V0215 Copyright Comply

Size: px
Start display at page:

Download "V0215 Copyright Comply"

Transcription

1 An Introduction to Financial Conduct Authority (FCA) Regulation V0215

2 FCA Regulation Module Objectives Welcome to the training module for an introduction to the Financial Conduct Authority Regulation for the Automotive Industry. By the end of this module, you should have a general understanding of the following: What the Financial Conduct Authority (FCA) is and its purpose What the FCA regulates and how it regulates firms The FCA rules The FCA Principles for Business and the FCA Statements of Principle The Powers of the FCA The Insurance Conduct of Business Sourcebook (ICOBS) rules This module will take approximately 45 minutes to complete. You are able to click back and revisit any elements which you wish to review in more detail.

3 Introduction On 14 th January 2005 the Financial Services Authority (FSA) began regulating general insurance, this includes those products sold in dealerships such as GAP and PPI. On 1 st April 2013 the FSA was replaced by the Financial Conduct Authority, FCA so we need to understand what the FCA is, what its requirements are and what this means for the automotive industry You are almost certainly covered by FCA regulation if you - Arrange the purchase of insurance policies. This covers a range of activities including introducing a customer to an insurer or broker, helping someone fill in an application form and sending a customer s application to an insurer. - Advise on insurance policies This includes recommending a specific insurance policy to a customer. - Dealing as Agent This includes entering into a contract of insurance with a customer on behalf of an insurer (for example, if you issue cover notes).

4 Introduction - Assist in the administration and performance of insurance policies This includes notifying an insurance claim to the insurer and negotiating settlement of the claim on behalf of the customer. Anyone familiar with quality systems and procedures will discover that much of FCA regulation is a codification of forms of good business practice. This module will introduce you to, and help you understand the language used by the Financial Conduct Authority (FCA). Specifically, you may have heard a term called Non-Investment Insurance Contracts. Non-Investment relates to general insurance or pure protection policies (but not long term care insurance contracts). This is the language used by the FCA to distinguish between general insurance or pure protection policies and investment products, such as investments and pensions.

5 Introduction Examples of Non-Investment Insurance Contracts within the motor industry are: Motor Insurance Gap Insurance Payment Protection Insurance (Creditor) Pure Protection Contracts (Life or PHI) Extended Warranty Tyre, Windscreen, Paint and Upholstery Insurance Key Insurance Loss of Licence Cover

6 Introduction On 1 st April 2014 the FCA replaced the Office of Fair Trading as the regulator on consumer finance arrangements. Dealerships authorised by the FCA for General Insurance have to apply to the FCA to extend their permissions to continue to offer finance arrangements to consumers. Finance arrangements to businesses including contract hire arrangements fall outside of the scope of FCA regulation. This module will focus on your responsibilities for General Insurance arrangements. ANUK does not take responsibility for your dealerships finance arrangements.

7 What is the FCA? The Financial Conduct Authority (FCA) is the regulatory body set up by Government under the Financial Services and Markets Act 2000 (FSMA) to regulate financial services in the United Kingdom, and protect the rights of retail customers. The Financial Services and Markets Act 2000 (FSMA) sets out: The framework for regulation Which activities are regulated What powers the FCA has The rights of firms in dealing with the FCA The Financial Conduct Authority is an independent, non-governmental body.

8 What is the FCA? The Financial Conduct Authority s aims are to promote efficient, orderly and fair markets; to help customers get a fair deal and to improve it s business capability and effectiveness. In addition, the FCA: Is answerable to, and reports to, the Treasury and ultimately, Parliament. Is funded by the fees it charges regulated firms. Replaced many previous regulators and has responsibility for regulating financial services in the UK. Has a web address which is constantly updated and is a useful starting point for anyone wanting to know more about the FCA, its rules and the way it operates.

9 What does the FCA regulate? The Financial Conduct Authority (FCA) regulates financial firms and markets such as: Banks Building Societies Friendly Societies Life Insurance and Pension Companies Life and Pension Advisers Investment Firms Stockbrokers Merchant Banks The London Stock Exchange Insurance Companies Insurance Brokers Secondary intermediaries Mortgage Lenders Mortgage Brokers

10 What does the FCA regulate? The Insurance Mediation Directive (IMD), a pan-european piece of legislation, gave rise to parliament requiring the FCA to take on the responsibility for regulating general insurance. The IMD regulates the activities of: Introducing, proposing or carrying out work preparatory to the conclusion of insurance contracts and/or of concluding such contracts, or of assisting in the administration and performance of such contracts in particular in the event of a claim The FCA has introduced rules to ensure that they meet the Insurance Mediation Directive. These rules will be discussed later.

11 What does the FCA regulate? General Insurance was first regulated from 14 th January On 1 st April 2013 the FCA took over the regulation of consumer lending (commonly described as Finance in the automotive industry) Finance previously was covered by the Consumer Credit Act and the Office of Fair Trading. The FCA classifies firms carrying on a regulated activity based on their main business activity. For example, a firm whose main business activity is financial services is known as a primary intermediary. A firm whose main business activity is not financial services (i.e. a motor dealership) is known as a secondary intermediary.

12 What is the FCA s purpose? The FCA s purpose can be linked to the four Statutory Objectives required by the Financial Services and Markets Act 2000 (FSMA). These are: Maintain confidence in the UK financial system The FCA regulates exchanges, monitors transactions and carries out market surveillance. It also supervises firms to ensure their management behave with integrity and treat customers fairly. Secure a degree of protection for consumers The FCA requires firms and individuals to meet standards of honesty and competency and will act against firms that fail to meet the standards. Promote public understanding of the financial system The FCA is obliged to help people become better informed about financial matters so they can manage their finances more effectively. Reduce the scope for financial crime (eg Money Laundering and Fraud) The FCA acts on money laundering, fraud and dishonesty, and criminal market misconduct such as insider dealing.

13 How does the FCA regulate? All firms wishing to undertake a regulated activity, such as the sale or administration of general insurance contracts, or arranging finance must apply to the Financial Conduct Authority (FCA) for authorisation, either directly or as an appointed represented of an authorised firm. The FCA only authorises firms and individuals who can meet certain standards and conditions. For example, a convicted fraudster is unlikely to be allowed to manage or advise upon the investment of monies. The standards and conditions required by the FCA are set out in the FCA Handbook. The FCA supervises authorised firms by visits, inspections, mystery shopping, desk top research, reviewing reports from regulated firms and market intelligence to ensure that standards are being maintained and imposes restrictions, fines or bans where this is not the case.

14 How does the FCA regulate firms? The FCA also seeks to educate and communicate directly with customers. The FCA s process of monitoring and regulating firms to ensure that they comply with the regulatory requirements is more commonly referred to as supervision. The FCA regulates firms by carrying out regular assessments to determine the risk they present to its statutory objectives. The framework used to assess the risks is called ARROW the Advanced Risk-Responsive Operating Framework. An improved framework was introduced in 2006 and is now commonly referred to as ARROW II. The FCA looks at a number of issues when assessing a firm. It looks at: The size of a firm The type of business it does and sells Who its customers are

15 How does the FCA regulate firms? Within ARROW II two approaches are used to supervise firms: 1. Firms approach to assess risks in individual firms (referred to by the FCA as vertical supervision); and 2. Themes approach to assess cross-cutting risks (i.e. those across several firms or the whole market and referred to by the FCA as horizontal work). The FCA determines the level of supervisory oversight depending on the risk assessment of firms, with those of medium and high impact receiving a greater level of intensity.

