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Status: You are viewing the version of the handbook as on 2009-03-31.

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 or endorsement 2of the FSA or another competent authority2.

  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.