Related provisions for CONC 7.17.10

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BIPRU 11.5.1RRP
A firm must disclose its risk management objectives and policies for each separate category of risk, including the risks referred to under BIPRU 11.5.1 R to BIPRU 11.5.17 R. These disclosures must include:(1) the strategies and processes to manage those risks;(2) the structure and organisation of the relevant risk management function or other appropriate arrangements;(3) the scope and nature of risk reporting and measurement systems; and(4) the policies for hedging and mitigating
BIPRU 11.5.2RRP
A firm must disclose the following information regarding the scope of application of the requirements of the Banking Consolidation Directive:(1) the name of the firm which is the subject of the disclosures;(2) an outline of the differences in the basis of consolidation for accounting and prudential purposes, with a brief description of the entities that are:(a) fully consolidated;(b) proportionally consolidated;(c) deducted from capital resources;(d) neither consolidated nor deducted;(3)
BIPRU 11.5.3RRP
A firm must disclose the following information regarding its capital resources:(1) summary information on the terms and conditions of the main features of all capital resources items and components thereof, including:2(a) 2hybrid capital;(b) 2capital instruments which provide an incentive for the firm to redeem them; and(c) 2capital instruments which the firm treats as tier one capital under GENPRU TP8A;(2) tier one capital resources, with separate disclosure of:22(a) 2all positive
BIPRU 11.5.4RRP
A firm must disclose the following information regarding compliance with BIPRU 3, BIPRU 4, 5, BIPRU 7, 5 and the overall Pillar 2 rule:(1) a summary of the firm's approach to assessing the adequacy of its internal capital to support current and future activities;(2) for a firm calculating risk weighted exposure amounts in accordance with the standardised approach to credit risk, 8% of the risk weighted exposure amounts for each of the standardised credit risk exposure classes;(3)
BIPRU 11.5.7RRP
A firm must disclose the following information regarding its exposure to counterparty credit risk:(1) a discussion of the methodology used to assign internal capital and credit limits for counterparty credit exposures;(2) a discussion of policies for securing collateral and establishing credit reserves;(3) a discussion of policies with respect to wrong-way riskexposures;(4) a discussion of the impact of the amount of collateral the firm would have to provide given a downgrade
BIPRU 11.5.8RRP
A firm must disclose the following information regarding its exposure to credit risk and dilution risk:(1) the definitions for accounting purposes of past due and impaired;(2) a description of the approaches and methods adopted for determining value adjustments and provisions;(3) the total amount of exposures after accounting offsets and without taking into account the effects of credit risk mitigation, and the average amount of the exposures over the period broken down by different
BIPRU 11.5.9RRP
The information to be disclosed under BIPRU 11.5.8 R (9) must comprise:(1) a description of the type of value adjustments and provisions;(2) the opening balances;(3) the amounts taken against the provisions during the period;(4) the amounts set aside or reversed for estimated probable losses on exposures during the period, any other adjustments including those determined by exchange rate differences, business combinations, acquisitions and disposals of subsidiary undertakings,
BIPRU 11.5.10RRP
For a firm calculating risk weighted exposure amounts in accordance with the standardised approach to credit risk, the following information must be disclosed for each of the standardised credit risk exposure classes;(1) the names of the nominated ECAIs and export credit agencies and the reasons for any changes;(2) the standardised credit risk exposure classes for which each ECAI or export credit agency is used;(3) a description of the process used to transfer the issuer and issue
BIPRU 11.5.12RRP
A firm must disclose its capital resources requirements separately for each risk referred to in (1), (2) and (3):44(1) in respect of its trading-book business, its:(a) interest rate PRR;(b) equity PRR;1(c) option PRR;(d) collective investment schemesPRR;(e) counterparty risk capital component; and(f) [deleted]6(2) in respect of all of its business activities, its:(a) commodity PRR; and(b) foreign currency PRR; and41(3) its specific interest-rate risk of securitisation positions.4[Note:
BIPRU 11.5.15RRP
A firm must disclose the following information regarding the exposures in equities not included in the trading book:(1) the differentiation between exposures based on their objectives, including for capital gains relationship and strategic reasons, and an overview of the accounting techniques and valuation methodologies used, including key assumptions and practices affecting valuation and any significant changes in these practices;(2) the balance sheet value, the fair value and,
BIPRU 11.5.16RRP
A firm must disclose the following information on its exposure to interest rate risk on positions not included in the trading book:(1) the nature of the interest rate risk and the key assumptions (including assumptions regarding loan prepayments and behaviour of non-maturity deposits), and frequency of measurement of the interest rate risk; and(2) the variation in earnings, economic value or other relevant measure used by the management for upward and downward rate shocks according
BIPRU 11.5.18RRP
3A firm must disclose the following information, including regular, at least annual, updates, regarding its remuneration policy and practices for those categories of staff whose professional activities have a material impact on its risk profile:(1) information concerning the decision-making process used for determining the remuneration policy, including if applicable, information about the composition and the mandate of a remuneration committee, the external consultant whose services
BIPRU 11.5.20RRP
(1) 3A firm that is significant in terms of its size, internal organisation and the nature, scope and the complexity of its activities must also disclose the quantitative information referred to in BIPRU 11.5.18 R at the level of senior personnel.(2) Firms must comply with the requirements set out in BIPRU 11.5.18 R in a manner that is appropriate to their size, internal organisation and the nature, scope and complexity of their activities and without prejudice to the UK or other
BIPRU 11.5.21GRP
3In the appropriate regulator's view, the exemptions from disclosure provided for in BIPRU 11.3.5 R (materiality) and BIPRU 11.3.6 R (proprietary or confidential information) are unlikely to apply to the disclosure required by BIPRU 11.5.18 R (having regard, amongst other things, to the fact that the requirements set out in BIPRU 11.5.18 R are to be complied with in the manner described in BIPRU 11.5.20 R (2)).
