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SUP 15.8 Notification in respect of particular products and services

Management of occupational pension scheme assets

SUP 15.8.1R

73A firm which manages the assets of an occupational pension scheme must notify the FCA19 as soon as reasonably practicable if it receives any request or instruction from a trustee which it:

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  1. (1)

    knows; or

  2. (2)

    on substantial grounds:

    1. (a)

      suspects; or

    2. (b)

      has cause reasonably to suspect;

is at material variance with the trustee's duties.1

Individual Pension Accounts

SUP 15.8.2R

If a firm begins or ceases to administer individual pension accounts, it must notify the FCA19 as soon as reasonably practicable that it has done so.52

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Insurers' commission clawback

SUP 15.8.3R
  1. (1)

    An insurer must notify the FCA19in respect of any firm (the "intermediary") as soon as reasonably practicable if:

    19
    1. (a)

      any amount of commission due from the intermediary to the insurer in accordance with an indemnity commission clawback arrangement remains outstanding for four months after the date when the insurer gave notice to the intermediary that the relevant premium had not been paid; or

    2. (b)

      any amount of commission due from the intermediary to the insurer as a result of either the cancellation of an investment agreement or overpayment of commission remains outstanding for four months after the date on which the insurer gave notice to the intermediary that cancellation or overpayment had occurred.

  2. (2)

    A notification in (1):

    1. (a)

      need not be given unless the total amounts outstanding under (1)(a) and (b) in respect of the intermediary exceed £1,000; and

    2. (b)

      must give the identity of the intermediary and the amount of commission which remains outstanding.

  3. (3)

    In (1) an "indemnity commission clawback arrangement" is an arrangement under which:

    1. (a)

      an insurer pays commission to an intermediary before the date on which the premium is due under the relevant investment agreement; and

    2. (b)

      the insurer requires repayment of the commission, if the investment agreement is terminated by reason of a failure to pay a premium.

11Money service business and trust or company service providers11

SUP 15.8.4G
  1. (1)

    467In accordance with regulation 2317 of the Money Laundering Regulations, with effect from 26 June 201717 , a firm is required to notify the FCA:19

    1111111119
    1. (a)

      before it begins or within 28 days of it beginning11; and

    2. (b)

      immediately11 after it ceases;

      11

    to operate a money service business or a trust or company service provider.11

    11
  2. (2)

    The notification referred to in (1) should be made in accordance with the requirements in SUP 15.7 (Form and method of notification)

SUP 15.8.5G

467A firm which is already operating a money service business or a trust or company service provider11 immediately before 26 June 201717 is required by the Money Laundering Regulations to notify the FCA19 of that fact within 30 days17 and should do so in the manner specified in SUP 15.8.4 G(2)17.

1111111911

Delegation by UK UCITS management companies14

SUP 15.8.6R

If a UK UCITS management company intends to delegate to a third party any one or more of its functions for the more efficient conduct of its business, it must first inform the FCA19 in an appropriate manner.14

1419

[Note: article 13(1)(a) of the UCITS Directive]14

SUP 15.8.7G

A UK UCITS management company14 which delegates any of its functions to a third party must, as well as complying with SUP 15.8.6 R,13 comply with the requirements in SYSC 8.1.13 R (Additional requirements for a management company) and COLL 6.6.15 A R.14

13813

9CTF providers

SUP 15.8.8R
  1. (1)

    9If a firm begins or ceases to hold itself out as acting as a CTF provider, it must notify the FCA19 as soon as reasonably practicable that it has done so.

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  2. (2)

    A firm that acts as a CTF provider must provide theFCA,19 as soon as reasonably practicable, with details of:

    19
    1. (a)

      any third party administrator that it engages;

    2. (b)

      details of whether it intends to offer HMRC allocated CTFs12; and

      12
    3. (c)

      whether it intends to provide its own stakeholder CTF account.

SUP 15.8.9R

10A BIPRU firm must report to the FCA15 immediately any case in which its counterparty in a repurchase agreement or reverse repurchase agreement or securities or commodities lending or borrowing transaction defaults on its obligations.

1919

MCD credit intermediaries

SUP 15.8.10R

16A tied MCD credit intermediary must notify the FCA, as soon as reasonably practicable, if it intends to cease acting on behalf of and under the full responsibility of any firm.

SUP 15.8.11R

16A MCD credit intermediary must notify the FCA, as soon as reasonably practicable, if it intends to start acting on behalf of and under the full responsibility of any firm.