16 How does the FCA supervise? Medium and High-Impact Firms Relationship Managers co-ordinate work Regular risk assessments are undertaken (cycle of one to four years) Risk Mitigation Programmes (RMPs) proportionate to risk/s are put in place to address any issues High impact firms also receive closer scrutiny (a close & continuous relationship) a planned schedule of ARROW visits throughout the regulatory period Low impact firms These firms do not have a specific risk assessment or RMP Monitored by a combination of baseline monitoring, action in response to risks identified by this information, thematic exercise and as part of sector wide reviews FCA believes that most small firms pose a low risk to its objectives individually In practice this means: no regular visits, no relationship manager (Firm Contact Centre is the primary contact point) and regulatory reporting biannually

17 How does the FCA supervise? Baseline monitoring undertaken for all firms regardless of risk. Analysis of financial and other returns, checking compliance with notification requirements and breaches/other risk indicators. The FCA views general insurance firms, individually as low risk, however they do consider that small firms, collectively, do pose a risk to their statutory objectives. Consequently, to regulate over 20,000 small firms, it adapted its approach to collect information from a variety of sources such as: data provided by firms (e.g. Retail Mediation Activities Return (RMAR) six monthly) data provided by product providers Intelligence gathering while supervising firms, contacting consumers directly, and monitoring markets and the economy

18 How does the FCA supervise? conducting regular focused reviews of the industry and consumers using tools such as market research, discussions with markets and exchanges, and mystery shopping; consulting a wide range of stakeholders, including market participants and the Consumer and Practitioner Panels; and using information supplied by the Financial Services Ombudsman (FOS) on industry trends and problems revealed through complaints. It s aim is to change the behaviour of small firms in a way that improves standards across the industry and, by working together, improve consumer confidence.

19 What are the FCA s Rules? To ensure that the Insurance Medication Directives are met, the FCA has a Handbook which sets out the rules and guidance for the firms it regulates. The Handbook is divided into many sections all with acronyms or initials as titles. The Handbook is literally voluminous as it covers all the different regulated activities and firms mentioned previously. ICOBS is the General Insurance Conduct of Business Sourcebook and covers general insurance selling and administration and contains the rules, regulations and guidance for those undertaking general insurance activity such as those in the motor industry. The following page summarises the main sections of the Handbook which will be relevant to an authorised firm. Additional sections will apply but these are the most common: CONC is the finance sourcebook and covers finance arrangements, sale and promotion. CONC is covered in a separate finance training module.

20 What are the FCA s Rules? The following page summarises the main sections of the Handbook which will be relevant to an authorised firm. Additional sections will apply but these are the most common: ICOBS INSURANCE CONDUCT OF BUSINESS SOURCEBOOK DISP DISPUTE RESOLUTION - COMPLAINTS AUTH AUTHORISATIONS MANUAL SYSC SENIOR MANAGEMENT SYSTEMS AND CONTROLS SUP SUPERVISION MANUAL COMP COMPENSATION SOURCEBOOK TC TRAINING AND COMPETENCE CASS CLIENT ASSETS SOURCEBOOK FIT FIT & PROPER TEST FOR APPROVED PERSONS APER STATEMENT OF PRINCIPLES AND CODE OF PRACTICE FOR APPROVED PERSONS

21 The FCA Principles for Business In meeting the four Statutory Objectives detailed previously, the FCA have Eleven Principles for Business which apply to all members of an authorised firm and Seven Statements of Principles which apply to all Approved Persons and Controlled Functions The eleven Principles for Business are a general statement of the fundamental obligations of firms under the regulatory system and consequently are not exhaustive of the standards expected. The Principles for Business derive their authority from the FCA s rule-making powers as set out in the Financial Services and Markets Act 2000 (FSMA) and reflect the regulatory requirements.

22 FCA Principles for Businesses The following pages include the eleven Principles for Businesses which apply to all members of an authorised firm. These principles provide the Financial Conduct Authority (FCA) with a basis for assessing and measuring the performance and behaviour of firms and for determining the levels of supervision and enforcement activity required. All those within a regulated firm are expected to be aware of these Principles for Businesses and conduct their businesses in accordance with the spirit and intent of the Principles. The FCA acknowledges that there are a lot of rules, regulations and guidance and it is not easy or possible for busy individuals to know every rule. Therefore, the FCA takes the view that no individual should be too busy not to take the time to read and understand the Principles for Businesses.

23 FCA Principles for Businesses The first three Principles for Businesses are as follows: 1. Integrity A firm must conduct its business with integrity 2. Skill, care and diligence A firm must conduct its business with due skill, care and diligence 3. Management and Control A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.

24 FCA Principles for Businesses All members of an authorised firm are expected to be aware of the 11 Principles: 4. Financial prudence A firm must maintain adequate financial resources 5. Market conduct A firm must observe proper standards of market conduct 6. Customers interests A firm must pay due regard to the interests of its customers and treat them fairly

25 FCA Principles for Businesses All members of an authorised firm are expected to be aware of the Principles: 7. Communications with clients A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading 8. Conflicts of interest A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client 9. Customers: relationships of trust A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgement

26 FCA Principles for Businesses All members of an authorised firm are expected to be aware of the 11 Principles: 10. Clients assets A firm must arrange adequate protection for clients assets when it is responsible for them 11. Relations with regulators A firm must deal with its regulators in an open and cooperative way, and must disclose to the FCA appropriately anything relating to the firm of which the FCA would reasonably expect notice

27 FCA Statements of Principle In addition to the Principles for Business which apply to all members of a firm, the Financial Conduct Authority (FCA) also has seven Statements of Principle. The Statements of Principle set out the standards of conduct expected by the FCA for approved persons and Controlled Functions (i.e. a function relating to the carrying on of a regulated activity by a firm and specified in the FMSA 2000). - Statements of Principle 1, 2, 3 and 4 apply to all approved persons - Statements 5, 6 and 7 apply to those approved to perform a controlled function which is classed as a significant influence function.

28 FCA Statements of Principle A breach of a Statement of Principle will leave an approved person open to disciplinary action by the FCA. The FCA will, however, only take disciplinary action against an approved person where there is evidence of personal culpability on the part of that approved person. Personal culpability arises where the behaviour was deliberate or where the approved person s standard of behaviour was below that which would be reasonable in all the circumstances.

29 FCA Statements of Principle There are a total of 7 Statements of Principle which apply to Senior Managers and Approved Persons, the first three are: Statement of Principle 1 Statement of Principle 2 Statement of Principle 3 An approved person must act with integrity in carrying out his controlled function. An approved person must act with due skill, care and diligence in carrying out his controlled function. An approved person must observe proper standards of market conduct in carrying out his controlled function.

30 FCA Statements of Principle Senior Managers and Approved Persons must ensure that they are aware of all 7 of the Statements of Principle. Statement of Principle 4 Statement of Principle 5 An approved person must deal with the FCA and with other regulators in an open and co-operative way and must disclose appropriately any information of which the FCA would reasonably expect notice Senior Managers and approved persons must take reasonable steps to ensure that the business of the firm for which they are responsible in is organised so that it can be controlled effectively.