MCOB 4.4A.2RRP
(1) The limitations in MCOB 4.4A.1 R include any limitations on the regulated mortgage contracts the firm will consider from within the relevant market. A firm which is offering services to a customer in respect of more than one type of relevant market must describe its services in relation to each such relevant market.(2) For these purposes, there are two relevant markets for regulated mortgage contracts (apart from lifetime mortgages): one for regulated mortgage contracts that
MCOB 4.4A.3GRP
(1) A firm that only offers products from one part of a relevant market (for example, just bridging loans) should not disclose its service as unlimited.(2) When considering whether there are any limitations in its product range across the relevant market, a firm need not take account of the existence of exclusive deals which a mortgage lender offers to be sold by one or a limited number of mortgage intermediaries only (and not generally by mortgage intermediaries across the relevant
MCOB 4.4A.3AGRP
3In making its disclosure under MCOB 4.4A.1R(1), a firm should indicate, for each relevant market, whether this is across first charge legal mortgages, second charge regulated mortgage contracts or both.
MCOB 4.4A.4RRP
(1) If a firm is not offering to the customer products from an unlimited range from across the relevant market, in2 its disclosure on product range in MCOB 4.4A.1 R, the firm must:22(a) where it is an MCD mortgage credit intermediary,2 list the names of all the mortgage lenders whose products it is offering; or(b) where it is not an MCD mortgage credit intermediary, either22(i) comply with (a); or2(ii) inform the customer of the number of mortgage lenders whose products it is
MCOB 4.4A.6GRP
The disclosure required by MCOB 4.4A.1R (1), MCOB 4.4A.2R and MCOB 4.4A.4R(1) about limitations in product range and direct deals should be expressed in simple, clear terms. A firm may wish to consider using a sentence appropriate to the circumstances, along the following lines:• “We are not limited in the range of mortgages we will consider for you.”• “We offer a comprehensive range of mortgages from across the market, but not deals that you can only obtain by going direct to
MCOB 4.4A.7GRP
(1) Firms are reminded that, in the light of the rules and guidance in SYSC, they should have adequate systems and controls in place to ensure that the disclosure they make to a customer about their service reflects the service the customer is actually offered.(2) Firms are also reminded that Principle 7 (Communications with clients) and MCOB 3A.2.1R (Fair, clear2 and not misleading communications) are also relevant to how they describe their services, including in any business
MCOB 4.4A.8RRP
(1) The information about the basis of remuneration required by MCOB 4.4A.1R (2) must include all relevant information, including the following details:(a) any fees which the firm will charge to the customer;(b) when any such fees will be payable and, if applicable, reimbursable; and(c) whether the firm will receive commission from the mortgage lender or another third party and, if applicable, whether any commission will be offset against any fees charged and the arrangements
MCOB 4.4A.13GRP
(1) In many cases, MCOB 4.4A.12 R means that information will be given at the time of the first contact between the firm and the customer. However, there may be circumstances, for example in relation to a loan for a business purpose, where the possibility of the customer entering into, or varying the terms of, a regulated mortgage contract is only identified after preliminary discussions. The relevant disclosure is only required once this possibility is identified.(2) MCOB 4.4A.12
MCOB 4.4A.14GRP
Principle 7 and MCOB 3A.2.1R2 also mean that, if initial disclosure has been given but any of the information in it (for example the basis on which the firm will be remunerated) subsequently changes, the firm should bring this clearly to the customer's attention.2
MCOB 4.4A.17RRP
If the initial contact is by telephone, then the firm must also, before proceeding further, give the name of the firm and (if the call is initiated by or on behalf of the firm) the commercial purpose of the call.
MCOB 4.4A.19GRP
(1) MCOB 4.4A.18 R contains the additional disclosure requirements for firms providing mortgage mediation activities to a consumer by way of a distance contract. MCOB 4.5 and MCOB 4.6 contain further rules and guidance applicable where firms enter into a distance contract in respect of their home finance mediation activities independent of any contractual arrangement with a consumer relating to a particular home finance transaction or transactions.(2) There is guidance on distance
MCOB 4.4A.20AGRP
(1) 2An MCD mortgage lender or an MCD credit intermediary may comply with MCOB 4.4A.18R (3) and (5) to MCOB 4.4A.18R (9) by providing an ESIS to the consumer prior to the conclusion of the MCD regulated mortgage contract. (2) Provided that the provisions of MCOB 4.4A on the methods and timing of disclosure are complied with, an MCD mortgage lender or an MCD credit intermediary may comply with MCOB 4.4A.18R (1), (2) and MCOB 4.4A.18R (4) by providing the necessary information in
MCOB 4.4A.21RRP
(1) If at the point that initial disclosure must be made in accordance with MCOB 4.4A.1 R, MCOB 4.4A.2 R, MCOB 4.4A.4 R,2MCOB 4.4A.8 R and MCOB 4.4A.8A R2 a firm is uncertain whether the contract will be a regulated mortgage contract, the firm must:(a) make the initial disclosure; or(b) seek to obtain from the customer information that will enable the firm to ascertain whether the contract will be a regulated mortgage contract.(2) Where (1)(b) applies, the initial disclosure must
MCOB 4.4A.22RRP
A firm may restrict the home finance transactions it authorises a particular appointed representative to sell. If it does so, the firm must ensure the appointed representative reflects this limited range in any disclosure given to the customer under MCOB 4.4A.
MCOB 4.4A.23GRP
Firms are reminded of the general record-keeping requirements in SYSC 9. A firm should keep appropriate records of the disclosures required by this section.
