SYSC 28.1 Minimum knowledge, ability and good repute requirements for carrying out insurance distribution activities
Application
- (1)
2This chapter applies to a firm with Part 4A permission to carry on insurance distribution activities.
- (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.
1In this chapter, relevant employees are employees or other persons:
-
(1)
directly involved in the carrying on of the firm’sinsurance distribution activities; or
-
(2)
within the management structure responsible for the firm’sinsurance distribution activities; or
-
(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]
1In this chapter ‘employee’:
-
(1)
is not restricted to an individual working under a contract of employment; and
-
(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)
also includes appointed representatives and their employees.
1 Rules 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)
- (2)
- (3)
-
(4)
TC 4.2 (Specified requirements for firms carrying on insurance distribution activities); and
-
(5)
article 22 of the AIFMD level 2 regulation.