Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.


Status: This chapter was amended on 31 December 2020 as a result of Brexit. However, it is subject to the FCA Prudential Transitional Direction, which means that firms should not comply with these provisions yet. Instead, firms must follow this link and continue to comply with pre-IP completion day requirements https://www.handbook.fca.org.uk/handbook?date=31-12-2020&timeline=True (unless specified otherwise in the Direction). To see a full list of Handbook modules affected, please see Section B of the Annex to the Direction.

GENPRU 1.1 Application

GENPRU 1.1.1G

1There is no overall application statement for GENPRU. Each chapter or section has its own application statement.

GENPRU 1.1.2GRP

Broadly speaking however, GENPRU applies (except as provided in GENPRU 1.1.2-AAG4) to:

2
  1. (1)

    [deleted]4

    3
  2. (2)

    [deleted]2

    2
  3. (3)

    [deleted]2

    2
  4. (4)

    a BIPRU firm;2 and

    2
  5. (5)

    groups containing such firms.

GENPRU 1.1.2-AAGRP

2GENPRU 3 (Cross sector groups) applies to:

  1. (1)

    an IFPRU investment firm;

  2. (2)

    an insurer that is a “UK Solvency II firm” as defined in the PRA Rulebook: Glossary5; and

  3. (3)

    a group containing both the firms in (1) and (2).

GENPRU 1.1.2-BGRP
GENPRU 1.1.2AG

6A firm should refer to GEN 2.2.13A R (cross-references in the Handbook) and GEN 2.2.23 R to GEN 2.2.25 G (cutover: application of provisions made by both the FCA and the PRA) when applying the rules and guidance in GENPRU.4

22
GENPRU 1.1.2BGRP

6As the FCA does not have the power to impose prudential rules and guidance on PRA-authorised persons, references to PRA-authorised persons or PRA rules that are included in FCA GENPRU provisions will not be relevant in the FCA's application of that provision, unless otherwise stated.

Scope

GENPRU 1.1.3R

GENPRU applies to a firm in relation to the whole of its business, except where a particular provision provides for a narrower scope.