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MIPRU 5.1 Application and purpose

Application

01/10/2018R

This chapter applies to a firm with a Part 4A permission to carry on:

  1. (1)

    insurance business; or

  2. (1A)

    insurance distribution activity; or

  3. (2)

    home financing;

  4. (3)

    [deleted]

04/06/2019R
  1. (1)

    This chapter also applies to a firm which is a P2P platform operator facilitating a regulated mortgage contract, home purchase plan, home reversion plan or regulated sale and rent back agreement where the lender or provider under that contract does not fall within the definition of a mortgage lender, home purchase provider, reversion provider or regulated sale and rent back firm.

  2. (2)

    Where (1) applies, references to a firm using the services of another person consisting of insurance distribution, insurance distribution activity or home finance mediation activity are to be read as references to the P2P platform operator using those services.

Purpose

01/10/2018G

The purpose of this chapter is to implement article 16 of the IDD in relation to insurance undertakings and insurance intermediaries. The provisions of this chapter have been extended to home finance providers in relation to insurance distribution activity, and to insurance undertakings and home finance providers in relation to home finance mediation activity, to ensure that firms using these services are treated in the same way and to ensure that clients have the same protection. To avoid the loss of protection where an intermediary itself uses the services of an unauthorised person, this chapter also ensures that each person in the chain of those providing services is authorised.

01/04/2009G

This chapter supports the more general duties in Principles 2 and 3, and the relevant rule in the Senior Management Arrangements, Systems and Controls sourcebook (see SYSC 3.1.1 R and SYSC 4.1.1 R).