31 FCA Statements of Principle Senior Managers and Approved Persons must ensure that they are aware of all 7 of the Statements of Principle. Statement of Principle 6 Statement of Principle 7 Senior Managers and approved persons must exercise due skill, care and diligence in managing the business of the firm for which he is responsible in his controlled function. Senior Managers and approved persons must take reasonable steps to ensure that the business of the firm for which they are responsible complies with the relevant requirements and standards of the regulatory system.

32 What are the FCA s powers? The Financial Conduct Authority (FCA) is the financial services regulator that has wide ranging powers to enforce compliance with their rules. Discipline and Enforcement are terms used which define the way in which the FCA can exercise its powers. From 14 th January 2005 it became a criminal offence to conduct a regulated general insurance activity without FCA authorisation. From 1 st April 2014 it became a criminal offence to conduct consumer finance arrangements without FCA authorisation. From this date, an authorised firm that breaches the rules or obstructs the FCA from fulfilling its Statutory Objectives, may be subject to investigation, fine or even banned from the regulated industry. The FCA holds a register on it s website which provides details of all firms and individuals authorised.

33 What is Principles Based Regulation? In April 2007, the FSA published a paper entitled Principles-based regulation Focusing on the outcomes that matter in which it made clear that, during the forthcoming years, there would be a move to more principles-based regulation which would require a significant change of behaviour by both firms and the FCA. It stated that the balance of the FSA Handbook and the FSA s approach to supervision would rely increasingly on principles and outcome-focussed rules rather than detailed rules prescribing how outcomes must be achieved. What this means in practice is that the FSA and now the FCA has given firms increased flexibility in how they will deliver the required outcomes within their own business objectives, whilst continuing to meet regulatory requirements.

34 What is Principles Based Regulation? The FCA saw this move as a way of achieving benefits for consumers by fostering a more innovative and competitive financial services industry. It felt that principles-based regulation would offer effective protection as Senior Managers would drive the changes necessary for their firms to meet the Principles. It remains to be seen what the future is of Principles-based regulation given the recent credit crunch and the intense media criticism of the Financial Services Industry, particularly the Banks.

35 What are the ICOBS Rules? ICOBS stands for Insurance Conduct of Business Sourcebook and is a rule book. The ICOBS rules are the requirements relating to the business processes and record keeping requirements involved in the selling and administration of noninvestment insurance contracts. At a high level, the types of product the ICOBS rules apply to are: general insurance contracts such as motor or household insurance pure protection contracts, such as critical illness and income protection

36 What are the ICOBS Rules? For the motor industry, these include: Motor Insurance Gap Insurance Key Insurance Payment Protection Insurance (Creditor) Pure Protection Contracts (Life or PHI) Extended Warranty Tyre, Windscreen, Paint & Upholstery Insurance Loss of Licence Cover

37 What are the ICOBS Rules? The Insurance Conduct of Business (ICOBS) rules have been written to ensure they meet the Insurance Mediation Directive (IMD) requirements. The IMD describes a wide range of activities and provides a minimum service standard for all sales, administration and claims services to ensure fair treatment of customers. ICOBS confirms the rules which apply when carrying out any activity on behalf of a customer in relation to general insurance or pure protection contracts. The ICOBS rules define customers as either a Consumer or a Commercial Customer. A Consumer is a person acting outside their trade or profession. A Commercial Customer is not a retail customer, i.e. one who is acting in their trade, business or profession. The ICOBS rules may differ depending on whether you are dealing with a Consumer or a Commercial Customer.

38 What are the ICOBS Rules? The Insurance Conduct of Business (ICOBS) rules affect the way in which you transact and deal with customers in relation to their general insurance or pure protection needs. ICOBS has eight Chapters in total. Details of the Chapters are included in the next section. To ensure compliance with ICOBS, your sales and operational processes and procedures need to align with the requirements. For those advising, selling or supervising a regulated activity, you will be required to be trained and evidence this training as part of the Training & Competence requirements of the FCA.

39 What are the ICOBS Rules? There are eight chapters within the ICOB rules here are the first four: ICOBS 1 Application and Purpose This Chapter confirms to whom, where and for which activities ICOBS applies. ICOBS 2 General Matters These rules reiterate Principle 7 that communicating information is clear, fair or not misleading. ICOBS 3 Distance Communications These rules relate to contracts concluded between suppliers and consumers at a distance. It covers the disclosure requirements, terms and conditions, telephony communications and consumer rights. ICOBS 4 Information about the firm, its services and remuneration These rules cover status disclosure, scope of service, use of panels, methods of communication with customers, fee and commission disclosure and the Initial Disclosure Document.

40 What are the ICOBS Rules? There are eight chapters within the ICOBS rules here are the last four: ICOBS 5 Identifying client needs and advising These rules cover eligibility to claim benefits; disclosure of material facts; statements of demands and needs and the requirements for advised sales. ICOBS 7 Cancellation Rights These rules confirm how and when a retail customer must be notified of their right to cancel when selling a contract of insurance. ICOBS 6 Product Information These rules confirm the pre and post contract information requirements for customers and the responsibilities of insurers and insurance intermediaries in certain circumstances. ICOBS 8 Claims Handling These rules define how claims should be handled, fairly, settled promptly and in the interests of the customer.

41 Conclusion You have now completed the module on An Introduction to the Financial Conduct Authority (FCA) Regulation for the Automotive Industry You should now have a general understanding of the following: What the Financial Conduct Authority (FCA) is and its purpose What the FCA regulates and how it regulates firms The FCA rules The FCA Principles for Business and FCA Statements of Principle The Powers of the FCA The effect of Principles-Based Regulation The Insurance Conduct of Business Sourcebook (ICOBS) rules To demonstrate an understanding of this module, you will be required to complete a short test. If you need to revisit any of the elements within this module, please press the back button.

INTRODUCTION TO THE FCA MODULE (Treating Customers Fairly..)

INTRODUCTION TO THE FCA MODULE (Treating Customers Fairly..) INTRODUCTION TO THE FCA MODULE (Treating Customers Fairly..) Completion of this section will ensure that:- You understand what the FCA is; What and who they regulate; The basic principles of compliance;

More information

Principals and their appointed representatives in the general insurance sector

Principals and their appointed representatives in the general insurance sector Financial Conduct Authority Thematic Review TR16/6 Principals and their appointed representatives in the general insurance sector July 2016 Principals and their appointed representatives in the general

More information

Regulation of Insurance Intermediaries. Insurance Selling and Administration CP187

Regulation of Insurance Intermediaries. Insurance Selling and Administration CP187 30 th June 2003 Regulation of Insurance Intermediaries Insurance Selling and Administration CP187 The FSA has today published a consultation paper CP187 setting out its revised proposals for regulating

More information

6 Annex 1 [deleted: the provisions in relation to designated professional bodies are set out in FEES 1, 2, 3 and 4] 6 Annex 2 [deleted]

6 Annex 1 [deleted: the provisions in relation to designated professional bodies are set out in FEES 1, 2, 3 and 4] 6 Annex 2 [deleted] Professional firms PROF Contents Professional firms PROF 1 Professional firms 1.1 Application and Purpose PROF 2 Status of exempt professional firm 2.1 Designated professional bodies and exempt regulated

More information

Credit Unions sourcebook. Chapter 10. Application of other parts of the Handbook to credit unions

Credit Unions sourcebook. Chapter 10. Application of other parts of the Handbook to credit unions Credit Unions sourcebook Chapter Application of other parts of the Handbook to credit CREDS : Application of other.1 Application and purpose.1.1 R Application... This chapter applies to all credit..1.2

More information

Jargon Buster. Everything you need to know made clear

Jargon Buster. Everything you need to know made clear Jargon Buster Everything you need to know made clear This Jargon Buster is designed to make everything easy to understand and explain our terms from A Z. Keep it safe inside your folder as your go-to-guide

More information

Charles Taylor Managing Agency Limited (CTMA)

Charles Taylor Managing Agency Limited (CTMA) Charles Taylor Managing Agency Limited (CTMA) Document governance Document owner Committee Owner Compliance Officer CTMA Board Page 1 of 17 Document review Version Reviewer 0.1 Version is 0.1. CT have

More information

FINAL NOTICE Capital One confirmed on 31 January 2007 that it will not be referring the matter to the Financial Services and Markets Tribunal.

