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.

PROF 5.4 2Application of the Distance Marketing Regulations

PROF 5.4.1R
  1. (1)

    In addition to those provisions of the Distance Marketing Regulations which apply directly , an authorised professional firm must, with respect to its non-mainstream regulated activities, comply with regulations 7 to 11 and 15 of the Distance Marketing Regulations. Those regulations have effect to cancel distance contracts the making or performance of which by such firms constitutes a non-mainstream regulated activity.3

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  2. (2)

    Paragraph (1) does not apply in relation to regulations 7 to 8 and 15 if the designated professional body of the authorised professional firm has rules equivalent to 3some or all of 1those regulations and:

    1. (a)

      those rules have been approved by the FCA under section 332(5) of the Act; and

    2. (b)

      the authorised professional firm is subject to those rules in the form in which they have been approved;

    in which case those regulations are disapplied to the extent that they are implemented by the rules of the designated professional body.1

PROF 5.4.2G

The effect of PROF 5.4.1 R is that it allows designated professional bodies to make rules which allow an authorised professional firm to comply with the Distance Marketing Regulations in respect of its non-mainstream regulated activities in the same way as an exempt professional firm which is a member of the same designated professional body in respect of its exempt regulated activities.

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