Related provisions for SYSC 22.5.16

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COBS 2.4.4RRP
(1) This rule applies if a firm (F1), in the course of performing MiFID or equivalent third country business, receives an instruction to provide3 an investment or ancillary service on behalf of a client (C) through another firm (F2), if F2 is:(a) a MiFID investment firm or a third country investment firm; or(b) an investment firm that is:(i) a firm5; and(ii) subject to equivalent relevant requirements.(2) F1 may rely upon:(a) any information about C transmitted to it by F2; and(b)
COBS 2.4.6RRP
(1) This rule applies if the applicable4rule on reliance on other investment firms or insurance distributors (COBS 2.4.4 R and COBS 2.4.5AR4) does not apply.(2) A firm will be taken to be in compliance with any rule in this sourcebook that requires it to obtain information to the extent it can show it was reasonable for it to rely on information provided to it in writing by another person.
COBS 2.4.7ERP
(1) In relying on COBS 2.4.6 R, a firm should take reasonable steps to establish that the other person providing written information is not connected with the firm and is competent to provide the information.(2) Compliance with (1) may be relied upon as tending to establish compliance with COBS 2.4.6 R.(3) Contravention of (1) may be relied upon as tending to establish contravention of COBS 2.4.6 R.
COBS 2.4.10RRP
In the case of business that is not MiFID or equivalent third country business, if a rule in COBS or CASS requires information to be sent to a client, a firm need not send that information so long as it takes reasonable steps to establish that it has been or will be supplied by another person.
CONC 15.1.5RRP
In good time before a credit agreement is made and, where section 58 applies, before an unexecuted agreement is sent to the customer for signature a firm must:(1) disclose key contract terms and conditions of the prospective credit agreement;(2) disclose any features of the prospective credit agreement which carry a particular risk to the customer;(3) inform the customer of the consequences of missing payments or of making underpayments, including the imposition of default charges,
CONC 15.1.6GRP
Where appropriate, the disclosure required by CONC 15.1.5 R2 should be explained orally to the customer.2
CONC 15.1.7RRP
Where a firm has reasonable grounds to suspect that the customer does not understand material aspects of the obligations they will take on and the resulting risks, under a regulated credit agreement, the firm:(1) must not enter into a regulated credit agreement; and (2) must provide further explanation of any such obligations or risks.
CONC 15.1.15RRP
If a shortfall remains following the sale of a property, the firm must notify the customer as soon as possible of the amount of the shortfall.
SYSC 22.4.1GRP
1SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements) has two purposes:(1) to set out what information a firm3 should disclose under SYSC 22.2.2R(4); and2(2) to provide a template that a firm3 should use when giving a reference under this chapter.2
SYSC 22.4.2RRP
(1) A firm3 must use the template in Part One of SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements) when giving a reference under this chapter to another firm (A). 2(2) A firm may make minor changes to the format of the template in Part One of SYSC 22 Annex 1R when giving a reference under this chapter, provided that the reference includes all the information required by SYSC 22 Annex 1R. (3) This rule applies even if A is not
SYSC 22.4.4GRP
A firm3 should use the template in SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements) even if the firm asking for the reference does not specifically ask it to.2
COBS 4.5.2RRP
A firm must ensure that information:(1) includes the name of the firm (and also, where relevant, the name of the firm that has confirmed the compliance of the financial promotion for the purposes of COBS 4.10.9AR(3)(a));12(1A) where relevant, includes the date on which the financial promotion was approved;12(2) is accurate and always gives a fair and prominent indication of any relevant risks when referencing6 any potential benefits of relevant business or a relevant investment6;
COBS 4.5.3GRP
(1) The effect of COBS 4.5.2R(1) is that, where relevant and subject to COBS 4.5.2AR, the name of the firm that approved or confirmed the compliance of a financial promotion must be included in that financial promotion.12(2) The name of the firm may be a trading name or shortened version of the legal name of the firm, provided the retail client can identify the firm communicating the information and, if different, the firm that approved or confirmed the compliance of the financial
COBS 4.5.4GRP
In deciding whether, and how, to communicate information to a particular target audience, a firm should take into account the nature of the product or business, the risks involved, the client's commitment, the likely information needs of the average recipient, and the role of the information in the sales process.
COBS 4.5.5GRP
When communicating information, a firm should consider whether omission of any relevant fact will result in the6 information being insufficient, unclear, unfair or misleading. When considering whether a fact should be included in the communication or omitted from it, a firm should bear in the mind the guidance in COBS 4.2.2G to provide information which is appropriate and proportionate.7
