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Status: You are viewing the version of the handbook as on 2005-06-30.

SUP 15.8 Notification in respect of particular products and services

Management of occupational pension scheme assets

SUP 15.8.1RRP

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

  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 15.8.2RRP

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

Insurers' commission clawback

SUP 15.8.3RRP
  1. (1)

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

    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.

Bureau de Change

SUP 15.8.4GRP
  1. (1)

    467In accordance with article 25of the Money Laundering Regulations, with effect from 1 April 2004, a firm is required to notify the FSA:

    1. (a)

      before it begins; and

    2. (b)

      as soon as reasonably practicable after it ceases;

    to operate a bureau de change (within (a) of money service business)

  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 15.8.5GRP

467A firm which is already operating a bureau de changeas at 1 April 2004 and intends to continue doing so is required by the Money Laundering Regulations to notify the FSA of that fact and should do so in the manner specified in .

Delegation by UCITS management companies

SUP 15.8.6RRP

A UCITS management company must notify the FSA as soon as reasonably practicable if it delegates any of its functions to a third party.

SUP 15.8.7GRP

A UCITS management company which delegates any of its functions to a third party must, as well as complying with SUP 15.8.4 G, comply with the requirements in COLL 6.6.15 (2) , CIS 7.6.1 R (2) or CIS 7.10.4 R (1) as appropriate.8

9CTF providers

SUP 15.8.8RRP
  1. (1)

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

  2. (2)

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

    1. (a)

      any third party administrator that it engages;

    2. (b)

      details of whether it intends to offer Revenue allocated CTFs; and

    3. (c)

      whether it intends to provide its own stakeholder CTF account.