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SUP 12.7 Notification requirements

4Notification of appointment of an appointed representative

SUP 12.7.1R
  1. (1)

    6This rule applies to a firm which intends to appoint:6

    636
    1. (a)

      an appointed representative to carry on insurance mediation activities; or134

      6611
    2. (b)

      a tied agent; or11

      66
    3. (c)

      an appointed representative to carry on MCD credit intermediation activity.11; or13

    4. (d)

      a MiFID optional exemption appointed representative; or13

    5. (e)

      a structured deposit appointed representative.13

    4

  2. (2)

    This rule also applies to a firm which has appointed an appointed representative.63

  3. (3)

    A firm in (1) must complete and submit the form in SUP 12 Annex 3 before the appointment.6

  4. (4)

    A firm in (2) must complete and submit the form in SUP 12 Annex 3 within ten business days after the commencement of activities.6

SUP 12.7.1AR
  1. (1)

    A firm other than:9

    9
    1. (a)

      a credit union; or9

    2. (b)

      a firm which intends to appoint, or has appointed, an appointed representative to carry on only credit-related regulated activity;9

    must submit the form in SUP 12 Annex 3 online 9at http://www.fca.org.uk using the FCA's ONA10system.

    10
  2. (2)

    A credit union or a firm which intends to appoint, or has appointed, an appointed representative to carry on only credit-related regulated activity9must submit the form in SUP 12 Annex 3 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

  3. (3)

    Where a firm is obliged to submit an application online under (1), if the FCA's information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit the form in SUP 12 Annex 3 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

[Note: See SUP 12.7.10 G to SUP 12.7.11 G regarding notification in the event of online failure.]

SUP 12.7.2G

A firm's notice under SUP 12.7.1 R should give details of the appointed representative and the regulated activities which the firm is, or intends to, carry on through the appointed representative, including:

  1. (1)

    the name of the firm's new appointed representative (if the appointed representative is a body corporate, this is its registered name);

  2. (2)

    any trading name under which the firm's new appointed representative carries on a regulated activity in that capacity;

  3. (3)

    a description of the regulated activities which the appointed representative is permitted or required to carry on and for which the firm has accepted responsibility;

    4
  4. (4)

    any restrictions imposed on the regulated activities for which the firm has accepted responsibility; and

  5. (5)

    where the appointed representative is not an individual, the name of the individuals who are responsible for the management of the business carried on by the appointed representative so far as it relates to insurance mediation activity.

SUP 12.7.3G

A firm need not notify the FCA of any restrictions imposed on the regulated activities for which the firm has accepted responsibility (under SUP 12.7.2 G (4)) if the firm accepts responsibility for the unrestricted scope of the regulated activities.

SUP 12.7.3AG

Where a notification is linked to an application for approval under section 59 of the Act (Approval for particular arrangements), see SUP 10A.13.7 G14.1

14
SUP 12.7.4G
  1. (1)

    [deleted]3

  2. (2)

    [deleted]3

SUP 12.7.5G

To contact the Individuals, Mutuals and Policy Department65: 7

5
  1. (1)

    telephone on 020 7066 00196; fax on 020 7066 1099; or

  2. (2)

    write to: Individuals, Mutuals and Policy 6Department5, The Financial Conduct Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS; or

    5
  3. (3)

    email iva@fca.org.uk.

SUP 12.7.6G

[deleted]7

7

Notification of changes in information given to the FCA4

SUP 12.7.7R
  1. (1)

    If:4

    34
    1. (a)
      1. (i)

        the scope of appointment of an appointed representative is extended to cover insurance mediation activities for the first time; and42

      2. (ii)

        the appointed representative is not included on the Financial Services Register as carrying on insurance mediation activities in another capacity; or42

    2. (b)

      the scope of appointment of an appointed representative ceases to include insurance mediation activity;42

    the appointed representative's principal must give written notice to the FCA of that change before the appointed representative begins to carry on insurance mediation activities under the contract (see SUP 12.4) or as soon as the scope of appointment of the appointed representative ceases to include insurance mediation activities.842

    8
  2. (1A)

    If:7

    1. (a)
      1. (i)

        the scope of appointment changes such that the appointed representative acts as a tied agent for the first time; and7

      2. (ii)

        the appointed representative is not included on the Financial Services Register; or7