PERG 8.12.26GRP
Provided the conditions in PERG 8.12.25 G are met, the exemption in article 20 applies to any non-real time financial promotion. However, there is an additional condition where the subject matter of the financial promotion is shares or options, futures or contracts for differences relating to shares and the financial promotion identifies directly a person who issues or provides such an investment, or the subject matter of the financial promotion is a controlled claims management
PERG 8.12.27GRP
The exceptions to the disclosure requirement are where the financial promotion is in either:(1) a publication, service or broadcast which has proper systems and procedures which prevent the publication of communications without disclosure of financial interests; or(2) a publication, service or broadcast which falls within the remit of:(a) the Code of Practice issued by the Press Complaints Commission; or(b) the OFCOM Broadcasting1 Code; or11(c) the Producers’ Guidelines issued
PERG 8.12.28GRP
The effect of PERG 8.12.27G (2) is that financial promotions made by journalists in publications, services or broadcasts to which one of the codes or the guidelines apply are not subject to the disclosure requirement. This is so even if a financial promotion is made in breach of the codes or guidelines. Such financial promotions would remain to be dealt with by the body responsible for the code or guidelines and the publisher concerned. The code or guidelines may, of course, themselves
PERG 8.12.29GRP
The effect of PERG 8.12.27G (1) is that a journalist will not breach section 21 by not disclosing a financial interest, providing that the publication, service or broadcast concerned operates proper systems and procedures. As with the exemption in article 12 of the Financial Promotion Order (see PERG 8.12.6 G), what proper systems and procedures are will be a matter ultimately for the courts to determine and may vary according to the medium used. It will depend upon all the circumstances
PERG 8.12.30GRP
Persons such as experts or analysts may be approached to contribute at very short notice and may be overseas. In such cases, the systems and procedures referred to in PERG 8.12.29 G may not be practical. It is the FCA's opinion that, where occasional contributors are concerned, proper systems and procedures may include arrangements for ensuring that the need for disclosure (or the avoidance of financial interests) is drawn to the contributor’s attention before the communication
CONC 6.7.3GRP
The action referred to in CONC 6.7.2 R should generally include:(1) notifying the customer of the risk of escalating debt, additional interest or charges and of potential financial difficulties; and [Note: paragraph 6.16 of ILG](2) providing contact details for not-for-profit debt advice bodies.[Note: paragraph 6.2 (box) of ILG]; or18(3) 18where a Debt Respite moratorium is in effect for the customer’s debt for the purposes of CONC 6.7.2R, complying with its obligations pursuant
CONC 6.7.9RRP
(1) This rule applies to a regulated credit agreement for a credit card and to a retail revolving credit agreement.5(2) A firm must notify the customer of a proposed increase in the credit limit under the agreement:5(a) in the case of a regulated credit agreement for a credit card or a store card, at least 30 days before the increase comes into effect; and5(b) in the case of a retail revolving credit agreement (other than an agreement for a store card), at least 28 days before
CONC 6.7.11GRP
For the purposes of CONC 6.7.7 R and CONC 6.7.10 R a customer is at risk of financial difficulties if the customer:(1) is two or more payments in arrears; or(2) has agreed a repayment plan with the firm in question; or(3) is in serious discussion with a firm which carries on debt counselling with a view to entering into a debt management plan and the firm has been notified of this fact.[Note: paragraph 6.10 (box) of ILG]
CONC 6.7.16RRP
Where a firm increases a rate of interest based on a change in the risk presented by the customer, the firm must: (1) notify the customer that the rate of interest has been increased based on a change in risk presented by the customer; and (2) if requested by the customer provide a suitable explanation which may be a generic explanation for such increases.[Note: paragraph 6.20 (box) of ILG]
CONC 6.7.20RRP
Before a firm agrees to refinance high-cost short-term credit, it must: (1) give or send an information sheet to the customer; and(2) where reasonably practicable to do so, bring the sheet to the attention of the customer before the refinance;in the form of the arrears information sheet issued by the FCA referred to in section 86A of the CCA with the following modifications:(3) for the title and first two sentences 16 of the information sheet substitute:“High-cost short-term loansFailing
DTR 1A.3.2ARRP
1The duty imposed by DTR 1A.3.2 R does not apply to an issuer's obligation under DTR 5.8.12 R to make public the information contained in a vote holder notification made to it under DTR 5.1.2 R.
DTR 1A.3.3RRP
If an issuer is required to notify information to a RIS at a time when a RIS is not open for business, it must distribute the information as soon as possible to:(1) not less than two national newspapers in the United Kingdom;(2) two newswire services operating in the United Kingdom; and(3) a RIS for release as soon as it opens.
DTR 1.2.4GRP

