ICOB 1 Annex 2 Summary of Handbook provisions for insurance intermediaries
1 |
This table belongs to ICOB 1.5.1 G. |
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2 |
This table sets out the provisions in the Handbook that apply to firms which are insurance intermediaries where they: |
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(1) |
carry on insurance mediation activities in relation to a non-investment insurance contract; or |
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(2) |
communicate or approve a non-investment financial promotion. |
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3 |
It also sets out the provisions in the Handbook that apply to approved persons. |
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4 |
For convenience, the former activity is referred to in the table as (1) and the latter as (2). |
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Module |
Application |
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High Level Standards |
General provisions, GEN |
Applies (at least in part) in respect of (1) and (2). |
Principles for Businesses, PRIN |
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Threshold Conditions, COND |
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Statements of Principle and Code of Practice for Approved Persons, APER |
Applies to every approved person who performs a controlled function under an arrangement entered into by an insurance intermediary when doing either (1) or (2). |
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The Fit and Proper test for Approved Persons, FIT |
Applies to an insurance intermediary in respect of any application that it makes for the approval of a person to perform a controlled function, and in respect of the continuing approval of that person. |
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Senior Management Arrangements, Systems and Controls, SYSC |
Applies in respect of (1) and (2), except SYSC 3.2.6A R to SYSC 3.2.6J G4. |
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Business Standards |
Interim Prudential sourcebooks |
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Applies in respect of (1) where the insurance intermediary is also a bank. |
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Applies in respect of (1) where the insurance intermediary is also a building society. |
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Applies in respect of (1) where the insurance intermediary is also a friendly society. |
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Applies in respect of (1) where the insurance intermediary is also an insurer. |
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Applies in respect of (1) where the insurance intermediary is also an investment firm. |
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Prudential sourcebook |
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Applies in respect of (1). |
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Applies in respect of (1) where the insurance intermediary is also an insurer.2 |
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Applies in respect of (1) where the insurance intermediary is also an insurer or a mortgage lender.2 |
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Market conduct, MAR |
Does not apply to a firm when doing either (1) or (2). However, certain chapters of MAR will apply if: (a) the insurance intermediary also engages in behaviour in relation to qualifying investments traded on prescribed markets - then MAR 1 applies; (b) the insurance intermediary undertakes or is concerned with offers of securities that may involve price stabilising activity - then MAR 2 applies; (c) the insurance intermediary carries on inter-professional business - then MAR 3 applies; (d) the insurance intermediary carries on designated investment business - then MAR 4 applies. |
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Conduct of Business sourcebook, COB |
Does not apply to an insurance intermediary when doing (1) or (2) unless it opts to provide key features instead of a policy summary (see ICOB 5.5.4 R). However, COB may apply to an insurance intermediary if it also carries on any other regulated activity or communicates or approves a financial promotion not relating to non-investment insurance contracts or qualifying credit. |
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Mortgages: Conduct of Business sourcebook, MCOB |
Does not apply to an insurance intermediary when doing (1) or (2). However, MCOB may apply to an insurance intermediary if it is also a mortgage lender or carries on mortgage mediation activities. |
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Training and Competence sourcebook, TC |
TC 1 applies when a firm is doing (1) or (2).TC 2 applies only in circumstances where an insurance intermediary has employees advising on non-investment insurance contracts with or for a retail customer as listed in TC 2.1.4 R.4 |
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Client Assets sourcebook, CASS |
CASS 5 applies when a firm is doing (1) if it receives and holds money from or on behalf of a client, or receives and holds money as agent for an insurance undertaking. |
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Regulatory processes |
Authorisation manual, AUTH |
Applies to: (1) a person, other than an authorised person, considering carrying on the regulated activities that include insurance mediation activities in the United Kingdom, and who requires guidance on whether authorisation is required and, if so, how to apply to the FSA for Part IV permission; (2) an EEA firm or a Treaty firm that wishes to establish a branch or provide cross border services into the United Kingdom in relation to insurance mediation activities or wishes to apply for a top-up permission that includes insurance mediation activities; (3) a person wishing to obtain approval for persons to perform controlled functions in relation to insurance mediation activities; and (4) a person wishing to understand how the FSA will use its powers in relation to authorisation to determine applications. |
Supervision manual, SUP |
The following chapters of SUP apply to an insurance intermediary when doing (1) or (2): 1, 2, 3, 5, 6, 7, 8, 9, 10, 11, 12, 15, 16, 18 (but only if the insurance intermediary is an insurer), 20. The following chapters of SUP do not apply to an insurance intermediary when doing (1) or (2): 4, 13, 14, 17, 18 (unless the insurance intermediary is an insurer), 19. |
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Enforcement manual, ENF |
Applies to an insurance intermediary when doing (1) or (2). |
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Decision making manual, DEC |
Applies to an insurance intermediary when doing (1) or (2). |
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Redress |
Dispute resolution: Complaints, DISP |
Applies to an insurance intermediary when doing (1) or (2). |
Compensation, COMP |
An insurance intermediary, as a participant firm for the purposes of COMP in respect of insurance mediation activities relating to non-investment insurance contracts, is liable to contribute to a levy raised by the firm for the purposes of paying compensation. |
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Specialist sourcebooks |
Credit Unions, CRED |
Applies to an insurance intermediary doing (1) or (2) where it is also a credit union. |
Electronic Commerce Directive, ECO |
Applies to an insurance intermediary doing (1) or (2). |
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Electronic money, ELM |
Does not apply to an insurance intermediary doing (1). May apply to an insurance intermediary doing (2). |
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Professional firms, PROF |
Applies to an insurance intermediary doing (1) or (2) where it is also a professional firm. |
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Lloyd's sourcebook, LLD |
Applies only to the Society but some requirements are relevant to an insurance intermediary doing (1) or (2) where it is also an underwriting agent. |
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Apply to an insurance intermediary doing (1) or (2) where it is also an operator or a depositary of an AUT, ICVC or certain other collective investment schemes.1 |
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Recognised Investment Exchanges and Recognised Clearing Houses, REC |
Does not apply |
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Listing, Prospectus and Disclosure3 |
May apply if the firm is applying for listing in the United Kingdom, is a listed issuer in the United Kingdom, is a sponsor or is applying for approval as a sponsor.3 |
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May apply if the firm makes an offer of transferable securities to the public in the United Kingdom or is seeking the admission to trading of transferable securities on a regulated market situated or operating in the United Kingdom.3 |
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May apply if the firm is an issuer, any class of whose financial instruments have been admitted to trading on a regulated market, or are the subject of an application for admission to trading on a regulated market, other than issuers who have not requested or approved admission of their financial instruments to trading on a regulated market.3 |