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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

suretyship

    (in relation to a class of contract of insurance) the class of contract of insurance, specified in paragraph 15 of Part I of Schedule 1 to the Regulated Activities Order (Contracts of general insurance), namely:

      1. (a) a contract of insurance against the risks of loss to the person insured arising from their having to perform contracts of guarantee entered into by them;
      1. (b) fidelity bonds, performance bonds, administration bonds, bail bonds or customs bonds or similar contracts of guarantee where these are:
        1. (i) effected or carried out by a person not carrying on a banking business;
        1. (ii) not effected merely incidentally to some other business carried on by the person effecting them; and
        1. (iii) effected in return for the payment of one or more premiums.5