Related provisions for BIPRU 12.5.20

ICOBS 5.2.1R01/01/2009

This section applies to:(1) an insurance intermediary in relation to any policy (other than a connected travel insurance contract);1 and(2) an insurer when it has given a personal recommendation to a consumer on a payment protection contract or a pure protection contract.

ICOBS 1.1.4G06/01/2008

Guidance on the application provisions is in ICOBS 1 Annex 1 (Part 4).

TC App 1.1.1R31/12/2012

1Activity	Products/Sectors		Is there an appropriate qualification4requirement? 4
Designated investment business carried on for a retail client
Providing basic advice	1.	Stakeholder products excluding a deposit-based stakeholder product	No
Advising	2.	Securities which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	Yes
	3.	Derivatives	Yes2
	4.	Packaged products 6 Retail investment products 6 which are not broker funds	Yes2
	5.	Friendly Society life policies where the employee is not reasonably expected to receive a remuneration of greater than £1000 a year in respect of such sales	No2
	6.	Friendly Society tax-exempt policies (other than Holloway sickness policies where the Holloway policy special application conditions are met)5	Yes2
	7.	Long-term care insurance contracts	Yes2
	8.	Investments in the course of corporate finance business	Yes2
	9.	Advising on syndicate participation at Lloyd's	Yes2
Undertaking the activity in column 2	10.	Broker fund adviser	Yes
Undertaking the activity in column 2	11.	Pension transfer specialist	Yes2
Advising and dealing	12.	Securities which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	Yes
Advising and dealing	13.	Derivatives	Yes2
4Dealing	13A.8	Securities which are not stakeholder pension schemes, personal pension schemes 7 or broker funds	No
4Dealing	413B.8	Derivatives	No
8 MiFID business bidding	13C.	Emissions auction products that are financial instruments	No
Managing	14.	Investments	Yes
Overseeing on a day-to-day basis	15.	Operating a collective investment scheme or undertaking the activities of a trustee or depositary of a collective investment scheme	Yes
	16.	Safeguarding and administering investments or holding client money	Yes2
	17.	Administrative functions in relation to managing investments	Yes2
	18.	Administrative functions in relation to effecting or carrying out contracts of insurance which are life policies	Yes2
	19.	Administrative functions in relation to the operation of stakeholder pension schemes	Yes2
Regulated mortgage activity and reversion activity carried on for a customer
Advising	20.	Regulated mortgage contracts for a non-business purpose	Yes
Advising	21.	Equity release transactions	Yes2
Designing scripted questions for non-advised sales	22.	Equity release transactions	Yes
Overseeing non-advised sales on a day-to-day basis	23.	Equity release transactions	Yes
Non-investment insurance business carried on for a consumer
Advising	24.	Non-investment insurance contracts	No
3 Regulated sale and rent back activity carried on for a customer
Advising	25.	Regulated sale and rent back agreements	No
Overseeing non-advised saleson a day-to-day basis	26.	Regulated sale and rent back agreements	No
Notes:
1.	In the Appendix the heading and types of business specified in the headings are to be read in conjunction with the paragraphs appearing beneath them.
2.	Thus, for example, paragraph 24consistent with the heading above it3, refers only to advice on non-investment insurance contracts given to a consumer. 3

PRIN 3.4.3G01/11/2007

1(1) COBS 3 (Client categorisation)2 applies to a firm intending to conduct, or conducting, designated investment business 2(other than giving basic advice)2 and ancillary activities relating to designated investment business. Any client categorisation2established in relation to such business will be applicable for the purposes of Principles 6, 7, 8 and 9.1222(2) The person to whom a firm gives basic advice2 will be a retail client3 for all purposes including the purposes of

COLL 2.1.2G01/04/2004

This chapter helps in achieving the regulatory objective of protecting consumers by ensuring that any application for authorisation of a fund meets certain standards.

CASS 1.2.8G01/01/2009

(1) CASS applies directly in respect of activities conducted with or for all categories of clients.22(2) [deleted]52225(3) The insurance client money chapter2 does not generally distinguish between different categories of client. However, the term consumer4is used for those to 4whom additional obligations are owed, rather than the term retail client.2 This is to be consistent with the client categories used in 1the Insurance: New Conduct of Business sourcebook4.2424(4) Each provision

MCOB 2.7A.6R01/11/2007

A firm must (except when otherwise agreed by parties who are not consumers):(1) give an ECA recipient at least the following information, clearly, comprehensibly and unambiguously, and before the order is placed by the recipient of the service:(a) the different technical steps to follow to conclude the contract;(b) whether or not the concluded contract will be filed by the firm and whether it will be accessible;(c) the technical means for identifying and correcting input errors

