Activities to which TC 2 applies.
Activity |
Extent of Application |
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1. Employees engaging in: |
Advising and dealing (a) advising on investments which are, and dealing with or for clients in, securities (other than stakeholder pension schemes or broker funds) and derivatives; (b) advising on investments which are, and dealing with or for clients in, securities (other than stakeholder pension schemes or broker funds) only; (c) advising on investments which are, and dealing with or for clients in, derivatives only; Managing (d) managing investment; (e) managing investments in relation to venture capital investments only; Advising (without dealing) (f) advising on investments which are packaged products (other than broker fund or as in (g), (h) or (ha));4 (g) advising on investments which are friendly society tax exempt policies only; (h) advising on investments which are packaged products (where the employee sells only life policies issued by a friendly society and is not reasonably expected to receive remuneration of more than £1,000 a year in respect of such sales); (ha) advising on investments which are long-term care insurance contracts;4 (i) advising on investments in the course of corporate finance business only; (j) advising on investments which are (but not dealing in) securities (other than stakeholder pension schemes or broker funds) and derivatives; (k) advising on investments which are (but not dealing in) securities (other than stakeholder pension schemes or broker funds) only; (l) advising on investments which are (but not dealing in) derivatives only; (m) the activity of a broker fund adviser; (n) advising on syndicate participation at Lloyd's; (o) the activity of a pension transfer specialist. (p) advising a customer on a:3 (i) regulated mortgage contract (other than a regulated lifetime mortgage contract) or a regulated mortgage contract that is for a business purpose; and23 (ii) aregulated lifetime mortgage contract.23 Non-advised sales (q) designing scripted questions for use in sales to customers of regulated lifetime mortgage contracts which do not involve personal recommendations2. 2 |
1. In relation to designated investment business:2 (a) if the activity is carried on with or for a private customer, whole of TC 2 applies;2 (b) if the activity is carried on with or for an intermediate customer or a market counterparty only TC 2.4, TC 2.5, TC 2.6, and TC 2.8 apply.2 2. In relation to regulated mortgage activities2, whole of TC 2 applies.2 2 |
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2. Employees overseeing on a day-to-day basis: |
(a) operating, or acting as a trustee or depositary of, a collective investment scheme; (b) safeguarding and administering investments or holding of client money (unless held in the course of carrying on a mortgage mediation activity2); (c) the following 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, PEP or CTF administration;7 (v) investment trust savings scheme administration; (d) the following administrative functions in relation to the effecting or carrying out of life policies: (i) new business administration; (ii)policy alterations, including surrenders and policy loans; (iii) preparingprojections; (iv) processing claims, including pension payments; (v) fund switching; (e) taking private customers through decision trees in connection with a stakeholder pension scheme; (f) the following administrative functions in relation to the operation of a stakeholder pension scheme: (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. (g) the sales tocustomersof2regulated lifetime mortgage contractswhich do not involvepersonal recommendations.2 |
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