FINAL NOTICE Capital One confirmed on 31 January 2007 that it will not be referring the matter to the Financial Services and Markets Tribunal. Financial Services Authority FINAL NOTICE To: Capital One Bank (Europe) Plc Of: 350 Euston Road London NW1 3JJ Date: 15 February 2007 TAKE NOTICE: The Financial Services Authority of 25 The North Colonnade,

More information

FINAL NOTICE Park s confirmed on 8 August 2008 that it will not be referring the matter to the Financial Services and Markets Tribunal.

FINAL NOTICE Park s confirmed on 8 August 2008 that it will not be referring the matter to the Financial Services and Markets Tribunal. Financial Services Authority FINAL NOTICE To: Park s of Hamilton (Holdings) Limited Of: 14 Bothwell Road Hamilton Lanarkshire ML3 0AY Date: 20 August 2008 TAKE NOTICE: The Financial Services Authority

More information

NOTES FOR COMPLETION OF THE RETAIL MEDIATION ACTIVITIES RETURN ( RMAR )

NOTES FOR COMPLETION OF THE RETAIL MEDIATION ACTIVITIES RETURN ( RMAR ) Contents NOTES FOR COMPLETION OF THE RETAIL MEDIATION ACTIVITIES RETURN ( RMAR ) Introduction Section A: Section B: Section C: Section D: Section E: Section F: Section G: Section H: Section I: Section

More information

Financial Services Authority

Financial Services Authority Financial Services Authority FINAL NOTICE To: Of: Sett Valley Insurance Services 18 Market Street New Mills High Peak Derbyshire SK22 4AE Date: 27 January 2010 TAKE NOTICE: The Financial Services Authority

More information

FINAL NOTICE. The Co-operative Bank plc. FSA Reference Number: Address: Date: 4 January ACTION

FINAL NOTICE. The Co-operative Bank plc. FSA Reference Number: Address: Date: 4 January ACTION FINAL NOTICE To: The Co-operative Bank plc FSA Reference Number: 121885 Address: 13 th Floor, Miller Street, Manchester, M60 0AL Date: 4 January 2013 1. ACTION 1.1. For the reasons given in this Notice,

More information

Financial Services Authority FINAL NOTICE. 1 Fore Street Budleigh Salterton Devon EX9 6NG. Individual ref : MXL00073 Firm Ref:

Financial Services Authority FINAL NOTICE. 1 Fore Street Budleigh Salterton Devon EX9 6NG. Individual ref : MXL00073 Firm Ref: Financial Services Authority FINAL NOTICE To: Mark Joseph Laurenti 1 Fore Street Budleigh Salterton Devon EX9 6NG To: Independent Mortgage Advisory Service Limited Individual ref : MXL00073 Firm Ref: 479446

More information

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 14/10/2017

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 14/10/2017 TABLE OF CONTENTS 1 Introduction... 10 1.1 Purpose & Scope of the Manual... 10 1.2 Responsibility for the Manual... 11 2 Regulatory Framework... 12 2.1 Introduction to the FCA... 12 2.2 Financial Services

More information

Financial Services Authority FINAL NOTICE. Mr Richard Anthony Holmes. 14 Falmouth Avenue Highams Park London E4 9QR. Individual. Dated: 1 July 2009

Financial Services Authority FINAL NOTICE. Mr Richard Anthony Holmes. 14 Falmouth Avenue Highams Park London E4 9QR. Individual. Dated: 1 July 2009 Financial Services Authority FINAL NOTICE To: Of: Individual Reference Number: Mr Richard Anthony Holmes 14 Falmouth Avenue Highams Park London E4 9QR RAH01211 Dated: 1 July 2009 TAKE NOTICE: The Financial

More information

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 28/10/2017

TABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 28/10/2017 TABLE OF CONTENTS 1 Introduction... 10 1.1 Purpose & Scope of the Manual... 10 1.2 Responsibility for the Manual... 11 2 Regulatory Framework... 12 2.1 Introduction to the FCA... 12 2.2 Financial Services

More information

FINAL NOTICE. UNAT DIRECT Insurance Management Limited (UNAT)

FINAL NOTICE. UNAT DIRECT Insurance Management Limited (UNAT) Financial Services Authority FINAL NOTICE To: Of: UNAT DIRECT Insurance Management Limited (UNAT) 96 George Street Croydon Surrey CR9 1BU Date: 19 May 2008 TAKE NOTICE: The Financial Services Authority

More information

Selling of general insurance policies through price comparison websites

Selling of general insurance policies through price comparison websites Financial Services Authority Guidance consultation PROPOSED GUIDANCE ON THE: SELLING OF GENERAL INSURANCE POLICIES THROUGH PRICE COMPARISON WEBSITES June 2011 Addressee Firm name Address [Date] Dear Selling

More information

For more information, please contact Branko Bjelobaba at Branko Ltd on (0800) or

For more information, please contact Branko Bjelobaba at Branko Ltd on (0800) or A digestible aid to compliance The Branko Ltd FCA DIY Compliance Manual has developed into an industry standard since it was first produced in 2004 (and we continue to exclusively publish the BIBA version).

More information

Financial Services Authority FINAL NOTICE. Home and County Mortgages Limited 3 Royal Court Gadbrook Park Northwich Cheshire CW9 7UT.

Financial Services Authority FINAL NOTICE. Home and County Mortgages Limited 3 Royal Court Gadbrook Park Northwich Cheshire CW9 7UT. Financial Services Authority FINAL NOTICE To: Of: Home and County Mortgages Limited 3 Royal Court Gadbrook Park Northwich Cheshire CW9 7UT Date: 6 December 2006 TAKE NOTICE: The Financial Services Authority

More information

Consumer Credit sourcebook. Chapter 1. Application and purpose and guidance on financial difficulties

Consumer Credit sourcebook. Chapter 1. Application and purpose and guidance on financial difficulties Consumer Credit sourcebook Chapter Application and purpose and guidance on financial difficulties CONC : Application and Section. : Application and purpose. Application and purpose.. Application () The

More information

APPLICATION FORM INDIVIDUAL

APPLICATION FORM INDIVIDUAL APPLICATION FORM INDIVIDUAL -Before you can be authorised, we must be satisfied that you are fit and proper. This application form helps us to assess your fitness and propriety effectively. -This application

More information

The ITC Compliance Network

The ITC Compliance Network i The ITC Compliance Network The Concept From 14th January 2005, any business engaging in General Insurance activity must be regulated by the Financial Conduct Authority (FCA), formerly the Financial Services

