GEN 1.2 Referring to approval by the appropriate regulator9
The purpose of GEN 1.2.2 R is to prevent clients being misled about the extent to which the appropriate regulator9 has approved a firm's affairs.
9- (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 appropriate regulator9 or another competent authority2.
9 - (2)
Paragraph (1) does not apply to statements that explain, in a way that is fair, clear and not misleading, that:
- (a)
the firm is an authorised person;
- (b)
the firm has permission to carry on a specific activity;
- (c)
an authorisation order has been made in relation to an AUT, ACS3 or ICVC;
- (d)
a recognised scheme has that status;
- (e)
the firm's approved persons have been approved by the appropriate regulator9 for the purposes of section 59 of the Act (Approval for particular arrangements);
9 - (f)
the firm has been given express written approval by the appropriate regulator9 in respect of a specific aspect of the firm's affairs.
9
- (a)
- (3)
Paragraph (1) applies with respect to the carrying on of both regulated activities and unregulated activities.
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 appropriate regulator9.
9