    2. (b)

      the appointed representative ceases to act as a tied agent;7

    the appointed representative's principal must give written notice to the FCA of that change before the appointed representative begins to act as a tied agent (see SUP 12.4) or as soon as the appointed representative ceases to act as a tied agent. 7

  3. (1B)

    If:11

    1. (a)
      1. (i)

        the scope of appointment of an appointed representative is extended to cover MCD credit intermediation activity for the first time; and

      2. (ii)

        the appointed representative is not included on the Financial Services Register; or

    2. (b)

      the scope of appointment of an appointed representative ceases to include MCD credit intermediation activity;

    the appointed representative's principal must give written notice to the FCA of that change before the appointed representative begins to carry on MCD credit intermediation activity under the contract (see SUP 12.4), or as soon as the scope of appointment of the appointed representative ceases to include MCD credit intermediation activity.

[Note: article 31(4) of the MCD]

  1. (2)

    Where there is a change in any of the information provided to the FCA under SUP 12.7.1 R or SUP 12.7.7 R (1A)7, a firm must complete and submit to the FCA the form in SUP 12 Annex 4 R8 (Appointed representative notification form) within ten business days of that change being made or, if later, as soon as the firm becomes aware of the change. The Appointed representative notification form must state that the information has changed.4

    38
  2. (3)

    [deleted]8

    8

[Note: See SUP 12.7.8A R regarding the method of submission for the form in SUP 12 Annex 4 R.]8

Notification of changes in conditions of appointment4

SUP 12.7.8R
  1. (1)

    As soon as a firm has reasonable grounds to believe that any of the conditions in SUP 12.4.2 R,SUP 12.4.6 R,11 SUP 12.4.8A R4, SUP 12.4.10A R or SUP 12.4.10B R11 (as applicable) are not satisfied, or are likely not to be satisfied, in relation to any of its appointed representatives, it must complete and submit to the FCA the form in SUP 12 Annex 4 R (Appointed representative notification form), in accordance with the instructions on the form.3

  2. (2)

    In its notification under SUP 12.7.8 R (1), the firm must state either:

    1. (a)

      the steps it proposes to take to rectify the matter; or

    2. (b)

      the date of termination of its contract with the appointed representative (see SUP 12.8).

  3. (3)

    [deleted]3

Method of submission of the form in SUP 12 Annex 4R

SUP 12.7.8AR
  1. (1)

    8Subject to (2A), a 9 firm other than a credit union must submit the form as set out in SUP 12 Annex 4 R online at http://www.fca.org.uk using the FCA's online notification and application system12.

    91010
  2. (2)

    A credit union must submit the form in SUP 12 Annex 4 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

  3. (2A)

    If the notification:9

    1. (a)

      relates to an appointed representative whose scope of appointment covers only credit-related regulated activity; or9

    2. (b)

      is of a change to the scope of appointment of an appointed representative to add or remove credit-related regulated activity;9

    the firm must submit the form in SUP 12 Annex 4 in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).9

  4. (3)

    Where a firm is obliged to submit an application online under (1), if the FCA's information technology systems fail and online submission is unavailable for 24 hours or more, until such time as facilities for online submission are restored, a firm must submit the form in SUP 12 Annex 4 R in the way set out in SUP 15.7.4 R to SUP 15.7.9 G (Form and method of notification).

[Note: See SUP 12.7.10 G to SUP 12.7.11 G regarding notification in the event of online failure.]8

Notifications relating to EEA tied agents

SUP 12.7.9R

7If a UK MiFID investment firm appoints an EEA tied agent this section applies to that firm as though the EEA tied agent were an appointed representative.

Submission in the event of failure of FCA information technology systems

SUP 12.7.10G

8If the FCA's information technology systems fail and online submission is unavailable for 24 hours or more, the FCA will endeavour to publish a notice on its website confirming that online submission is unavailable and that firms, other than credit unions, should use the alternative methods of submission set out in SUP 12.7.1AR (3) and SUP 12.7.8AR (3) (as appropriate), and SUP 15.7.4 R to SUP 15.7.9 G, addressing applications for the attention of the Individuals and Mutuals Team.

SUP 12.7.11G

8Where SUP 12.7.1AR (3) or SUP 12.7.8AR (3) apply to a firm, GEN 1.3.2 R (Emergency) does not apply.