More information

FINAL NOTICE On 25 November 2010 the FSA gave you, Mr Paul Clark, a Decision Notice which stated that it had decided:

FINAL NOTICE On 25 November 2010 the FSA gave you, Mr Paul Clark, a Decision Notice which stated that it had decided: Financial Services Authority FINAL NOTICE To: Mr Paul Clark Date of birth: 16 February 1966 Individual ref: PJC00024 Date: 25 November 2010 TAKE NOTICE: The Financial Services Authority of 25 The North

More information

TABLE OF CONTENTS. Compliance Manual Version 4.8 Author: Updated: 28/05/2017

TABLE OF CONTENTS. Compliance Manual Version 4.8 Author: Updated: 28/05/2017 TABLE OF CONTENTS 1 Introduction... 9 1.1 Purpose & Scope of the Manual... 9 1.2 Responsibility for the Manual... 10 2 Regulatory Framework... 11 2.1 Introduction to the FCA... 11 2.2 Financial Services

More information

Future regulatory treatment of CCA regulated first charge mortgages

Future regulatory treatment of CCA regulated first charge mortgages Financial Conduct Authority Future regulatory treatment of CCA regulated first charge mortgages November 2015 Consultation Paper CP15/36* Future regulatory treatment of CCA regulated first charge mortgages

More information

Consumer credit authorisation Guidance for housing associations

Consumer credit authorisation Guidance for housing associations Consumer credit authorisation Guidance for housing associations www.housing.org.uk Contents Introduction 3 When is authorisation required? 4 Activities requiring authorisation 6 Summary of regulated activities

More information

FINAL NOTICE Swinton confirmed on 9 October 2009 that it will not be referring the matter to the Financial Services and Markets Tribunal.

FINAL NOTICE Swinton confirmed on 9 October 2009 that it will not be referring the matter to the Financial Services and Markets Tribunal. Financial Services Authority FINAL NOTICE To: Swinton Group Limited Of: 6 Great Marlborough Street Manchester Lancashire M1 5SW Date: 28 October 2009 TAKE NOTICE: The Financial Services Authority of 25

More information

Insurance Distribution Directive (IDD) Part 1 Consultation Feedback and Policy

Insurance Distribution Directive (IDD) Part 1 Consultation Feedback and Policy Insurance Distribution Directive (IDD) Part 1 Consultation Feedback and Policy Copyright 2017 by RWA Compliance Services Ltd The rights of RWA to be identified as the authors of this work has been asserted

More information

Anti-Bribery Policy. 1. Introduction and purpose

Anti-Bribery Policy. 1. Introduction and purpose Anti-Bribery Policy 1. Introduction and purpose 8Safe UK Limited ("8Safe UK" or the Company ) is committed to adhering to the highest standards of business conduct; compliance with the law and regulatory

More information

CREDIT UNIONS SOURCEBOOK (AMENDMENT NO 8) INSTRUMENT 2016

CREDIT UNIONS SOURCEBOOK (AMENDMENT NO 8) INSTRUMENT 2016 CREDIT UNIONS SOURCEBOOK (AMENDMENT NO 8) INSTRUMENT 2016 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise of the powers and related provisions in or under the

More information

SENIOR MANAGERS AND CERTIFICATION REGIME

SENIOR MANAGERS AND CERTIFICATION REGIME SENIOR MANAGERS AND CERTIFICATION REGIME Summary of PS 18/14 Extending the Senior Managers & Certification Regime to FCA firms - Feedback to CP17/25 and CP17/40, and near-final rules Published on 4 July

More information

SUPERVISION AND OVERSIGHT FSA S APPROCH TO SUPERVISION AND RISK STATUTORY FRAMEWORK

SUPERVISION AND OVERSIGHT FSA S APPROCH TO SUPERVISION AND RISK STATUTORY FRAMEWORK SUPERVISION AND OVERSIGHT FSA S APPROACH TO SUPERVISION AND RISK STATUTORY FRAMEWORK I FSA S APPROCH TO SUPERVISION AND RISK 1. FSA: THE STATUTORY FUNCTIONS The FSA has a series of statutory functions:

More information

Approved Persons Fitness & Propriety Gary Morley

Approved Persons Fitness & Propriety Gary Morley Approved Persons Fitness & Propriety Gary Morley Agenda What is an Approved Person? What is the fit & proper test? How do I become an approved person? Non-Disclosure of Information? What happens if an

More information

Background Material. Strengthening accountability in financial services

Background Material. Strengthening accountability in financial services Background Material Strengthening accountability in financial services Contents Background materials for respondents Rationale for extending the accountability regime beyond banking Key elements of the

More information

Code for Underwriting Agents: UK Personal Lines Claims & Complaints Handling

Code for Underwriting Agents: UK Personal Lines Claims & Complaints Handling Code for Underwriting Agents: UK Personal Lines Claims & Complaints Handling OCTOBER 2015 2 INTRODUCTION Lloyd s seeks to ensure that policyholders are treated fairly and can have confidence that their

More information

2011 Table 1 - Financial services, regulation and ethics pages 4 to 7

2011  Table 1 - Financial services, regulation and ethics pages 4 to 7 Financial services, and ethics (R01) Wizard Learning Financial services, and ethics Online Multimedia Course contents Gap covered as per the FSA gap fill template from final RDR rules (PS11/01) from January

More information

Principals and their appointed representatives in the general insurance sector

Principals and their appointed representatives in the general insurance sector Principals and their appointed representatives in the general insurance sector Introduction Simon Green Director, General Insurance & Protection 2 Agenda 1. Background 2. High-level findings 3. Review

More information

Reader's Guide: An introduction to the Handbook

Reader's Guide: An introduction to the Handbook Reader's Guide: An introduction to the Handbook January 2019 Reader's Guide: An introduction to the Handbook Contents 1 What is the Handbook? 3 2 Where can I find the Handbook? 4 3 Structure of the Handbook

More information

ADVISING ON INVESTMENTS (ARTICLE 53(1) OF THE REGULATED ACTIVITIES ORDER) (CONSEQUENTIAL AMENDMENTS) INSTRUMENT 2017

ADVISING ON INVESTMENTS (ARTICLE 53(1) OF THE REGULATED ACTIVITIES ORDER) (CONSEQUENTIAL AMENDMENTS) INSTRUMENT 2017 ADVISING ON INVESTMENTS (ARTICLE 53(1) OF THE REGULATED ACTIVITIES ORDER) (CONSEQUENTIAL AMENDMENTS) INSTRUMENT 2017 Powers exercised A. The Financial Conduct Authority makes this instrument in the exercise

More information

The following table is a high level summary of the decision of the Legal Services Board. It is not a formal part of the decision notice.

