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Status: You are viewing the version of the handbook as on 2016-02-03.

IFPRU Sch 6 Rules that can be waived

The rules in IFPRU may be waived by the FCA under section 138A of the Act (Modification or waiver of rules). However, if the rules incorporate requirements laid down in European directives or regulations, it will not be possible for the FCA to grant a waiver that would be incompatible with the UK's responsibilities under those directives and regulations. It therefore follows that if a rule in IFPRU contains provisions which derive partly from a directive or regulation, and partly not, the FCA will be able to consider a waiver of the latter requirements only, unless the directive or regulation provisions are optional rather than mandatory