a policyholder. The question of whether a person has rights under a contract of insurance may require careful consideration in the case of group policies (with reference to the Glossary definition of policyholder). In the case, in particular, of general insurance contracts and pure protection contracts, the existence or otherwise of rights under such policies may be relevant to whether a person is carrying
MIPRU 3.2.2GRP
The minimum limits of indemnity for a firm whose Part 4A permission covers both insurance distribution activity6 and home finance mediation activity1is the higher of the limits of indemnity for these activities. If the firm opts for a single comparable guarantee to finance the claims which might arise as a result of both activities, the requirements for insurance distribution activity6 apply.1
MIPRU 3.2.4RRP
The contract of professional indemnity insurance must incorporate terms which make provision for:(1) cover in respect of claims for which a firm may be liable as a result of the conduct of itself, its employees and its appointed representatives (acting within the scope of their appointment);(2) the minimum limits of indemnity per year set out in this section;(3) an excess as set out in this section;(4) appropriate cover in respect of legal defence costs;(5) continuous cover in
SUP 12.7.1RRP
(1) 6This rule applies to a firm which intends to appoint an appointed representative or FCA registered tied agent.2063664(2) 20[deleted](3) A firm to which this rule applies 20 must complete and submit the form in SUP 12 Annex 3 to be received by the FCA no later than 30 days before the commencement of regulated activities by the proposed appointed representative20.6(4) 20[deleted]
SUP 12.7.2GRP
A firm's notice under SUP 12.7.1 R should give details of the proposed 20appointed representative, including:(1) the name of the firm's new appointed representative (if the appointed representative is a body corporate, this is its registered name);(2) any trading name under which the firm's new appointed representative carries on a regulated activity in that capacity;(2A) 20if the appointed representative is a company, its company registration number;(3) a description of the nature
SUP 12.7.7RRP
(1) 20[deleted] [Editor’s note: This provision now appears at SUP 12.7.7AR.]34415881542(1A) 20[deleted] [Editor’s note: This provision now appears at SUP 12.7.7BR.]713137(1B) 20[deleted] [Editor’s note: This provision now appears at SUP 12.7.7CR.]11(2) Except where (4) applies, where 20there is a change in any of the information provided to the FCA under SUP 12.7.1R, a firm must complete and submit to the FCA the form in SUP 12 Annex 4R8 (Appointed representative or tied agent
PERG 8.13.2GRP
Part V provides two kinds of exemption of a general nature and one specific exemption. The exemptions of a general nature are:(1) any form of real time financial promotion (articles 23 (Deposits: real time communications) and 26 (Relevant insurance activity; real time communications)); and(2) non-real time financial promotions containing certain specified information including the name, country of incorporation (if relevant) and principal place of business of the deposit-taker
PERG 8.13.4GRP
Intermediaries involved with arranging and advising on deposits may be unauthorised persons as such activities do not amount to regulated activities (other than where they involve giving basic advice on a stakeholder product (article 52A of the Regulated Activities Order (Giving basic advice on a stakeholder product))) and so do not require authorisation under section 19 of the Act. However, the combination of the exemptions in Part V together with certain of the exemptions in
MIPRU 4.1.1RRP
2This chapter applies to a firm with Part 4A permission to carry on any of the following activities, unless an exemption in this section applies:(1) insurance distribution activity11;(2) home finance mediation activity;11(3) home financing1;14114(4) home finance administration1.14114
MIPRU 4.1.3GRP
The definition of insurance distribution activity11 refers to several activities 'in relation to a contract of insurance' which includes a contract of reinsurance. This chapter, therefore, applies to a reinsurance intermediary in the same way as it applies to any other insurance intermediary.
CASS 5.8.1RRP
(1) CASS 5.8 applies to a firm (including in its capacity as trustee under CASS 5.4) which in the course of insurance distribution activity2 takes into its possession for safekeeping any client title documents (other than documents of no value) or other tangible assets belonging to clients.(2) CASS 5.8 does not apply to a firm when: (a) carrying on an insurance distribution activity2 which is in respect of a reinsurance contract; or(b) acting in accordance with CASS 61 (Custo
CASS 5.8.2GRP
The rules in this section amplify the obligation in Principle 10 which requires a firm to arrange adequate protection for client's assets. Firms carrying on insurance distribution activities2 may hold, on a temporary or longer basis, client title documents such as policy documents (other than policy documents of no value) and also items of physical property if, for example, a firm arranges for a valuation. The rules are intended to ensure that firms make adequate arrangements
CASS 5.1.1RRP
(1) CASS 5.1 to CASS 5.6 apply, subject to (2), (3) and CASS 5.1.3 R to CASS 5.1.6 R, to a firm that receives or holds money in the course of or in connection with its insurance distribution activity8.(2) CASS 5.1 to CASS 5.6 do not, subject to (3), apply:(a) to a firm to the extent that it acts in accordance with the client money chapter; or64(b) [deleted]8(c) to an insurance undertaking in respect of its permitted activities; or(d) to a managing agent when acting as such; or(e)
CASS 5.1.6RRP
Except where a firm and an insurance undertaking have (in accordance with CASS 5.1.5A R) agreed otherwise, for the purposes of 3CASS 5.1 to CASS 5.6 an insurance undertaking (when acting as such) with whom a firm conducts insurance distribution activity8 is not to be treated as a client of the firm.
SUP 16.12.4RRP