BIPRU 11.3.1RRP
A firm must publicly disclose the information laid down in BIPRU 11.5 subject to the provisions laid down in BIPRU 11.3.5 R to BIPRU 11.3.7 R.[Note: BCD Article 145(1), CAD Article 39]
BIPRU 11.3.2RRP
(1) A firm which has an IRB permission must publicly disclose the information laid down in BIPRU 11.6.1 Rto BIPRU 11.6.4 R.(2) A firm which recognises credit risk mitigation in accordance with BIPRU 5 must publicly disclose the information laid down in BIPRU 11.6.5 R.(3) [deleted]3[Note: BCD Article 145(2), CAD Article 39]1
BIPRU 11.3.3RRP
(1) A firm must adopt a formal policy to comply with the disclosure requirements laid down in BIPRU 11.3.1 R and BIPRU 11.3.2 R and have policies for assessing the appropriateness of its disclosures, including their verification and frequency.2(2) A firm must also have policies for assessing whether its disclosures convey its risk profile comprehensively to market participants. Where those disclosures do not convey its risk profile comprehensively to market participants, a firm
BIPRU 11.3.4RRP
A firm must, if requested, explain its rating decisions to SMEs and other corporate applicants for loans, providing an explanation in writing when asked. The administrative costs of the explanation have to be at an appropriate rate to the size of the loan.[Note: BCD Article 145(4)]
BIPRU 11.3.5RRP
A firm may omit one or more of the disclosures listed in BIPRU 11.5 if the information provided by such disclosures is not, in the light of the criterion specified in BIPRU 11.4.1 R, regarded as material.[Note: BCD Article 146(1)]
BIPRU 11.3.6RRP
A firm may omit one or more items of information included in the disclosures listed in BIPRU 11.5 and BIPRU 11.6 if those items include information which, in the light of the criteria specified in BIPRU 11.4.2 R and BIPRU 11.4.3 R, is regarded as proprietary or confidential.[Note: BCD Article 146(2)]
BIPRU 11.3.7RRP
In the exceptional cases referred to in BIPRU 11.3.6 R, a firm must:(1) state in its disclosures:(a) the fact that the specific items of information are not disclosed; and(b) the reason for non-disclosure; and(2) publish more general information about the subject matter of the disclosure requirement, except where these are to be classified as secret or confidential under the criteria set out in BIPRU 11.4.2 R and BIPRU 11.4.3 R.[Note: BCD Article 146(3)]
BIPRU 11.3.10RRP
(1) A firm may determine the appropriate medium, location and means of verification to comply effectively with the disclosure requirements laid down in BIPRU 11.3.1 R to BIPRU 11.3.4 R.(2) To the degree feasible, a firm must provide all disclosures in one medium or location.(3) Equivalent disclosures made by a firm under accounting, listing or other requirements may be deemed to constitute compliance with BIPRU 11.3.1 R to BIPRU 11.3.4 R.(4) If disclosures are not included in
COBS 16.6.2RRP
4(1) The policyholder must be informed if during the term of a life policy entered into on or after 1 July 1994 there is any change in the following information:4(a) the policy conditions;4(b) the name of the insurer, its legal form or the address of its head office and, where appropriate, of the agency or branch which concluded the contract; and4(c) the information in (8) to (13) of COBS 13 Annex 1 (The Solvency II Directive information) in the event of a change in the policy
COBS 16.6.3RRP
If a life policy entered into on or after 1 July 1994 provides for the payment of bonuses and the amounts of bonuses are unspecified, the long-term insurer must, in every calendar year except the first, either:(1) notify the policyholder in writing of the amount of any bonus which has become payable under the contract, and which has not previously been notified under this rule; or(2) give the policyholder in writing sufficient information to enable him to determine the amount
COBS 16.6.3ARRP
4If a firm provides figures, on or after 1 January 2016, about the potential future development of bonuses under a with-profits policy it must inform the policyholder annually in writing of any differences between the actual bonuses payable to date and the figures previously provided.[Note: article 185(5) of the Solvency II Directive]
COBS 16.6.4RRP
(1) When a firm provides information in accordance with this section, it must provide the information in a durable medium, unless (2) applies.(2) If the contract is being made by telephone, the firm may give the information orally to the customer. If the customer enters into the contract, a written version of the required information must be sent to the customer within five business days of the contract being entered into.
COBS 16.6.5RRP
Where a life policy is effected jointly, the information required by this section may be sent to the first named client.
COBS 16.6.6RRP
A firm must make an adequate record of information provided to a customer under this section and retain that record for a minimum period after the information is provided of five years.
COBS 16.6.7RRP
1At each anniversary of the date on which a long-term care insurance contract which is based on single premium investment bonds was entered into, the insurer must:(1) provide the retail client with a table based on the format of COBS 13 Annex 3 2.2R containing at least the current fund value and projected future policy values (as in column "What you might get back"); (2) where it is the case, inform the retail client of the possibility that future policy values may be insufficient
COBS 16.6.8RRP
1At intervals no longer than 12 months from the date of an election by a retail client to make income withdrawals or one-off, ad-hoc or regular uncrystallised funds pension lump sumpayments6, the relevant operator of a personal pension scheme or stakeholder pension scheme3must:53(1) provide the retail client with such information as is necessary for3 the retail client to review the election, including where relevant the information required by COBS 13 Annex 2 2.9R3; and3(2) inform
COBS 16.6.9GRP
5The information provided to the retail client in COBS 16.6.8R(1) is likely to be sufficient for the client to review the election if it contains at least one of the following:(1) the information required by COBS 13 Annex 2 2.9R (Additional requirements: drawdown pensions and regular uncrystallised funds pension lump sum payments); or(2) the effect of any significant one-off withdrawals or payments since the previous information was provided; or(3) (where regular income is being
CASS 7.19.6RRP
(1) The records maintained for a sub-pool under CASS 7.19.4 R must identify all the client beneficiaries of that sub-pool.(2) The beneficiaries of each sub-pool are those clients:(a) from whom the firm has received a signed sub-pool disclosure document in accordance with CASS 7.19.11 R;(b) for whom the firm maintains, previously maintained or is in the process of establishing a margined transaction(s) in the relevant net margined omnibus client account at the authorised central
CASS 7.19.7RRP
(1) For each sub-pool that the firm establishes, it must maintain a record of:(a) the name of the sub-pool;(b) the particular net margined omnibus client account at an authorised central counterparty to which the sub-pool relates;(c) each client bank account and each client transaction account (other than the net margined omnibus client account) maintained for the sub-pool, including the unique identifying reference or descriptor under CASS 7.19.13 R (2); and(d) the applicable
CASS 7.19.9RRP
(1) A firm wishing to establish a sub-pool must prepare a sub-pool disclosure document for each sub-pool.(2) The sub-pool disclosure document for each sub-pool must:(a) identify the sub-pool by name, as stated in its records under CASS 7.19.7 R, the net margined omnibus client account and the authorised central counterparty to which the sub-pool disclosure document relates;(b) contain a statement that the client consents to the firm receiving and holding the client'sclient money
CASS 7.19.10GRP
In preparing a sub-pool disclosure document under CASS 7.19.9 R (1), a firm may use the template in CASS 7 Annex 6.
