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 FCA20in respect of any firm (the "intermediary") as soon as reasonably practicable if:
20- (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)
11Money service business and trust or company service providers11
- (1)
467In accordance with article 3111of the Money Laundering Regulations, with effect from 15 December 200711, a firm is required to notify the FCA:20
111120to operate a money service business or a trust or company service provider.11
11 - (2)
The notification referred to in (1) should be made in accordance with the requirements in SUP 15.7 (Form and method of notification)
467A firm which is already operating a money service business or a trust or company service provider11 as at 15 December 200711 is required by the Money Laundering Regulations to notify the FCA20 of that fact and should do so in the manner specified in SUP 15.8.4 G(2) before 15 January 200811.
111120Delegation by UK UCITS management companies14
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 FCA20 in an appropriate manner.14
1420[Note: article 13(1)(a) of the UCITS Directive]14
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
138139CTF providers
- (1)
9If a firm begins or ceases to hold itself out as acting as a CTF provider, it must notify the FCA20 as soon as reasonably practicable that it has done so.
20 - (2)
A firm that acts as a CTF provider must provide theFCA,20 as soon as reasonably practicable, with details of:
20- (a)
any third party administrator that it engages;
- (b)
details of whether it intends to offer HMRC allocated CTFs12; and
12 - (c)
whether it intends to provide its own stakeholder CTF account.
- (a)
10A BIPRU firm must report to the appropriate regulator20 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.
20