Related provisions for BIPRU 8.5.10
61 - 80 of 197 items.
A Solvency II firm must maintain separate accounting records for each of its with-profits funds. The accounting records must identify:(1) all of the assets of that with-profits fund;(2) the best estimate component of technical provisions for the with-profits policies written in, or transferred into, that with-profits fund;(3) the best estimate component of technical provisions for the non-profit insurance contracts written in, or transferred into, that with-profits fund;(4) any
A Solvency II firm must ensure that the assets in its with-profits funds are separately identified and allocated to the relevant with-profits fund at all times. Assets in external accounts (e.g. with banks, custodians, or brokers) should be segregated in the firm's books and records into separate accounts for with-profits insurance business and other business. Where a firm has more than one with-profits fund, separate accounting records must be maintained for each fund. Accounting
4In calculating the cost of the additional administration required as a result of a customer having a payment shortfall, a firm must not take into account:(1) the following types of costs:(a) funding or capital;(b) general bank charges that are not incurred as a result of a customer having a payment shortfall;(c) unrecovered fees;(d) advertising costs; and(e) regulatory fines;(2) the costs of preparing financial reports for the firm unless there is an objectively justifiable reason
(1) 4For some firms, their executive staff will be the executive board members.(2) Executive staff costs relating to company strategy, including payment shortfall strategy, should not be included as costs relating to the day-to-day management of customers in payment shortfall.(3) General financial reporting costs, including all legal and regulatory reporting costs, should not be included as costs relating solely to the analysis and management of accounts in payment shortfall.
An ROIE1 must include in its report submitted in compliance with section 295(1) of the Act:1(1) particulars of any changes to: (a) its memorandum and articles of association or any similar or analogous documents; (b) its regulatory provisions; (c) its chairman or president, or chief executive (or equivalent);(2) particulars of any disciplinary action (or any similar or analogous action) taken against it by any supervisory authority in its home territory, whether or not that action
An ROIE1 must include in the first report submitted under section 295(1) of the Act after the recognition order in relation to that ROIE1 is made: 11(1) particulars of any events of the kind described in section 295(2) of the Act which occurred; (2) particulars of any change specified in REC 6.7.4 R (1) or disciplinary action specified in REC 6.7.4 R (2) which occurred; and(3) any annual report and accounts which covered a period ending; after the application for recognition
A person wishing to be included on the list of primary information providers, must apply to the FCA for approval as a primary information provider by submitting the following to the FCA:(1) the name, registered office address, registered number and the names and addresses of the directors and company secretary of the person applying for approval and, where applicable, the corporate group to which the person belongs;(2) details of all the arrangements that it has established or
The report provided under DTR 8.2.1R (5) should state:(1) the opinion of the reporting accountant qualified to act as auditor as to the matters set out in DTR 8.4;(2) the significant areas tested in reaching that opinion; and(3) a summary of the work undertaken to address these areas and reach that opinion.
Where a firm receives client money in the form of cash, a cheque or other payable order, it must:(1) pay the money in accordance with CASS 7.13.6 R, promptly, and no later than on the business day after it receives the money into a client bank account, unless either:(a) the money is received by a business line for which the firm uses the alternative approach, in which case the money must be paid into the firm's own bank account promptly, and no later than on the business day after
Where a firm receives client money in the form of a cheque that is dated with a future date, unless the firm returns the cheque it must:(1) pay the money in accordance with CASS 7.13.6 R, promptly, and no later than the date on the cheque if the date is a business day or the next business day after the date on the cheque; (2) in the meantime, hold it in a secure location in accordance with Principle 10; and(3) record the receipt of the money in the firm's books and records in
Firms are reminded that payments and records made in accordance with CASS 7.13.51 R should not be used as a substitute for a firm keeping accurate and timely records in accordance with CASS 7.15 (Records, accounts and reconciliations) and requirements under SYSC 4.1.1 R (General requirements) and SYSC 6.1.1 R (Compliance).
A firm must ensure that it has adequate controls relating to:(1) the derivation of the model PRR;(2) the integrity of the backtesting programme, including the calculation of the profit and loss account;(3) the integrity and appropriateness of the VaR model, including the VaR model's geographic coverage and the completeness of data sources;(4) the VaR model's initial and ongoing development, including independent validation;(5) the valuation models, including independent validation;
The appropriate regulator will review as part of a firm'sVaR model permission application the processes and documentation relating to the derivation of profit and loss used for backtesting. A firm's documentation should clearly set out the basis for cleaning profit and loss. To the extent that certain profit and loss elements are not updated every day (for example certain reserve calculations) the documentation should clearly set out how such elements are included in the profit
1If a listed company prepares a preliminary statement of annual results:(1) the statement must be published as soon as possible after it has been approved by the board;(2) the statement must be agreed with the company's auditors prior to publication;(3) the statement must show the figures in the form of a table, including the items required for a half-yearly report, consistent with the presentation to be adopted in the annual accounts for that financial year;(4) the statement
1The Lloyd’s Accounting Regulations implemented2 the Audit and Accounts Directives in relation to the Lloyd’s insurance market. They aimed2 to increase the transparency of the accounts published by Lloyd’s syndicates by imposing requirements in relation to the preparation and disclosure of the accounts. The Regulations give the FCA the power to institute criminal proceedings for an offence committed under the Regulations.
(1) An exempt full scope IFPRU investment firm2 is a full-scope IFPRU investment firm2 that at all times has total net assets which are less than or equal to £50 million.22(2) In this rule, total net assets are the sum of a firm's total trading book assets and its total non-trading book assets, less the sum of its called up share capital, reserves and minority interests.(3) For the purpose of (2), the value attributed to each of the specified balance sheet items must be that which