The following table is a high level summary of the decision of the Legal Services Board. It is not a formal part of the decision notice. LSB final decision notice 26 June 2018 Summary of Decision The following table is a high level summary of the decision of the Legal Services Board. It is not a formal part of the decision notice. Purpose

More information

Variation of Permission (VOP) Application

Variation of Permission (VOP) Application Variation of Permission (VOP) Application Consumer Credit Activities Firm Name The name displayed on the FCA register at present Firm Reference Number Your 6 digit FRN number Does the firm have an Interim

More information

Financial Services Authority FINAL NOTICE. Chariot Mortgage Services Limited Washway Road Sale Cheshire M33 6RN. Date: 15 April 2008

Financial Services Authority FINAL NOTICE. Chariot Mortgage Services Limited Washway Road Sale Cheshire M33 6RN. Date: 15 April 2008 Financial Services Authority FINAL NOTICE To: Address: Chariot Mortgage Services Limited 190-192 Washway Road Sale Cheshire M33 6RN Date: 15 April 2008 TAKE NOTICE: The Financial Services Authority of

More information

FINAL NOTICE. Unit 8a, Maple Estate, Stocks Lane, Barnsley, South Yorkshire S75 2BL

FINAL NOTICE. Unit 8a, Maple Estate, Stocks Lane, Barnsley, South Yorkshire S75 2BL Financial Services Authority FINAL NOTICE To: Address: Cricket Hill Financial Planning Limited Unit 8a, Maple Estate, Stocks Lane, Barnsley, South Yorkshire S75 2BL Date: 16 February 2011 TAKE NOTICE:

More information

The FSA s role under the Electronic Money Regulations 2011

The FSA s role under the Electronic Money Regulations 2011 Financial Services Authority The FSA s role under the Electronic Money Regulations 2011 Our approach March 2011 Preface The second Electronic Money Directive (2EMD) will be implemented in the UK on 30

More information

The DFSA Rulebook. Authorised Market Institutions (AMI) AMI/VER16/06-14

The DFSA Rulebook. Authorised Market Institutions (AMI) AMI/VER16/06-14 The DFSA Rulebook Authorised Market Institutions (AMI) PART 1: INTRODUCTION... 1 1. APPLICATION, INTERPRETATION AND OVERVIEW... 1 1.1 Application... 1 PART 2: APPLICATION AND AUTHORISATION... 3 2. APPLICATION

More information

Consultation Paper CP11/8. Financial Services Authority. Data Collection: Retail Mediation Activities Return and complaints data

Consultation Paper CP11/8. Financial Services Authority. Data Collection: Retail Mediation Activities Return and complaints data Consultation Paper CP11/8 Financial Services Authority Data Collection: Retail Mediation Activities Return and complaints data May 2011 CP11/8 Contents Acronyms used in this paper 3 1 Overview 5 2 Revised

More information

Financial Services Authority FINAL NOTICE. Mr Robert Edward James. Date of birth: 28 June Dated: 2 September 2008

Financial Services Authority FINAL NOTICE. Mr Robert Edward James. Date of birth: 28 June Dated: 2 September 2008 Financial Services Authority FINAL NOTICE To: Ref: Mr Robert Edward James REJ01026 Date of birth: 28 June 1961 Dated: 2 September 2008 TAKE NOTICE: The Financial Services Authority of 25 The North Colonnade,

More information

Pink Compliance Manual. For. Appointed Representatives

Pink Compliance Manual. For. Appointed Representatives Pink Compliance Manual For Appointed Representatives Page 1 TABLE OF CONTENTS 1 INTRODUCTION... 6 1.1 INTRODUCTION TO THE FINANCIAL CONDUCT AUTHORITY... 6 1.2 RISK IDENTIFICATION... 9 1.3 RISK MEASUREMENT...

More information

Details of FCA Consumer Credit Regime (13/29) 14 October 2013

Details of FCA Consumer Credit Regime (13/29) 14 October 2013 CPA Audit LLP, Talbot House, 8-9 Talbot Court, London EC3V 0BP Telephone: 020 7621 9010 Facsimile: 020 7621 9011 email: info@cpaaudit.co.uk web: www.cpaaudit.co.uk Details of FCA Consumer Credit Regime

More information

FINAL NOTICE. imposes on Mr Philip a financial penalty of 60,000; and

FINAL NOTICE. imposes on Mr Philip a financial penalty of 60,000; and FINAL NOTICE To: Timothy Duncan Philip IRN: TDP00009 Date of birth: 17 February 1964 Date: 13 July 2016 1. ACTION 1.1. For the reasons given in this notice, the Authority hereby: (a) imposes on Mr Philip

More information

Terms of Business for Intermediaries. Effective from 17 May 2018

Terms of Business for Intermediaries. Effective from 17 May 2018 Terms of Business for Intermediaries Effective from 17 May 2018 These terms of business ('Terms of Business') set out the way We will work with You and bring to Your attention the terms under which We

More information

Application form for banks

Application form for banks 1 Regulatory business plan Application for authorisation Application form for banks Full name of applicant firm Before completing the application form for banks, you should review the banking authorisations

More information

Strengthening individual accountability in insurance: SIMR, conduct rules and approved persons

Strengthening individual accountability in insurance: SIMR, conduct rules and approved persons UPDATE: November 2015 Strengthening individual accountability in insurance: SIMR, conduct rules and approved persons Summary The PRA and FCA have published a number of policy statements and consultation

More information

Financial Services Authority

Financial Services Authority Financial Services Authority FINAL NOTICE To: Investment Services UK Limited and Mr Ram Melwani Of: Wellbeck House 3 rd Floor 66/67 Wells Street London W1T 3PY Date: 7 November 2005 TAKE NOTICE: The Financial

More information

Financial Services Authority

Financial Services Authority Financial Services Authority FINAL NOTICE To: FSA Reference Number: Address: Date: Coutts & Company 122287 440 Strand, London WC2R 0QS 7 November 2011 1. ACTION 1.1 For the reasons given in this Notice,

More information

Financial Services Authority FINAL NOTICE. Liverpool Victoria Banking Services Limited County Gates Bournemouth Dorset BH1 2NF. Date: 29 July 2008

Financial Services Authority FINAL NOTICE. Liverpool Victoria Banking Services Limited County Gates Bournemouth Dorset BH1 2NF. Date: 29 July 2008 Financial Services Authority FINAL NOTICE To: Of: Liverpool Victoria Banking Services Limited County Gates Bournemouth Dorset BH1 2NF Date: 29 July 2008 TAKE NOTICE: The Financial Services Authority of

More information

Gem Briefing Note 17/4

Gem Briefing Note 17/4 CP17/33 - Insurance Distribution Directive Implementation Consultation Paper 3 Introduction The IDD entered into force on 23 February 2016 and firms must follow its requirements from 23 February 2018.

More information

INSURANCE: NEW CONDUCT OF BUSINESS SOURCEBOOK INSTRUMENT 2007

INSURANCE: NEW CONDUCT OF BUSINESS SOURCEBOOK INSTRUMENT 2007 FSA 2007/67 INSURANCE: NEW CONDUCT OF BUSINESS SOURCEBOOK INSTRUMENT 2007 Powers exercised A. The Financial Services Authority makes this instrument in the exercise of the powers and related provisions

More information

FINAL NOTICE The firm has confirmed that it will not be referring this matter to the Financial Services and Markets Tribunal.

