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Status: You are viewing the version of the handbook as on 2007-10-31.

GEN 1.2 Referring to approval by the FSA

GEN 1.2.1GRP

The purpose of GEN 1.2.2 R is to prevent clients being misled about the extent to which the FSA has approved a firm's affairs.

GEN 1.2.2R
  1. (1)

    Unless required to do so under the regulatory system, a firm must ensure that neither it nor anyone acting on its behalf claims, in a public statement or to a client, expressly or by implication, that its affairs, or any aspect of them, have the approval of the FSA.

  2. (2)

    Paragraph (1) does not apply to statements that explain, in a way that is fair, clear and not misleading, that:

    1. (a)

      the firm is an authorised person;

    2. (b)

      the firm has permission to carry on a specific activity;

    3. (c)

      an authorisation order has been made in relation to an AUT or ICVC;

    4. (d)

      a recognised scheme has that status;

    5. (e)

      the firm's approved persons have been approved by the FSA for the purposes of section 59 of the Act (Approval for particular arrangements);

    6. (f)

      the firm has been given express written approval by the FSA in respect of a specific aspect of the firm's affairs.

  3. (3)

    Paragraph (1) applies with respect to the carrying on of both regulated activities and unregulated activities.

GEN 1.2.3GRP

GEN 1.2.2 R (2)(f)1 is confined to written approval because of the need for clarity as to the scope of any approval given by the FSA.