CASS 7.19.11RRP
(1) Before receiving or holding client money for a client for a sub-pool, a firm must:(a) provide to the client a copy of the sub-pool disclosure document applicable to that sub-pool; and(b) obtain a signed copy of that sub-pool disclosure document from the client.(2) A firm must provide the beneficiary of a sub-pool with a copy of its signed sub-pool disclosure document applicable to that sub-pool upon the beneficiary's request.
CASS 7.19.13RRP
(1) A firm must not hold client money for a sub-pool in a client bank account or a client transaction account used for holding client money for any other sub-pool or the general pool.(2) A firm that establishes a sub-pool must ensure that the name of each client bank account and each client transaction account (other than the net margined omnibus client account) maintained for that sub-pool includes a unique identifying reference or descriptor that enables the account to be identified
CASS 7.19.19GRP
A firm should keep in mind its obligations under CASS 7.19.11 R (1)(b) (before receiving or holding client money for a client in a sub-pool, a firm must obtain a signed copy of the sub-pool disclosure document from the client) when making a material change to a sub-pool. A firm is also reminded of the conditions under CASS 7.19.13 R (5)(b) (when a client of the firm who is a beneficiary of a sub-pool ceases to be a beneficiary of that sub-pool) if a material change proposed to
CASS 7.19.23RRP
Upon request, a firm must deliver to the FCA a copy of the sub-pool disclosure document for any sub-pool established by the firm.
CASS 7.19.25RRP
The records maintained under this section, including the sub-pool disclosure documents, are a record of the firm that must be kept in a durable medium for at least five years following the date on which client money was last held by the firm for a sub-pool to which those records or the sub-pool disclosure document applied.
SYSC 22.5.1RRP
1This chapter does not require a firm to disclose information that has not been properly verified.
SYSC 22.5.2GRP
(1) For example, this chapter does not necessarily require a firm to include in a reference the fact that an ex-employee left while disciplinary proceedings were pending or had started. Including such information is likely to imply that there is cause for concern about the ex-employee but the firm may not have established that the ex-employee was actually responsible for misconduct.(2) However, a firm may include such information in a reference if it wishes to (see SYSC 22.3.
SYSC 22.5.5GRP
(1) An example of the general duty described in SYSC 22.5.4G is that fairness will normally require a firm to have given an employee an opportunity to comment on information in a reference. The firm might do this through, for example, disciplinary proceedings.(2) Paragraph (1) does not mean that the firm should provide an opportunity to comment on the reference itself, as opposed to the allegations on which it is based. (3) A firm may have given the employee an opportunity to
SYSC 22.5.8GRP
(1) If a firm’s records do not cover the maximum periods contemplated by SYSC 22.2.2R or SYSC 22 Annex 1R (Template for regulatory references given by relevant authorised persons and disclosure requirements), the firm should note that in the reference.(2) A firm should not include a warning of the type described in (1) as a matter of routine. It should only be included if there is a genuine need to include it.
SYSC 22.5.9GRP
(1) In general there is a six year limit on what should be disclosed under SYSC 22.2.2R(1) to (3).(2) Where the matter to be disclosed consists of a single course of conduct (such as market manipulation) the six year period does not begin until that course of conduct has come to an end. This means that individual events that occurred more than six years ago may still be within the six year limit.(3) This guidance is also relevant to the six year time limits for updating references
SYSC 22.5.11GRP
Table: Examples of factors to take into account when deciding whether old misconduct is sufficiently serious to discloseFactors to take into accountComments(A) Whether P has committed a serious breach of individual conduct requirements.Individual conduct requirements has the same meaning as in Part Two of SYSC 22 Annex 1R (Template for regulatory references given by relevant authorised persons and disclosure requirements).Factors to take into account in deciding whether the breach
SYSC 22.5.12GRP
(1) An example of information that may be relevant under SYSC 22.2.2R(1) to (3) is the fact that the employee has breached a requirement in APER.(2) This means that any firm (not just one that is a full scope regulatory reference firm) should consider whether it needs to disclose a breach of APER when giving a reference under this chapter.
SYSC 22.5.13RRP
A firm must not enter into any arrangements or agreements with any person that limit its ability to disclose information under this chapter.
SYSC 22.5.15GRP
A firm should not give any undertakings to supress or omit relevant information in order to secure a negotiated release.
SYSC 22.5.16GRP
The obligation to supply information to another firm under this chapter will apply notwithstanding any agreement prohibited by SYSC 22.5.13R.