An issuer, person discharging managerial responsibilities or connected person should consult with the FCA at the earliest possible stage if they:

  1. (1)

    are in doubt about how the disclosure requirements2 apply in a particular situation.2

  2. (2)

    [deleted]2

DTR 1.2.5GRP

1Where the4disclosure requirements and the disclosure guidance refer4 to consultation with the FCA, submissions should be made in writing other than in circumstances of exceptional urgency.

Address for correspondence

Note: The FCA's address for correspondence in relation to the disclosure requirements and the disclosure guidance2 is:

2

Primary Market Monitoring

Enforcement and Market4 Oversight Division2

The Financial Conduct Authority

12 Endeavour Square3

London, E20 1JN3

https://www.fca.org.uk/markets/primary-markets/contact/request-individual-guidance4

DISP App 3.9.2GRP
In assessing redress, the firm should consider whether there are any other further losses that flow from its breach or failing or from its failure to disclose commission (as applicable), 1 that were reasonably foreseeable as a consequence of the firm's breach or failing or of its failure to disclose commission,1 for example, where the payment protection contract's cost or rejected claims contributed to affordability issues for the associated loan or credit which led to arrears
DISP App 3.9.3GRP
Where, for single premium policies, there were previous breaches or failings or previous failures to disclose commission1 (see DISP App 3.2.7 G) the redress to the complainant should address the cumulative financial impact.
SYSC 22.3.5GRP
(1) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 22.4.6G(-1)]3(2) [deleted] [Editor’s note: The text of this provision has been moved to SYSC 22.4.7G]3
SYSC 22.3.6GRP
[deleted] [Editor’s note: The text of this provision has been moved to SYSC 22.4.8G]3
DISP 3.8.2BRRP
24This does not prevent the Ombudsman disclosing information:(1) to the extent that he is required or authorised to do so by law; or(2) to the parties to the complaint; or(3) in his determination; or(4) at a hearing in connection with the complaint.
DISP 3.8.3RRP
So long as he has regard to the parties' rights of privacy, the Ombudsman may disclose information to the FCA5 or any other body exercising regulatory or statutory functions for the purpose of assisting that body or the Financial Ombudsman Service to discharge its functions.245
RCB 3.6.5DRP
Unless otherwise stated, the issuer or the owner, as the case may be, must send the relevant forms and information to theFCA3marked for the attention of the "Regulated Covered Bonds Team2" by email to rcb@fca.org.uk3:1(1) [deleted]3(2) [deleted]3(3) [deleted]3
ICOBS 4.4.1RRP
(1) An insurance intermediary must, on a commercial customer's request, promptly disclose the commission that it and any associate receives in connection with a policy.(2) Disclosure must be in cash terms (estimated, if necessary) and in writing or another durable medium. To the extent this is not possible, the firm must give the basis for calculation.
ICOBS 4.4.3GRP
(1) The commission disclosure rule is additional to the general law on the fiduciary obligations of an agent in that it applies whether or not the insurance intermediary is an agent of the commercial customer.(2) In relation to contracts of insurance, the essence of these fiduciary obligations is generally a duty to account to the agent’s principal. But where a customer employs an insurance intermediary by way of business and does not remunerate him, and where it is usual for
COBS 6.1D.11RRP
A firm must, in good time, provide an employee with sufficient information on the total consultancy charge payable by the employee.
COBS 6.1D.12GRP
To comply with COBS 6.1D.11R, a firm's disclosure should be in cash terms4 (or convert non-cash terms into illustrative cash equivalents) and should:(1) include information as to the period over which the consultancy charge is payable;(2) provide information on the implications for the employee if the employee leaves the employer’s service or their contributions to the group personal pension scheme or group stakeholder pension scheme are cancelled before the consultancy charge
COBS 6.1D.13GRP
A firm may provide the disclosure in COBS 6.1D.11R at the same time as it provides a key features document.
SYSC 22.9.1RRP
(1) A3firm must arrange for orderly records to be created and kept that are sufficient to enable it to comply with the requirements of this chapter.12(2) This rule only applies to records in relation to the following questions in Part One of SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements): (a) question (E) (fit and proper); and (b) question (F) (disciplinary action).