COLL 6.7.3G01/04/2004

(1) This section assists in securing the regulatory objective of protecting consumers through requirements which govern the payments out of scheme property and charges imposed on investors when buying or selling units.(2) The requirements clarify the nature of permitted charges and payments and ensure the disclosure for unitholders of any increases in charges and payments to the authorised fund manager.(3) The prospectus should make adequate provision for payments from an authorised

SUP 16.5.3G21/06/2001

The purposes of the rules and guidance in this section are:(1) to ensure that, in addition to such notifications, the FSA receives regular and comprehensive information about the identities of all persons with whom a firm has close links, which is relevant to a firm's continuing to satisfy the threshold condition 3 (Close links) (see SUP 2.3) and to the protection of consumers; and(2) to implement certain requirements relating to the provision of information on close links which

SUP 16.9.2G01/11/2004

1The purpose of the rules and guidance in this section is to ensure that, in addition to the notifications made under SUP 12.7 (Appointed representatives; notification requirements), the FSA receives regular and comprehensive information about the appointed representatives engaged by a firm, so that the FSA is in a better position to pursue the regulatory objective of the protection of consumers.3

DEPP 2.5.18G28/09/2007

Some of the distinguishing features of notices given under enactments other than the Act are as follows: (1) Building Societies Act 1986, section 36A: There is no right to refer a decision to issue a prohibition order under section 36A to the Tribunal. Accordingly, a decision notice under section 36A(5A) is not required to give an indication of whether any such right exists. A decision notice under section 36A(5A) may only relate to the issue of a prohibition order under section

COLL 6.2.2G01/04/2004

(1) This section helps in achieving the regulatory objective of securing an appropriate degree of protection for consumers. In accordance with Principle 6, this section is also concerned with ensuring the authorised fund manager pays due regard to its clients' interests and treats them fairly.(2) An authorised fund manager is responsible for arranging for the issue and the cancellation of units for the authorised fund, and is permitted to sell and redeemunits for its own account.

