SUP 15.8 Notification in respect of particular products and services
Management of occupational pension scheme assets
Individual Pension Accounts
Insurers' commission clawback
- (1)
An insurer must notify the FSAin respect of any firm (the "intermediary") as soon as reasonably practicable if:
- (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
- (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.
- (a)
- (2)
A notification in (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
- (b)
must give the identity of the intermediary and the amount of commission which remains outstanding.
- (a)
- (3)
In (1) an "indemnity commission clawback arrangement" is an arrangement under which:
- (a)
an insurer pays commission to an intermediary before the date on which the premium is due under the relevant investment agreement; and
- (b)
the insurer requires repayment of the commission, if the investment agreement is terminated by reason of a failure to pay a premium.
- (a)
Bureau de Change
- (1)
467In accordance with article 25of the Money Laundering Regulations, with effect from 1 April 2004, a firm is required to notify the FSA:
to operate a bureau de change (within (a) of money service business)
- (2)
The notification referred to in (1) should be made in accordance with the requirements in SUP 15.7 (Form and method of notification)
Delegation by UCITS management companies
A UCITS management company must notify the FSA as soon as reasonably practicable if it delegates any of its functions to a third party.
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
- (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)
A firm that acts as a CTF provider must provide theFSA, as soon as reasonably practicable, with details of:
- (a)
any third party administrator that it engages;
- (b)
details of whether it intends to offer Revenue allocated CTFs; and
- (c)
whether it intends to provide its own stakeholder CTF account.
- (a)