SYSC 22.9.2GRP
SYSC 22.9.1R does not have an express time limit for which a firm should retain the records as its effect is that those time limits are the same as the time limits in SYSC 22 Annex 1R (Template for regulatory references given by SMCR firms2 and disclosure requirements).
SYSC 22.9.5GRP
(1) SYSC 22.9.1R applies to keeping records created before the date this chapter came into force as well as ones created afterwards.(2) A3firm does not breach the requirements of this chapter by failing to include something in a reference or by failing to have records2 because it destroyed the relevant records before the date this chapter came into force in accordance with the record keeping requirements applicable to it at the time of destruction.2(3) (1) also applies to records
COLL 6.7.6GRP
(1) For the authorised fund manager's periodic charge or for payments out of scheme property to the investment adviser, the prospectus may permit a payment based on a comparison of one or more aspects of the scheme property or price in comparison with fluctuations in the value or price of property of any description or index or other factor designated for the purpose (a "performance fee").(2) Any performance fee should be specified in the appropriate manner in the prospectus and
COLL 6.7.11GRP
(1) Any payment as a result of effecting transactions for the authorised fund should be made from the capital property of the scheme.(2) Other than the payments in (1), all other payments should be made from income property in the first instance but may be transferred to the capital account in accordance with COLL 6.7.10 R (1) (Allocation of payments to income or capital).(3) For payments transferred to the capital property of the scheme in accordance with (2), the prospectus
COLL 6.7.16GRP
Except as provided in COLL 6.3.5DR, an12affected person is not liable to account to another affected person or to the unitholders of any scheme for any profits or benefits it makes or receives that are made or derived from or in connection with:(1) dealings in the units of a scheme; or(2) any transaction in scheme property; or(3) the supply of services to the scheme;where disclosure of the non-accountability has been made in the prospectus of the scheme.
APER 4.4.1AGRP
3The Statement of Principle 4 (see APER 2.1A.3 R1) is in the following terms: "An approved person must deal with the FCA, the PRA and other regulators in an open and cooperative way and must disclose appropriately any information of which the FCA or the PRA would reasonably expect notice."1
APER 4.4.7GRP
1Where the approved person is, or is one of the approved persons who is, responsible within the APER employer2 for reporting matters to the regulator concerned (as defined in APER 4.4.4G), failing promptly to inform the regulator concerned of information of which they are aware and which it would be reasonable to assume would be of material significance to the regulator concerned, whether in response to questions or otherwise, falls within APER 4.4.3G.
APER 4.4.9GRP
1Failing without good reason to:(1) inform a regulator of information of which the approved person was aware in response to questions from that regulator;(2) attend an interview or answer questions put by a regulator, despite a request or demand having been made;(3) supply a regulator with appropriate documents or information when requested or required to do so and within the time limits attaching to that request or requirement;falls within APER 4.4.3 G.
DTR 6.3.2RRP
An issuer or person must disclose regulated information in the manner set out in DTR 6.3.3 R to DTR 6.3.8 R. [Note: article 21(1) of the TD]
DTR 6.3.8RRP
Upon request, an issuer or other person must be able to communicate to the FCA, in relation to any disclosure of regulated information:(1) the name of the person who communicated the regulated information to the RIS;(2) the security validation details;(3) the time and date on which the regulated information was communicated to the RIS;(4) the medium in which the regulated information was communicated; and(5) details of any embargo placed by the issuer on the regulated information,
DTR 6.3.10RRP
(1) Information that is disclosed in a third country6 which may be of importance to the public in the United Kingdom6 must be disclosed in accordance with the provisions set out in DTR 6.2 and DTR 6.3. (2) Paragraph (1) applies additionally to information that is not regulated information.[Note: article 23(3) of the TD]