FINAL NOTICE The firm has confirmed that it will not be referring this matter to the Financial Services and Markets Tribunal. FINAL NOTICE To: Of: Capita Trust Company Limited Phoenix House, 18 King William Street London EC4N 7HE Date: 20 October 2004 TAKE NOTICE: The Financial Services Authority of 25 The North Colonnade, Canary

More information

Credit Unions sourcebook

Credit Unions sourcebook Credit Unions sourcebook CEDS Contents Credit Unions sourcebook CEDS 1 Introduction 1.1 Application and purpose CEDS 2 Senior management arrangements, systems and controls 2.1 Application and purpose 2.2

More information

Financial Services Authority FINAL NOTICE. Redcats (Brands) Limited. 18 Canal Road Bradford West Yorkshire BD99 4XB. Date: 20 December 2006

Financial Services Authority FINAL NOTICE. Redcats (Brands) Limited. 18 Canal Road Bradford West Yorkshire BD99 4XB. Date: 20 December 2006 Financial Services Authority FINAL NOTICE To: Redcats (Brands) Limited Of: 18 Canal Road Bradford West Yorkshire BD99 4XB Date: 20 December 2006 TAKE NOTICE: The Financial Services Authority of 25 The

More information

The FCA Consumer Credit Regime

The FCA Consumer Credit Regime The FCA Consumer Credit Regime The FCA Consumer Credit Regime Introduction Responsibility for the consumer credit regime was transferred to the FCA from the OFT on 1 April 2014 and the licensing regime

More information

SRA BOARD 21 January 2015

SRA BOARD 21 January 2015 Regulation of Consumer Credit Activities Purpose 1 The purpose of this paper is: i) to provide the Board with an update on discussions with the Financial Conduct Authority (FCA) and the Treasury (HMT)

More information

FINAL NOTICE. Mr Ian David Jones Arle Court, Hatherley Lane, Cheltenham, GL51 6PN

FINAL NOTICE. Mr Ian David Jones Arle Court, Hatherley Lane, Cheltenham, GL51 6PN Financial Services Authority FINAL NOTICE To: Of: Individual Ref: Mr Ian David Jones Arle Court, Hatherley Lane, Cheltenham, GL51 6PN IDJ00004 Date: 21 September 2011 TAKE NOTICE: The Financial Services

More information

Purpose of these Notes. Terms in the Form. Contents of this form

Purpose of these Notes. Terms in the Form. Contents of this form Purpose of these Notes These notes will help you fill in the Investment Business form correctly. If after reading these notes you need more help, you can: visit our website: http://www.fsa.gov.uk/pages/doing/regulated/notify/permissions/index.shtml,

More information

FINAL NOTICE. 3. For the reasons listed below, the Authority has decided to refuse the Application.

FINAL NOTICE. 3. For the reasons listed below, the Authority has decided to refuse the Application. FINAL NOTICE Mr M Ali Big T Media Limited t/a New Start Debt Solutions 2 Woodberry Grove North Finchley London N12 0DR Copy also sent to: Big T Media Limited t/a New Start Debt Solutions, The Innovation

More information

Financial Services Authority

Financial Services Authority Financial Services Authority FINAL NOTICE NOTE: This prohibition order was revoked by the FCA on 03/08/2015 To: Reference Number: Of: Andrew Johnson Cumming AJC01262 Flat 51, Yvon House, London, SW11 4GA

More information

KINGDOM OF SAUDI ARABIA. Capital Market Authority AUTHORISED PERSONS REGULATIONS

KINGDOM OF SAUDI ARABIA. Capital Market Authority AUTHORISED PERSONS REGULATIONS KINGDOM OF SAUDI ARABIA Capital Market Authority AUTHORISED PERSONS REGULATIONS English Translation of the Official Arabic Text Issued by the Board of the Capital Market Authority Pursuant to its Resolution

More information

Insurance: Conduct of Business

Insurance: Conduct of Business Insurance: Conduct of Business ICOBS Contents Insurance: Conduct of Business ICOBS 1 Application 1.1 The general application rule 1 Annex 1 Application (see ICOBS 1.1.2 ) ICOBS 2 eneral matters 2.1 Client

More information

Future regulatory treatment of CCA regulated first charge mortgages

Future regulatory treatment of CCA regulated first charge mortgages Financial Conduct Authority Policy Statement PS16/7 Future regulatory treatment of CCA regulated first charge mortgages March 2016 Future regulatory treatment of CCA regulated first charge mortgages PS16/7

More information

THE LAW SOCIETY OF NORTHERN IRELAND

THE LAW SOCIETY OF NORTHERN IRELAND THE LAW SOCIETY OF NORTHERN IRELAND SOLICITORS FINANCIAL SERVICES REGULATIONS 2018 The Council of the Law Society of Northern Ireland, in exercise of the powers conferred on it by Articles 74{1) and 75

More information

HANDBOOK ADMINISTRATION INSTRUMENT (NO 1) Powers exercised by the Board of the Prudential Regulation Authority (PRA)

HANDBOOK ADMINISTRATION INSTRUMENT (NO 1) Powers exercised by the Board of the Prudential Regulation Authority (PRA) HANDBOOK ADMINISTRATION INSTRUMENT (NO 1) 2013 Powers exercised by the Board of the Prudential Regulation Authority (PRA) A. The Prudential Regulation Authority makes this instrument in the exercise of

More information

FINAL NOTICE. Xcap Securities PLC FRN: London EC3V 3ND United Kingdom. Date: 31 May 2013 ACTION

FINAL NOTICE. Xcap Securities PLC FRN: London EC3V 3ND United Kingdom. Date: 31 May 2013 ACTION FINAL NOTICE To: Xcap Securities PLC FRN: 504211 Address: 24 Cornhill London EC3V 3ND United Kingdom Date: 31 May 2013 ACTION 1. For the reasons given in this notice, the Financial Conduct Authority (

More information

Financial Services Authority FINAL NOTICE. Royal Liver Assurance Limited. Pier Head Liverpool Merseyside L3 1HT. Date: 6 April 2006

Financial Services Authority FINAL NOTICE. Royal Liver Assurance Limited. Pier Head Liverpool Merseyside L3 1HT. Date: 6 April 2006 Financial Services Authority FINAL NOTICE To: Of: Royal Liver Assurance Limited Pier Head Liverpool Merseyside L3 1HT Date: 6 April 2006 TAKE NOTICE: The Financial Services Authority of 25, The North Colonnade,

More information

CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS INSTRUMENT 2009

CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS INSTRUMENT 2009 CAPITAL RESOURCES AND PROFESSIONAL INDEMNITY INSURANCE REQUIREMENTS FOR PERSONAL INVESTMENT FIRMS INSTRUMENT 2009 Powers exercised A. The Financial Services Authority makes this instrument in the exercise

More information

Compliance Guide to the FCA Handbook Issue 3 Approved Persons regime Part 1

Compliance Guide to the FCA Handbook Issue 3 Approved Persons regime Part 1 Compliance Guide to the FCA Handbook Issue 3 Approved Persons regime Part 1 Issue 3 August 2014 Compliance Guide to the FCA Handbook 2014 1 Important note These guidance notes are for the use of CSA Members

More information

See article 36A4 of The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, S.I. 2001/544. 2

See article 36A4 of The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, S.I. 2001/544. 2 SERVICE-SPECIFIC GUIDANCE NOTE Consumer Credit Who should read this? As at October 2014, the Phone-paid Services Authority notes that the primary providers of consumer credit services in the premium rate

More information

BIBA s response to HM Treasury consultation A new approach to regulation building a stronger system

BIBA s response to HM Treasury consultation A new approach to regulation building a stronger system 4 April 2011 HM Treasury 1 Horse Guards Road London SW1A 2HQ Dear Sirs BIBA s response to HM Treasury consultation A new approach to regulation building a stronger system The British Insurance Brokers'