CONC 4.2.1RRP
This section, unless otherwise stated in or in relation to a rule: (1) applies to a firm with respect to consumer credit lending;(2) applies to a firm with respect to credit broking where the firm has or takes on responsibility for providing the disclosures and explanations to customers required by this section;(3) does not apply to an agreement under which the lender provides the customer with credit which exceeds £60,260, unless the agreement is a residential renovation agreement5;(4)
CONC 4.2.3GRP
(1) The disclosure regulations made under section 55 of the CCA which require information to be disclosed before a regulated credit agreement is made remain in force.(2) Failure to comply with the disclosure regulations has the effect that agreements are enforceable against a borrower or hirer (as defined in the CCA) only with an order of court and enforcement for that purpose includes a retaking of goods or land to which the agreement relates.(3) Other relevant disclosure requirements
CONC 4.2.7GRP
In deciding on the level and extent of explanation required by CONC 4.2.5 R, the lender or credit broker should consider (and each of them should ensure that anyone acting on its behalf should consider), to the extent appropriate to do so, factors including:(1) the type of credit being sought;(2) the amount and duration4 of credit to be provided;4(2A) the actual and potential costs of the credit;4(2B) the risk to the customer arising from the credit (the risk to the customer is
CONC 4.2.12RRP
The lender or the credit broker must enable a customer to request and obtain further information and explanation about a regulated credit agreement without incurring undue cost or delay. [Note: paragraph 3.16 (box) of ILG]
CONC 4.2.14GRP
A lender or credit broker may require an acknowledgement that it has provided an explanation, and of receipt of any written information that forms a part of the explanation, but not an acknowledgement as to its adequacy. CONC 4.2.13 R does not prevent the lender or credit broker asking if the customer has understood an explanation given.[Note: paragraph 3.30 (box) of ILG]
CONC 4.2.18GRP
Interaction is an important part of compliance with the requirement in CONC 4.2.5R (1), for example, where the agreement is marketed and concluded by electronic means. For an online application, the requirement in CONC 4.2.5R (1)(c) (the right to ask questions) may be complied with by the customer being able to access an appropriately comprehensive set of answers to frequently asked questions about the agreement or by being able to speak to a representative of the online provider.[Note:
CONC 4.2.23RRP
(1) 4CONC 4.2.22R does not apply to a lender if a credit broker, a solicitor, a barrister, (in Scotland) an advocate, or a relevant person has complied with that rule in respect of the agreement.(2) Before a lender concludes that CONC 4.2.22R does not apply to it in relation to a regulated credit agreement by virtue of (1), the lender must take reasonable steps to satisfy itself that: (a) an explanation complying with CONC 4.2.22R(2) has been provided to the guarantor; and(b)
CONC 4.2.24GRP
4CONC 4.2.23R permits the explanation required by CONC 4.2.22R to be given by a credit broker. It also permits the explanation to be given by a solicitor, a barrister, a Scottish advocate or another “relevant person” (for example, in the course of giving independent legal advice to the guarantor). The explanation may only be given by such a person if the information and documents listed in that rule had been provided to that person.
COBS 6.1.1RRP
(1) 1This section applies to a firm that carries on designated investment business, other than MiFID, equivalent third country or optional exemption business,6 for 6 a retail client.(2) [deleted]6
COBS 6.1.4RRP
A firm must provide a client6 with the following general information, if relevant:(1) the name and address of the firm, and the contact details necessary to enable a client to communicate effectively with the firm;(2) [deleted]6(3) the methods of communication to be used between the firm and the client including, where relevant, those for the sending and reception of orders;(4) a statement of the fact that the firm is authorised and the name of the competent authority that has
COBS 6.1.7RRP
(1) A firm that holds designated investments or client money for a client6 subject to the custody chapter or the client money chapter must provide that client with the following information:444(a) if applicable,(i) that the designated investments or client money of that client may be held by a third party on behalf of the firm;(ii) the responsibility of the firm under the applicable national law for any acts or omissions of the third party; and(iii) the consequences for the client
COBS 6.1.11RRP
(1) A firm must provide a client with the information required by this section in good time before the provision of designated investment business6 unless otherwise provided by this rule.(2) A firm may instead provide that information immediately after starting to provide designated investment business6 if:(a) the firm was unable to comply with (1) because, at the request of the client, the agreement was concluded using a means of distance communication2 which prevented the firm
COBS 6.1.14RRP
(1) A firm must notify a client in good time about any material change to the information provided under this section which is relevant to a service that the firm is providing to that client.(2) A firm must provide this notification in a durable medium if the information to which it relates was given in a durable medium.6
COBS 6.1.15GRP
(1) A firm need not treat each of several transactions in respect of the same type of financial instrument as a new or different service and so does not need to comply with the disclosure rules in this chapter in relation to each transaction.6(2) But a firm should ensure that the client has received all relevant information in relation to a subsequent transaction, such as details of product charges that differ from those disclosed in respect of a previous transaction.
LR 8.4.2RRP
A sponsor must not submit to the FCA an application on behalf of an applicant, in accordance with LR 3, unless it has come to a reasonable opinion, after having made due and careful enquiry, that:(1) the applicant has satisfied all requirements of the listing rules relevant to an application for admission to listing;(2) the applicant has satisfied all applicable requirements set out in the prospectus rules unless the home Member State of the applicant is not, or will not be, the
LR 8.4.3RRP
A sponsor must:(1) submit a completed Sponsor's Declaration on an Application for Listing to the FCA either:2(a) on the day the FCA is to consider the application for approval of the prospectus and prior to the time the prospectus is approved; or(b) at a time agreed with the FCA, if the FCA is not approving the prospectus or if it is determining whether a document is an equivalent document1;(2) submit a completed Shareholder Statement or Pricing Statement, as applicable, to the
LR 8.4.9RRP