Table of applicable rules containing data items4, frequency and submission periods

(1)

(2)

(3)

(4)

RAGnumber

Regulated Activities

Provisions containing:

applicabledata items

reporting frequency/ period

due date32

32
271212 37

RAG 1

• accepting deposits

• meeting of repayment claims76

• managing dormant asset funds (including the investment of such funds)93

76

RAG 1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook.76

RAG 2.1

• effecting contracts of insurance

• carrying out contracts of insurance

• entering as provider into a funeral plan contract

88• carrying out a funeral plan contract as provider

71

RAG 2.1 firms should complete their prudential reporting requirements as set out in the PRA Rulebook except firms carrying out funeral plan provision activities in relation to which SUP 16.12.8AR applies.88

2

71

2

71

2

RAG 2.2

• managing the underwriting capacity of a Lloyds syndicate as a managing agent at Lloyds

• advising on syndicate participation at Lloyds

• arranging deals in contracts of insurance written at Lloyds

SUP 16.12.9 R2

SUP 16.12.9 R2

SUP 16.12.9 R2

RAG 3

• dealing in investment as principal

• dealing in investments as agent

• advising on investments (except P2P agreements) 67 (excluding retail investment activities)

• arranging (bringing about) deals in investments (excluding retail investment activities)

• advising on P2P agreements (when carried on exclusively with or for professional clients)67

SUP 16.12.10 R2

SUP 16.12.11 R7889

3737

SUP 16.12.10 R2SUP 16.12.12 R78

37

SUP 16.12.10 R2SUP 16.12.13 R

RAG 4

• managing investments

• establishing, operating or winding up a collective investment scheme

• establishing, operating or winding up a stakeholder pension scheme

• establishing, operating or winding up a personal pension scheme2

• managing an AIF38

• managing a UK UCITS82

• operating an electronic system in relation to lending (FCA-authorised persons only)48

3838385

SUP 16.12.14 R2

SUP 16.12.15 R7889

3737

SUP 16.12.14 R2SUP 16.12.16 R78

37

SUP 16.12.14 R2SUP 16.12.17 R

RAG 5

• home finance administration or home finance providing activity11

• the activity of a P2P platform operator facilitating a home finance transaction, where the lender or provider does not require permission to enter into the transaction83

11

76SUP 16.12.18BR 37 and SUP 16.12.18C R58

258

76SUP 16.12.18BR 37 and SUP 16.12.18C R58

258

76SUP 16.12.18BR 37 and SUP 16.12.18C R58

258

RAG 6

• safeguarding and administration of assets (without arranging)

• arranging safeguarding and administration of assets

• acting as trustee or depositary of an AIF38

• acting as trustee or depositary of a UK UCITS82

38403838

SUP 16.12.19A R2

SUP 16.12.20 R2

SUP 16.12.21 R2

RAG 7

• retail investment activities

• advising on P2P agreements (except when carried on exclusively with or for professional clients)67

• advising on pensions transfers & opt-outs

• arranging (bringing about deals) in retail investments

SUP 16.12.22A R89

377837

SUP 16.12.23A R78

3737

SUP 16.12.24AR78

RAG 8

• making arrangements with a view to transactions in investments

• operating a multilateral trading facility4

• operating an organised trading facility35

SUP 16.12.25AR89

80377837

SUP 16.12.26 R

SUP 16.12.27 R

RAG 9

• home finance mediation activity14

• insurance distribution activity84 (non-investment insurance contracts)88• funeral plan distribution

