Related provisions for PERG 5.12.8
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The application of section 21 of the Act and of exemptions in the Financial Promotion Order to invitations or inducements about insurance distribution activities1 will vary depending on the type of activity. The implementation of the IDD1 has not led to any changes in the definitions of a controlled investment or a controlled activity under the Financial Promotion Order. So:(1) rights under any contract of insurance are a controlled investment;(2) rights to or interests in rights
The definition of insurance distribution activity8 is any of several activities 'in relation to a contract of insurance' which includes a contract of reinsurance. This chapter, therefore, applies to a reinsurance intermediary in the same way as it applies to any other insurance intermediary.
The definition of insurance distribution activity11 refers to several activities 'in relation to a contract of insurance' which includes a contract of reinsurance. This chapter, therefore, applies to a reinsurance intermediary in the same way as it applies to any other insurance intermediary.
(1) CASS 5.1 to CASS 5.6 apply, subject to (2), (3) and CASS 5.1.3 R to CASS 5.1.6 R, to a firm that receives or holds money in the course of or in connection with its insurance distribution activity8.(2) CASS 5.1 to CASS 5.6 do not, subject to (3), apply:(a) to a firm to the extent that it acts in accordance with the client money chapter; or64(b) [deleted]8(c) to an insurance undertaking in respect of its permitted activities; or(d) to a managing agent when acting as such; or(e)
Table Application of Exemptions to Forms of PromotionsFinancial Promotion OrderApplies toArticle No.Title and PERG 8 reference (where applicable)Unsolicited real timeSolicited real timeNon-real time(solicited or unsolicited)12Communications to overseas recipients (8.12.2G)*1**13Communications from customers and potential customers (8.12.9G)***14Follow up non-real time communications and solicited real time communications (8.12.10G)**15Introductions (8.12.11G)***116Exempt persons
General guidance on the perimeter is also contained in various FCA documents (mainly fact sheets and frequently asked questions) that are available on the FCA website at www.fca.org.uk.These documents, and the URL on which they may be accessed, include:(1) [deleted]612446(2) [deleted]212(3) [deleted](4) [deleted]313(5) [deleted]313(6) [deleted]313(7) guidance about the position under the Insurance Mediation Directive and the Regulated Activities Order of the company appointed
(1) Some of the controlled functions, as set out in SUP 10A.4.1 R17, apply to an appointed representative of a firm, other than an introducer appointed representative, just as they apply to a firm (see SUP 10A.1.15 R17). These are the governing functions and the customer function5. In the case of an appointed representative that also has a limited permission, an FCA required function may apply to it.9 As explained in SUP 10A.1.16 R17 and SUP 10A.3.2 G17 respectively:21717517517(a)
A contravention of a rule in SYSC 11 to 2SYSC 21,7SYSC 22.8.1R, SYSC 22.9.1R or SYSC 23 to9SYSC 288 does not give rise to a right of action by a private person under section 138D of the Act (and each of those rules is specified under section 138D(3) of the Act as a provision giving rise to no such right of action). 34437
Certain of the exclusions in the Regulated Activities Order that apply to the regulated activity of advising on investments are not available where the advice either relates to a contract of insurance or amounts to insurance distribution or reinsurance distribution3. This results from the requirements of the IDD3 and is explained in more detail in PERG 5 (Guidance on insurance distribution3 activities).