A sponsor must:(1) submit a completed Sponsor's Declaration on an Application for Listing to the FCA either:(a) on the day the FCA is to consider the application for approval of the prospectus and prior to the time the prospectus is approved; or11(b) at a time agreed with the FCA if the FCA is not approving the prospectus or if it is determining whether a document is an equivalent document1;(2) submit a completed Shareholder Statement or Pricing Statement, as applicable, to the
LR 8.4.12RRP
A sponsor must not submit to the FCA, on behalf of a listed company, a circular regarding a transaction set out in LR 8.4.11 R for approval8, unless the sponsor has come to a reasonable opinion, after having made due and careful enquiry, that:8(1) the listed company has satisfied all requirements of the listing rules relevant to the production of a class 1 circular or other circular;(2) the transaction will not have an adverse impact on the listed company's ability to comply with
LR 8.4.13RRP
A sponsor acting on a transaction falling within LR 8.4.11 R must:(1) submit a completed Sponsor's Declaration for the Production of a Circular to the FCA on the day the circular is to be approved by the FCA and prior to the time the circular is approved;(2) submit a completed Pricing Statement, if applicable, to the FCA by 9 a.m on the day the FCA is to consider the application; and(3) ensure that all matters known to it which, in its reasonable opinion, should be taken into
LR 8.4.14RRP
In relation to a proposed transfer under LR 5.4A, if a sponsor is appointed6 in accordance with LR 8.2.1A R, it6 must:6(1) submit a letter to the FCA setting out how the issuer satisfies each listing rule requirement relevant to the category of listing to which it wishes to transfer, by no later than when the first draft of the circular or announcement required under LR 5.4A is submitted;(2) submit a completed Sponsor’s Declaration for a Transfer of Listing7 to the FCA for the
LR 8.4.15RRP
A sponsor must not submit to the FCA on behalf of an issuer a final circular or announcement for approval or a Sponsor’s Declaration for a Transfer of Listing7, unless it has come to a reasonable opinion, after having made due and careful enquiry, that:7(1) the issuer satisfies all eligibility requirements of the listing rules that are relevant to the new category to which it is seeking to transfer;(2) the issuer has satisfied all requirements relevant to the production of the
LR 8.4.17RRP
6A sponsor acting on a reverse takeover where the issuer decides to make a disclosure announcement under LR 5.6.15 G must:(1) submit to the FCA under LR 5.6.17 R a completed Sponsor’s Declaration for a Reverse Takeover Announcement7;(2) not submit to the FCA the Sponsor’s Declaration for a Reverse Takeover Announcement7 unless it has come to a reasonable opinion, after having made due and careful enquiry, that it is reasonable for the issuer to provide the declarations described
COBS 7.2.1RRP
(1) Prior to the conclusion of any initial life policy and, if necessary, on amendment or renewal, a firm must provide a client with at least the following information:(a) its name and address;(b) the fact that it is registered on the Financial Services Register and its Firm Reference Number3 (or, if it is not on the Financial Services Register, the register in which it has been included and the means for verifying that it has been registered);3(c) whether it has a direct or indirect
COBS 7.2.2GRP
[deleted]4122
COBS 7.2.2BGRP
[deleted]42
COBS 7.2.3RRP
When a firm informs a client that it gives advice on the basis of a fair analysis of the market, it must give that advice on the basis of an analysis of a sufficiently large number of life policies available on the market to enable the firm to make a recommendation, in accordance with professional criteria, regarding which life policy would be adequate to meet the client's needs. [Note: article 12(2) of the Insurance Mediation Directive]
COBS 7.2.6RRP
All information to be provided to a client in accordance with the rules in this chapter must be communicated:(1) in a durable medium available and accessible to the client;(2) in a clear and accurate manner, comprehensible to the client; and(3) in an official language of the State of the commitment or in any other language agreed by the parties. [Note: article 13(1) of the Insurance Mediation Directive]
COBS 7.2.7RRP
In the case of telephone selling, the prior information given to a client must be in accordance with the distance marketing disclosure rules (COBS 5.1). Moreover, information must be provided to the client in accordance with the means of communication to clients rule (COBS 7.2.6 R) immediately after the conclusion of the life policy. [Note: article 13(3) of the Insurance Mediation Directive]
COBS 7.2.8RRP
The information referred to in the means of communication to clients rule (COBS 7.2.6 R) may be provided orally where the client requests it, or where immediate cover is necessary. In those cases, the information must be provided to the client in accordance with that rule immediately after the conclusion of the life policy. [Note: article 13(2) of the Insurance Mediation Directive]
MCOB 5.9.1RRP
(1) 1A firm must, as soon as a customer expresses an interest in becoming a SRB agreement seller, ensure that the 2disclosures and warnings set out in (1A) are 2made to the customer2, both orally and confirmed in writing, and he is given an adequate opportunity to consider them. The firm must not demand or accept any fees, charges or other sums from the customer, or undertake any action that commits the customer in any way to entering into a specific agreement, until:2222(a) 2the
MCOB 5.9.1AGRP
2A firm may comply with the requirement in MCOB 5.9.1 R (Pre-sale disclosure) for disclosures and warnings to be confirmed in writing by providing the potential SRB agreement seller with the written pre-offer document that is required by MCOB 6.9.3 R (Written pre-offer document: Stage One) if this can be done as quickly as providing the pre-sale disclosures, provided that (in accordance with MCOB 5.9.1 R) the firm does not demand or accept any fees, charges or other sums from
MCOB 5.9.1DGRP
2There is no requirement for the property to be valued before making the pre-sale disclosures. However, MCOB 6.9.2 R requires that an independent valuation of the property be carried out before the provider supplies the customer with the written pre-offer document at Stage One (see MCOB 6.9.3 R).
MCOB 5.9.1FRRP
2Where a firm has already provided the required pre-sale disclosures and the terms for the proposed regulated sale and rent back agreement are subsequently materially altered, the firm must ensure that, at the firm's option, either:(1) the pre-sale disclosures are re-issued to the customer, incorporating the agreed amendment; or(2) the agreed amendment is incorporated in the written pre-offer document at Stage One (see MCOB 6.9.3 R).
MCOB 5.9.2RRP
A firm2must keep a record of the disclosures and warnings made to the SRB agreement seller under MCOB 5.9.1 R for a period of:2(1) one year2 after the end of the fixed term of the tenancy under the regulated sale and rent back agreement; or222(2) five years from the date of the disclosures and warnings;whichever is the longer.