TC App 6.1.1G31/12/2012

1Introduction
1.	An accredited body is a body appearing in the list of such bodies in the Glossary.1 1
2.	Information on accredited bodies, including guidance on the process for including an applicant body in the list, is set out below and the obligation to pay the application fee is set out in FEES 3.2.
3.	[deleted]1 1
Process for including a body in the list of accredited bodies
4.	In considering the compatibility of a proposed addition with the regulatory objectives, the FSA will determine whether the applicant will, if accredited, contribute to securing an appropriate degree of protection for consumers having regard in particular to:
	(1)	the matters set out in paragraphs 10 to 20; and
	(2)	the rules and practices of the applicant.
5.	An application to the FSA to be added to the list of accredited bodies should set out how the applicant will satisfy the criteria in paragraphs 10 to 20. The application should be accompanied by a report from a suitable auditor which sets out its independent assessment of the applicant's ability to meet these criteria. An application form is available from the FSA upon request.
6.	When considering an application for accredited body status the FSA may:
	(1)	carry out any enquiries and request any further information that it considers appropriate, including consulting other regulators;
	(2)	ask the applicant or its specified representative to answer questions and explain any matter the FSA considers relevant to the application;
	(3)	take into account any information which the FSA considers appropriate to the application; and
	(4)	request that any information provided by the applicant or its specified representative is verified in such a manner as the FSA may specify.
7.	The FSA will confirm its decision in writing to the applicant.
8.	The FSA will enter into an agreement with the applicant or accredited body which will specify the requirements that the accredited body must meet. These will include the matters set out in paragraphs 10 to 20. Approval as an accredited body becomes effective only when the name of the applicant is added to the Glossary definition of accredited body.
9.	Paragraphs 10 to 20 set out the criteria which an applicant should meet to become an accredited body and which an accredited body should meet at all times.
Acting in the public interest and furthering the development of the profession
10.	The FSA will expect an accredited body to act in the public interest, to contribute to raising consumer confidence and professional standards in the retail investment advice market and to promoting the profession.
Carrying out effective verification services
11.	If independent verification of a retail investment adviser's professional standards has been carried out by an accredited body, the FSA will expect the accredited body to provide the retail investment adviser with evidence of that verification in a durable medium and in a form agreed by the FSA. This is referred to in this Appendix and TC 2.1.28 R as a 'statement of professional standing'.
12.	The FSA will expect an accredited body to have in place effective procedures for carrying out its verification activities. These should include:
	(1)	verifying that each retail investment adviser who is a member of or subscriber to the accredited body's verification service has made an annual declaration in writing that the retail investment adviser has, in the preceding 12 months, complied with APER and completed the continuing professional development required under TC 2.1.15 R;1
	(2)	verifying annually the continuing professional development records of no less than 10% of the retail investment advisers who have used its service in the previous 12 months to ensure that the records are accurate and the continuing professional development completed by the retail investment advisers is appropriate; and
	(3)	verifying that, if required by TC, the retail investment advisers who use its services have attained an appropriate qualification. This should include, where relevant, checking that appropriate qualification gap-fill records have been completed by the retail investment advisers.
13.	The FSA will not expect an accredited body to carry out the verification in paragraph 12(3) if a retail investment adviser provides the accredited body with evidence in a durable medium which demonstrates that another accredited body has previously verified the retail investment adviser's appropriate qualification, including, where relevant, appropriate qualification gap-fill.
14.	The FSA will expect an accredited body to make it a contractual condition of membership (where a retail investment adviser is a member of the accredited body) or of using its verification service (where a retail investment adviser is not a member of the accredited body) that, as a minimum, the accredited body will not continue to verify a retail investment adviser's standards and will withdraw its statement of professional standing if the accredited body is provided with false information in relation to a retail investment adviser's qualifications or continuing professional development or a false declaration in relation to a retail investment adviser's compliance with APER. In this regard, an accredited body must have in place appropriate decision-making procedures with a suitable degree of independence and transparency.
Having appropriate systems and controls in place and providing evidence to the FSA of continuing effectiveness
15.	The FSA will expect an accredited body to ensure that it has adequate resources and systems and controls in place in relation to its role as an accredited body.
16.	The FSA will expect an accredited body to have effective procedures in place for the management of conflicts of interest and have a well-balanced governance structure with at least one member who is independent of the sector.
17.	The FSA will expect an accredited body to have a code of ethics and to ensure that its code of ethics and verification service terms and conditions do not contain any provisions that conflict with APER.
Ongoing cooperation with the FSA
18.	The FSA will expect an accredited body to provide the FSA with such documents and information as the FSA reasonably requires, and to cooperate with the FSA in an open and transparent manner.
19.	The FSA will expect an accredited body to share information with the FSA (subject to any legal constraints) in relation to the professional standards of the retail investment advisers who use its service as appropriate. Examples might include conduct issues, complaints, dishonestly obtaining or falsifying qualifications or continuing professional development or a failure to complete appropriate continuing professional development. The FSA will expect an accredited body to notify the firm if issues such as these arise.
20.	The FSA will expect an accredited body to submit to the FSA an annual report by a suitable independent auditor which sets out that auditor's assessment of the quality of the body's satisfaction of the criteria in paragraphs 10 to 19 in the preceding 12 months and whether, in the auditor's view, the body is capable of satisfying the criteria in the subsequent 12 months. The FSA will expect this annual report to be submitted to the FSA within three months of the anniversary of the date on which the accredited body was added to the Glossary definition of accredited body.
Withdrawal of accreditation
21.	If an accredited body fails or, in the FSA's view, is likely to fail to satisfy the criteria, the FSA will discuss this with the accredited body concerned. If, following a period of discussion, the accredited body has failed to take appropriate corrective action to ensure that it satisfies and will continue to satisfy the criteria, the FSA will withdraw the accredited body's accreditation by removing its name from the list of accredited bodies published in the Glossary. The FSA will expect the body to notify each retail investment adviser holding a current statement of professional standing of the FSA's decision. A statement of professional standing issued by the accredited body before the withdrawal of accreditation will continue to be valid until its expiration.

DEPP 6.5D.4G06/03/2010

(1) The FSA will consider reducing the amount of a penalty if a firm will suffer serious financial hardship as a result of having to pay the entire penalty. In deciding whether it is appropriate to reduce the penalty, the FSA will take into consideration the firm’s financial circumstances, including whether the penalty would render the firm insolvent or threaten the firm’s solvency. The FSA will also take into account its regulatory objectives, for example in situations where

COLL 7.5.1G01/04/2004

(1) The FSA expects that the majority of requests it will receive for the winding up of an authorised fund (under regulation 21(1) of the OEIC Regulations or under section 256 of the Act) or termination of a sub-fund will be from authorised fund managers and depositaries who consider that the AUT, ICVC or sub-fund in question is no longer commercially viable.(2) It is in consumers' interests to minimise, as far as possible, the period between which the FSA receives such requests

BIPRU 1.1.10G01/12/2009

(1) This paragraph applies to an undertaking that would be a third country BIPRU firm if it were authorised under the Act.(2) Except in exceptional circumstances, it is the FSA's policy that it will not give an overseas applicant a Part IV permission unless the FSA is satisfied that the applicant will be subject to prudential regulation by its home state regulatory body that is broadly equivalent to that provided for in the Handbook and the applicable EEA prudential sectoral legislation.

COBS 6.4.4AR31/12/2012

3If the firm or its associate is the pure protection contractinsurer, it may comply with COBS 6.4.3R (1)(b) and (c) by disclosing to the consumer an indicative adviser charge as an alternative to a commission equivalent.

Related provisions for BIPRU 12.5.20

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