Related provisions for FEES 6.2.2

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

BIPRU 13.7.6RRP
A firm may treat contractual netting as risk-reducing only under the following conditions:(1) the firm must have a contractual netting agreement with its counterparty which creates a single legal obligation, covering all included transactions, such that, in the event of a counterparty's failure to perform owing to default, bankruptcy, liquidation or any other similar circumstance, the firm would have a claim to receive or an obligation to pay only the net sum of the positive and
RCB 3.5.6DRP
The issuer or the owner, as the case may be, must notify the FCA immediately, in writing by e-mail or hand-delivered letter, if Regulation 18(2), or 24(1)(c) of the RCB Regulations (obligation to inform FCA if asset pool not capable, or not likely to be capable of covering claims) is triggered.
ICOBS 2.5.3GRP
(1) Where it is compatible with the nature of the obligation imposed by a particular rule, including the customer’s best interests rule,4 and with the Principles, in particular Principles 1 (Integrity), 2 (Skill, care and diligence) and 3 (Management and control), firms may rely on third parties in order to comply with the rules in this sourcebook.(2) For example, where a rule requires a firm to take reasonable steps to achieve an outcome, it will generally be reasonable for a
BIPRU 4.3.2RRP
Each exposure must be assigned to one of the following exposure classes:(1) claims or contingent claims on central governments and central banks;(2) claims or contingent claims on institutions;(3) claims or contingent claims on corporates;(4) retail claims or contingent retail claims;(5) equity claims;(6) securitisation positions; and(7) non credit-obligation assets.[Note: BCD Article 86(1)]
TC App 4.1.1AERP

24In relation to the above RDR activities a qualification in the table in Part 2 will meet the qualification requirement in relation to the activity listed in column 3 of that table, for the purpose of TC 2.1.10E(2), to the extent set out below:

  1. (1)

    where an ‘a’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement on and after, 31 December 2012; and

  2. (2)

    where a ‘b’ appears in the fourth column of the table in Part 2 the qualification will fully meet the qualification requirement until 31 December 2012. On and after 31 December 2012 this must be combined with qualification gap-fill. This gap-fill (see TC App 7.1.1G)29 constitutes additional structured continuing professional development, which need not be by examination, completed and verified by an accredited body.

24Part 1B: The non-Retail Distribution Review activities (non-RDR activities)

Activity Number

Non-RDR24 Activity (non-overseeing activity)24

24

7

Giving personal recommendations26 on long-term care insurance contracts

24

24

8

Giving personal recommendations26 on investments in the course of corporate finance business

9

Advising on syndicate participation at Lloyd's

11

Undertaking the activity of a pension transfer specialist

14 and 10

Managing investments and/or undertaking the activity of a broker fund adviser

20

Advising on a regulated mortgage contract for a non-business purpose; or

Arranging (bringing about) an execution-only sale of a regulated mortgage contract for a non-business purpose, excluding variations to an existing regulated mortgage contract, except where the effect is to change all or part of the regulated mortgage contract from one interest rate to another14

24

24

21

Advising on equity release transactions; or

Arranging (bringing about) an execution-only sale of an equity release transaction, excluding variations to an existing equity release transaction, except where the effect is to change all or part of the equity release transaction from one interest rate to another14

1421A

Designing scripted questions for an execution-only sale of a regulated mortgage contract for a non-business purpose

22

Designing scripted questions for an execution-only sale of an 14equity release transaction

1414

24

24

24Activity Number

Non-RDR Activity (overseeing activity)

15

Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme.

16

Overseeing on a day to day basis safeguarding and administering investments or holding client money.

17

Overseeing on a day to day basis administrative functions in relation to managing investments:

(i) arranging settlement;

(ii) monitoring and processing corporate actions;

(iii) client account administration, liaison and reporting including valuation and performance measurement;

(iv) ISA or CTF administration;

(v) investment trust savings scheme administration.

18

Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies:

(i) new business administration;

(ii) policy alterations including surrenders and policy loans;

(iii) preparing projections;

(iv) processing claims, including pension payments;

(v) fund switching.

19

Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes:

(i) new business administration;

(ii) receipt of or alteration to contributions;

(iii) preparing projections and annual statements;

(iv) administration of transfers;

(v) handling claims, including pension payments;

(vi) fund allocation and switching.

23

Overseeing non-advised sales on a day to day basis of equity release transactions.

BIPRU 4.4.46GRP
1Under BIPRU 4.4.45 R, a firm may calculate exposure values by calculating the amount expected to be claimed, instead of the maximum possible amount of the potential claim. The figure for the amount expected to be claimed should not be less than the current outstandings from time to time.
BIPRU 3.4.80RRP
The value of the collateral must be the market value or mortgage lending value reduced as appropriate to reflect the results of the monitoring required under 2BIPRU 3.4.60 R (4)(b)2 and BIPRU 3.4.66 R and to take account of any prior claims on the property.[Note: BCD Annex VIII Part 3 point 65]