MCOB 5.9.6RRP
(1) 2If, at the point that the required pre-sale disclosures must be provided to a potential SRB agreement seller, a firm is uncertain whether the arrangement will qualify as a regulated sale and rent back agreement, the firm must:(a) provide the required pre-sale disclosures on the basis that the arrangement might constitute a regulated sale and rent back agreement; or(b) seek to obtain from the potential seller information that will enable the firm to ascertain whether the contract
MCOB 5.9.7GRP
2If the firm has reasonable evidence that the contract is not a regulated sale and rent back agreement, for example where at least 40% of the property is not going to be occupied as a dwelling by the seller or his family, and has not provided the required pre-sale disclosures and the firm subsequently concludes that the contract does qualify as a regulated sale and rent back agreement, there is no requirement to provide separate pre-sale disclosures at the time the firm reaches
Where the firm did not disclose to the complainant in advance of a payment protection contract being entered into (and is not aware that any other person did so at that time): (1) the anticipated profit share plus the commission known at the time of the sale; or (2) the anticipated profit share plus the commission reasonably foreseeable at the time of the sale; or (3) the likely range in which (1) or (2) would fall;the firm should consider whether it can satisfy itself on reasonable
(1) The firm should presume that failure to disclose commission gave rise to an unfair relationship under section 140A of the CCA if: (a) the anticipated profit share plus the commission known at the time of the sale; or(b) the anticipated profit share plus the commission reasonably foreseeable at the time of the sale; was: (c) in relation to a single premium payment protection contract, more than 50% of the total amount paid in relation to the payment protection contract; or(d)
The presumption that failure to disclose commission gave rise to an unfair relationship is rebuttable. Examples of factors which may contribute to its rebuttal include:(1) the CCA lender did not know and could not reasonably be expected to know or foresee the level of commission and anticipated profit share; or(2) the complainant could reasonably be expected to be aware of the level of commission and anticipated profit share (e.g. because they worked in a role in the financial
The presumption that failure to disclose commission did not give rise to an unfair relationship is also rebuttable. An example of a factor which may contribute to its rebuttal includes that the complainant was in particularly difficult financial circumstances at the time of the sale.
SUP 15.5.1RRP
A firm must give the FCA4 reasonable advance notice of a change in:99(1) the firm's name (which is the registered name if the firm is a body corporate); (2) any business name under which the firm carries on a regulated activity or ancillary activity either from an establishment in the United Kingdom or with or for clients in the United Kingdom.
SUP 15.5.2GRP
A notification under SUP 15.5.1 R should include the details of the proposed new name and the date on which the firm intends to implement the change of name.
SUP 15.5.4RRP
A firm must give the FCA4 reasonable advance notice of a change in any of the following addresses, and give details of the new address and the date of the change:99(1) the firm's principal place of business in the United Kingdom; (2) in the case of an overseas firm, its registered office (or head office) address.
SUP 15.5.5RRP
A firm must give the FCA4 reasonable advance notice of a change in any of the following telephone numbers, and give details of the new telephone number and the date of the change:1399(1) the number of the firm's principal place of business in the United Kingdom;(2) in the case of an overseas firm, the number of its head office.3
SUP 15.5.6GRP
SUP 15.5.4 R and SUP 15.5.5 R mean that a firm should notify the FCA4 of a change in telephone number even if the address of the office is not changing.31399
COBS 4.6.1RRP
(1) Subject to (2) and (3), this section applies to a firm in relation to:1(a) [deleted]61222(b) the communication or approval of a financial promotion,61where such information or financial promotion is addressed to, or disseminated in such a way that it is likely to be received by, a retail client.1(2) This section does not apply to a firm communicating in relation to its MiFID, equivalent third country or optional exemption business633(3) This6 section does not apply in relation
COBS 4.6.2RRP
A firm must ensure that information that contains an indication of past performance of relevant business, a relevant investment or a financial index, satisfies the following conditions:(1) that indication is not the most prominent feature of the communication;(2) the information includes appropriate performance information which covers the6 preceding five years, or the whole period for which the investment has been offered, the financial index has been established, or the service
COBS 4.6.3GRP
The obligations relating to describing performance should be interpreted in the light of their purpose and in a way that is appropriate and proportionate taking into account the means of communication and the information the communication is intended to convey. For example, a periodic statement in relation to managing investments that is sent in accordance with the rules on reporting information to clients (see COBS 16) may include past performance as its most prominent featu
COBS 4.6.6RRP
A firm must ensure that information that contains an indication of simulated past performance of relevant business, a relevant investment or a financial index, satisfies the following conditions:(1) it relates to an investment or a financial index;(2) the simulated past performance is based on the actual past performance of one or more investments or financial indices which are the same as, substantially the same as,6 or underlie, the investment concerned;(3) in respect of the
COBS 4.6.8GRP
A firm should not provide information on future performance if it is not able to obtain the objective data needed to comply with the rule on future performance. For example, objective data in relation to EIS shares may be difficult to obtain.
COBS 4.6.9RRP
(1) 1A firm that communicates to a client a projection for a packaged product which is not a financial instrument2must ensure that the projection complies with the projectionsrules in COBS 13.4, COBS 13.5 and COBS 13 Annex 2.2(2) A firm must not communicate a projection for a highly volatile product to a client unless the product is a financial instrument.
SYSC 18.3.1RRP
(1) A firm must establish, implement and maintain appropriate and effective arrangements for the disclosure of reportable concerns by whistleblowers.(2) The arrangements in (1) must at least:(a) be able effectively to handle disclosures of reportable concerns including: (i) where the whistleblower has requested confidentiality or has chosen not to reveal their identity; and(ii) allowing for disclosures to be made through a range of communication methods; (b) ensure the effective
SYSC 18.3.4GRP
A firm’s training and development in line with SYSC 18.3.1R(2)(g) should include:(1) for all UK-based employees:(a) a statement that the firm takes the making of reportable concerns seriously;(b) a reference to the ability to report reportable concerns to the firm and the methods for doing so;(c) examples of events that might prompt the making of a reportable concern;(d) examples of action that might be taken by the firm after receiving a reportable concern by a whistleblower,
SYSC 18.3.6RRP
This rule applies to a firm, an EEA relevant authorised person and a third-country relevant authorised person.2(1) A person subject to this rule (‘P’) 2must, in the manner described in (2), communicate to its UK-based employees that they may disclose reportable concerns to the PRA or the FCA and the methods for doing so. P 2must make clear that:(a) reporting to the PRA or to the FCA is not conditional on a report first being made using P’s 2internal arrangements; (b) it is possible
SYSC 18.3.6AGRP
For the purposes of SYSC 18.3.6R(1) the possibility for P’s employees to disclose reportable concerns to the PRA or to the FCA does not override any obligation of P or its employees to report breaches to P’s Home State regulator of matters reserved by an EU instrument to that regulator.
