Related provisions for LR 13.3.2
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The purposes of an internal audit are:(1) to ensure that the policies and procedures of the credit union are followed;(2) to provide the governing body5 with a continuous appraisal of the overall effectiveness of the control systems, including proposed changes;(3) to recommend improvements where desirable or necessary;(4) to determine whether the internal controls established by the governing body5 are being maintained properly and operated as laid down in the policy, and comply
The conditions referred to in ICOBS 8.4.4R (2)(d) and ICOBS 8.4.7R (1)(a)(ii) are that the tracing office is one which:(1) maintains a database which:(a) accurately and reliably stores information submitted to it by firms for the purposes of complying with these rules;(b) has systems which can adequately keep it up to date in the light of new information provided by firms;(c) has an effective search function which allows a person inputting data included on the database relating
(1) ICOBS 8.4.4R (2)(b) and ICOBS 8.4.9R (1) require a firm, or a tracing office used by a firm, to have an effective search function in relation to the employers’ liability register database. In the FCA's view an effective search function is one which finds all matches in the register to any specified whole word.(2) For the purposes of ICOBS 8.4.9R (5) the term ‘without delay’ should have the same meaning as in ICOBS 8.4.5G (2). (3) In order to assist firms with their obligations
(1) Before a P2P agreement is made, a firm must undertake an assessment of the creditworthiness of the prospective borrower.(2) A firm carrying out the assessment in (1) must consider: (a) the potential for the commitments under the P2P agreement to adversely impact the prospective borrower's financial situation, taking into account the information of which the firm is aware at the time the P2P agreement is to be made; and (b) the ability of the prospective borrower to make repayments
In determining what is “in good time”, a firm should consider the importance of the information to the customer's decision-making process and the point at which the information may be most useful. Distance communication timing requirements are also relevant (for example, the distance communication rules enable certain information to be provided post-conclusion in telephone and certain other sales (see ICOBS 3.1.14 R and ICOBS 3.1.15 R)).
(1) Before significantly increasing:(a) the amount of credit to be provided under a regulated credit agreement; or(b) a credit limit for running-account credit under a regulated credit agreement;the lender must undertake an assessment of the customer's creditworthiness. [Note: section 55B(2) of CCA](2) A firm carrying out the assessment in (1) must consider: (a) the potential for the commitments under the regulated credit agreement to adversely impact the customer's financial
A firm must consider sufficient information available to it at the time of the increase referred to in CONC 6.2.1 R to enable it to make a reasonable assessment required by that rule or CONC 6.2.1AR. The provision of the guarantee or indemnity (or both), and the assessment of the guarantor, does not remove or reduce the obligation on the firm to carry out an assessment of the borrower under CONC 6.2.1R. Firms are reminded of the rule in CONC 5.3.4R that the assessment of the borrower
Table of rules in FEES 4that also apply to FEES 7 to the extent that in FEES 4 they apply to fees payable to the FCA6FEES 4 rules incorporated into FEES 7DescriptionFEES 4.2.4 RMethod of paymentFEES 4.2.7B RCalculation of periodic fee and tariff base for a firm's second financial yearFEES 4.2.8 RHow FEES 4.2.7 R applies in relation to an incoming EEA firm or an incoming Treaty firmFEES 4.2.10 RExtension of time FEES 4.2.11 R (first entry only)Due date and changes in permission