14

SUP 16.12.28A R14

SUP 16.12.28A R14

SUP 16.12.28A R14

RAG 10

• the activities of an RIE97

97

SUP 16.12.29 G2

SUP 16.12.29 G2

SUP 16.12.29 G232

32RAG 11

81

bidding in emissions auctions8781

SUP 16.12.29AR8781

SUP 16.12.29AR8781

SUP 16.12.29AR8781

47RAG 12 71

• credit-related regulated activity

SUP 16.12.29C R

SUP 16.12.29C R

SUP 16.12.29C R

96RAG 13

regulated pensions dashboard activity

SUP 16.12.29E

SUP 16.12.29E

SUP 16.12.29E
SUP 16.12.30RRP
(1) 2An authorised professional firm, other than one that must comply with IPRU(INV) 3, 5 or 13 in accordance with IPRU(INV) 2.1.4R,3 or one that is a CASS debt management firm or one that carries on only credit-related regulated activity as a non-mainstream regulated activity,47 must submit an annual questionnaire, contained in SUP 16 Annex 9R, unless:11(a) its only regulated activities are one or more of:(i) insurance distribution84;(ii) mortgage mediation;(iii) retail investment;(iv)
SUP 16.12.31RRP

2Table of data items from an authorised professional firm

Report

Return (note 1)

Frequency (Note 4)24

Due date

Adequate information relating to the following activities:

RMAR (Note 3)

Half yearly (quarterly for sections A to E for larger firms, subject to Note 3 exemptions) (note 2)

For half yearly report: 30 business days after period end For quarterly report: 30 business days after quarter end

(1) insurance distribution activity84;

(2) mortgage mediation activity;

(3) retail investment activity;

(4) advising on, or arranging deals in, packaged products, or managing investments for private customers where these activities are the authorised professional firm's "main business" as determined by IPRU(INV) 2.1.2 R (3)

Adequate information relating to mortgage lending and mortgage administration.

MLAR

Quarterly

20 business days after quarter end

Note 1

When giving the report required, a firm must use the return indicated. The RMAR and MLAR are located at SUP 16 Annex 18A and SUP 16 Annex 19A respectively. Guidance on the completion of the data items are located at SUP 16 Annex 18B and SUP 16 Annex 19B respectively.

Note 2

For the purposes of RMAR reporting, a larger firm is a firm whose annual regulated business revenue in its previous financial year was greater than £5m. Annual regulated business revenue for these purposes is a firm's total revenue relating to insurance distribution activity84, mortgage mediation activity and retail investment activity.

Note 3

A firm which submits an MLAR is not required to submit sections A and B of the RMAR.

Note 4

Reporting dates are calculated from a firm'saccounting reference date.
SYSC 13.3.1AGRP
3The following is a non-exhaustive list of rules and guidance in the Handbook that are relevant to a firm's management of operational risk: (1) COBS contains rules and guidance that can relate to the management of operational risk; for example, COBS 2 (Conduct of business obligations), COBS 4 (Communicating with clients, including financial promotions), COBS 6 (Information about the firm, its services and remuneration), COBS 7 (Insurance distribution2), COBS 9 (Suitability (including
PERG 5.10.1GRP
It must be emphasised that activities which concern invitations to renew policies and the subsequent effecting of renewal of policies are likely to fall within insurance distribution activity2. Those considering the need for authorisation or variation of their permissions will wish to consider whether a process of tacit renewal operates: that is, where a policyholder need take no action if they wish to maintain their2 insurance cover by having their2policy 'renewed'. This process
MIPRU 2.1.1RRP
1This chapter applies to a firm with Part 4A permission to carry on insurance distribution activity3 or MCD credit intermediation activity.2
CASS 1A.1.1RRP
(1) 1Subject to (2), (3) and (4)3, this2 chapter applies to a firm to which either or both of CASS 6 (Custody rules) and CASS 7 (Client money rules) applies.23(2) In relation to a firm to which CASS 5 (Client money: insurance distribution6 activity) and CASS 7 (Client money rules) apply, this chapter does not apply in relation to client money that a firm holds in accordance with CASS 5. (3) The rules and guidance in CASS 1A.2 apply to a firm even if at the date of the determination