SYSC 18.3.7RRP
Firms must ensure that their appointed representatives or, where applicable, their tied agents, inform any of their UK-based employees who are workers that, as workers, they may make protected disclosures to the FCA.
LR 14.3.8RRP
A company2 must ensure that the FCA is provided with up to date contact details of appropriate persons nominated by it to act as the first point of contact with the FCA in relation to the company's compliance with the listing rules and the disclosure requirements6 and transparency rules, as applicable.22
LR 14.3.11GRP
A company2 whose shares4are admitted to trading on a regulated market in the United Kingdom, should consider its obligations under the disclosure requirements6 and transparency rules.244
LR 14.3.15RRP
1(1) This rule applies to an overseas company for whom the United Kingdom is a host Member State for the purposes of the Transparency Directive.11(2) An overseas company must appoint a registrar in the United Kingdom if:11(a) there are 200 or more holders resident in the United Kingdom; or1(b) 10% of more of the shares4 are held by persons resident in the United Kingdom.14
LR 14.3.15AGRP
1An overseas company for whom the United Kingdom is the home Member State for the purposes of the Transparency Directive should see LR 14.3.22 G and LR 14.3.23 R.
LR 14.3.18RRP
Where the shares4 are subject to an underwriting agreement a company2 may, at its discretion and subject to the disclosure requirements and contents of DTR 27 delay notifying a RIS as required by LR 14.3.17R (7) for up to two business days until the obligation by the underwriter to take or procure others to take shares4 is finally determined or lapses. In the case of an issue or offer of shares4 which is not underwritten, notification of the result must be made as soon as it
LR 14.3.23RRP
1A listed company that is not already required to comply with the transparency rules (or with corresponding requirements imposed by another EEA Member State) must comply with DTR 4, DTR 5 and DTR 6 as if it were an issuer for the purposes of the transparency rules.
COBS 14.2.1RRP
1A firm that sells:(1) a non-PRIIP packaged product17 to a retail client, must provide a key features document and a key features illustration2 to that client (unless the packaged product is a unit in a regulated collective investment scheme17);777(2) a life policy to a client, must provide the Solvency II Directive information13 to that client;1313(3) the variation of a life policy or personal pension scheme to a retail client, must provide that client with sufficient information
COBS 14.2.1CRRP
9A firm that arranges to facilitate the payment of an adviser charge or consultancy charge17, or an increase in such a charge17 from an in-force packaged product, must provide to the retail client sufficient information for the retail client to be able to understand the likely effect of that facilitation.
COBS 14.2.3RRP
(1) A firm that personally recommends that a retail client holds a particular asset in a SIPP must provide that client with sufficient information for the client to be able to make an informed decision about whether to buy or invest.(2) This rule does not apply if the asset is described in COBS 14.2.1 R.
COBS 14.2.4RRP
When a firm provides a document or information in accordance with the rules in this section, it must not do anything that might reasonably cause a retail client to be mistaken about the identity of the firm that has produced, or will produce, the product.
COBS 14.2.5RRP
A firm is not required to provide:(1) a document, if the firm produces the product and the rules in this section require another firm to provide the document;(2) a key features document or key features illustration2, if another person is required to provide the distance marketing information by the rules of another EEA State; (3) the Solvency II Directive information,13 if another person is required to provide that information by the rules of another EEA State.1713(4) [deleted]17[Note:
COBS 14.2.16RRP
7(1) A firm may provide a document, or the information required to be provided by the rules in this section, in a durable medium immediately after the conclusion of a distance contract, if the contract has been concluded at a client's request using a means of distance communication that does not enable the document or information to be provided in that form in good time before the client is bound by the contract.7(2) The exception in (1) does not apply in relation to the provision
COBS 14.2.17RRP
7(1) Where the rules in this section require a document or information to be provided, in the case of a voice telephony communication, a firm must:77(a) if the client gives explicit consent to receiving only limited information, provide the abbreviated distance marketing disclosure information () orally to the client;7(b) if the client does not give explicit consent to only receiving limited information, and the parties wish to proceed by voice telephony communication, provide
COBS 9.6.5RRP
When a firm first has contact with a retail client with a view to giving basic advice on a stakeholder product, it must give the retail client:1(1) the basic advice initial disclosure information (COBS 9 Annex 1), in a durable medium, together with an explanation of that information, unless:1(a) it has already done so and the basic advice initial disclosure information is likely still to be accurate and appropriate; or1(b) the contact is not face to face and is using a means of
COBS 9.6.6GRP
[deleted]4
COBS 9.6.6AGRP
3A firm will meet the requirements in respect of its obligation to provide written disclosure in the rules on describing the breadth of advice (COBS 6.2B.33R5) by providing its basic advice initial disclosure information (in COBS 9 Annex 1 R).
COBS 9.6.7RRP
[deleted]42221
COBS 9.6.12RRP
1A firm must only recommend a stakeholder product to a retail client if:(1) it has taken reasonable steps to assess the client's answers to the scripted questions and any other facts, circumstances or information disclosed by the client during the sales process;(2) (unless the relevant product is a deposit-based stakeholder product) having done so, it has reasonable grounds for believing that the stakeholder product is suitable for the client; and(3) the firm reasonably believes
COBS 9.6.15RRP
1Notwithstanding COBS 9.6.14R (2) a firm may provide the summary sheet (COBS 9.6.14R (2)) as soon as reasonably practicable after the conclusion of the contract if the client asks it to do so, or the contract will be concluded using a means of distance communication that does not enable the provision of the summary sheet in a durable medium before the conclusion of the contract, but only if the firm:(1) reads the summary sheet to the client before it concludes the contract; and(2)