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Status: You are viewing the version of the handbook as on 2018-12-10.

SYSC 28.1 Minimum knowledge, ability and good repute requirements for carrying out insurance distribution activities

Application

SYSC 28.1.1R
  1. (1)

    2This chapter applies to a firm with Part 4A permission to carry on insurance distribution activities.

  2. (2)

    2SYSC 28.2 (except SYSC 28.2.1R(1)) does not apply to an authorised professional firm with respect to its non-mainstream regulated activities.

1
SYSC 28.1.2R

1In this chapter, relevant employees are employees or other persons:

  1. (1)

    directly involved in the carrying on of the firm’s insurance distribution activities; or

  2. (2)

    within the management structure responsible for the firm’s insurance distribution activities; or

  3. (3)

    responsible for the supervision of a relevant employee acting in the capacity as set out in (1).

[Note: article 10(1) and the fifth paragraph of article 10(2) of the IDD]

SYSC 28.1.3R

1In this chapter ‘employee’:

  1. (1)

    is not restricted to an individual working under a contract of employment; and

  2. (2)

    includes (without limitation) any natural or legal person whose services are placed at the disposal of the firm, under an arrangement between the firm and a third party; and

  3. (3)

    also includes appointed representatives and their employees.

SYSC 28.1.4G

1Rules specified in sections SYSC 28.2 (knowledge and ability), SYSC 28.4 (record-keeping) and SYSC 28.5 (other requirements to consider) relate to the requirements in:

  1. (1)

    SYSC 3.1.6R;

  2. (2)

    SYSC 5.1.1R;

  3. (3)

    SYSC 3.2.20R, SYSC 9.1.1R and SYSC 9.1.1AR;

  4. (4)

    TC 4.2 (Specified requirements for firms carrying on insurance distribution activities); and

  5. (5)

    article 22 of the AIFMD level 2 regulation.