More information

FINAL NOTICE. To: Redstone Mortgages Limited Of: 2 Royal Exchange Buildings, London EC3V 3LF Date: 12 July 2010

FINAL NOTICE. To: Redstone Mortgages Limited Of: 2 Royal Exchange Buildings, London EC3V 3LF Date: 12 July 2010 Financial Services Authority FINAL NOTICE To: Redstone Mortgages Limited Of: 2 Royal Exchange Buildings, London EC3V 3LF Date: 12 July 2010 TAKE NOTICE: The Financial Services Authority of 25 The North

More information

Agent Application Process

Agent Application Process Agent Application Process Operational Branches recruitment and registration of Agents licence 2009 CONTENTS Personal data 3 Annex 1. Fitness and Propriety 8 Documentation Evaluation 12 DECEMBER 2013 PAGE/2

More information

Dispute Resolution: Complaints

Dispute Resolution: Complaints Dispute Resolution: Complaints DISP Contents Dispute Resolution: Complaints DISP INTRO INTRO 1 Introduction Introduction DISP 1 Treating complainants fairly 1.1 Purpose and application 1.2 Consumer awareness

More information

UNIT 1: THE INVESTMENT ENVIRONMENT V.13 TESTED FROM 1 DECEMBER 2015

UNIT 1: THE INVESTMENT ENVIRONMENT V.13 TESTED FROM 1 DECEMBER 2015 INVESTMENT MANAGEMENT CERTIFICATE UNIT 1: THE INVESTMENT ENVIRONMENT V.13 TESTED FROM 1 DECEMBER 2015 UNIT AIMS By the end of this unit, learners should be able to demonstrate: An understanding of the

More information

Payment Services and Electronic Money Our Approach

Payment Services and Electronic Money Our Approach DRAFT FOR CONSULTATION Payment Services and Electronic Money Our Approach The FCA s role under the Payment Services Regulations 2017 and the Electronic Money Regulations 2011 DRAFT April 2017 1 DRAFT FOR

More information

FINAL NOTICE The FSA gave you a Decision Notice on 28 July 2010 which notified you that the FSA had decided to:

FINAL NOTICE The FSA gave you a Decision Notice on 28 July 2010 which notified you that the FSA had decided to: Financial Services Authority FINAL NOTICE To: Address: Individual reference number: Michael Kwesi Yamoah The Lodge Worting House Church Lane Basingstoke Hampshire RG23 8PX MXY01110 Dated: 28 July 2010

More information

Data Bulletin. In focus: Financial Conduct Authority

Data Bulletin. In focus: Financial Conduct Authority Financial Conduct Authority In focus: The retail intermediary sector Latest trends in the retirement income market Feedback from firms about the FCA October 2016 (Revised) Issue 7 Introduction from the

More information

Code for Underwriting Agents: UK Personal Lines Claims & Complaints Handling Update (July 2018)

Code for Underwriting Agents: UK Personal Lines Claims & Complaints Handling Update (July 2018) Market Bulletin Ref: Y5200 Title Code for Underwriting Agents: UK Personal Lines Claims & Complaints Handling Update (July 2018) Purpose To update the Code to reflect changes in relation of Lloyd s complaints

More information

FINAL NOTICE. Mr Mohammad Rana (registered as Countrywide Management Consultancy and trading as Property Compass)

FINAL NOTICE. Mr Mohammad Rana (registered as Countrywide Management Consultancy and trading as Property Compass) Financial Services Authority FINAL NOTICE To: Address: Mr Mohammad Rana (registered as Countrywide Management Consultancy and trading as Property Compass) 18 Cherwell Drive Marston, Oxford Oxfordshire

More information

FSA DISCIPLINARY NOTICE

FSA DISCIPLINARY NOTICE FSA DISCIPLINARY NOTICE FSA has given a Final Notice to Royal & Sun Alliance Life & Pensions Limited, Royal & Sun Alliance Linked Insurances Limited and Sun Alliance and London Assurance Company Limited

More information

Referral Agreement. between. and. Applicant Name, Applicant Address. Application Date BROKER REFERRAL AGREEMENT

Referral Agreement. between. and. Applicant Name, Applicant Address. Application Date BROKER REFERRAL AGREEMENT Referral Agreement between Premier Financial Ltd, 9 Farrington Way, Eastwood, Nottingham, NG16 3BF and Applicant Name, Applicant Address Application Date BROKER REFERRAL AGREEMENT This Agreement sets out

More information

The new FCA and PRA Senior Managers and Certification Regime and Code of Conduct. A guide to the current proposals. August

The new FCA and PRA Senior Managers and Certification Regime and Code of Conduct. A guide to the current proposals. August The new FCA and PRA Senior Managers and Certification Regime and Code of Conduct A guide to the current proposals August 2014 www.allenovery.com 2 The new FCA and PRA Senior Managers and Certification

More information

Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries

Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries MIPU Contents Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries MIPU 1 Application

More information

Client Agreement & Terms and Conditions for Business

Client Agreement & Terms and Conditions for Business Client Agreement & Terms and Conditions for Business Important Information Defined Terms Account means the account you open with us in connection with the provision of the Services, and which is accessible

More information

Practice Note 20 (Revised)

Practice Note 20 (Revised) Guidance Audit and Assurance Financial Reporting Council January 2017 Practice Note 20 (Revised) The audit of Insurers in the United Kingdom The Financial Reporting Council (FRC) is the UK s independent

More information

The FCSA s role under the Electronic Money Regulations 2011

The FCSA s role under the Electronic Money Regulations 2011 The FCSA s role under the Electronic Money Regulations 2011 Our approach March 2011June 2013 Preface The second Electronic Money Directive (2EMD) willas be implemented in the UK on 30 April 2011 through

More information

Introduction. The Bank s role as regulator and the objectives of the Regime

Introduction. The Bank s role as regulator and the objectives of the Regime Introduction 1. The Bank of England (the Bank ) has responsibility for regulating the treatment, holding and issuance of commercial banknotes in Scotland and Northern Ireland (the Regime ). The Bank derives

More information

FINAL NOTICE. 3. For the reasons listed below, the Authority has decided to refuse the Application.

FINAL NOTICE. 3. For the reasons listed below, the Authority has decided to refuse the Application. FINAL NOTICE Aspect Garage Limited 100-106 Hylton Road Sunderland Tyne and Wear SR4 7BB 11 April 2016 ACTION 1. By an application dated 18 February 2015 Aspect Garage Limited ( Aspect ) applied under section

More information

Application to become a Lloyd s Open Market Correspondent

Application to become a Lloyd s Open Market Correspondent Application to become a Lloyd s Open Market Correspondent Please read the following notes carefully before filling in this form. 1. A separate application form must be completed for each firm that wishes

More information

Consumer Credit Thematic Reviews. Louise Marfany, Manager, Consumer Credit Supervision

Consumer Credit Thematic Reviews. Louise Marfany, Manager, Consumer Credit Supervision Consumer Credit Thematic Reviews Louise Marfany, Manager, Consumer Credit Supervision 1 Two thematic reviews for 2015-16 Staff remuneration and incentives Early arrears management in unsecured lending

More information

Regulation & Compliance for UK Financial Services This course is presented in London on: 02 March 2018, 11 October 2018

Regulation & Compliance for UK Financial Services This course is presented in London on: 02 March 2018, 11 October 2018 Regulation & Compliance for UK Financial Services This course is presented in London on: 02 March 2018, 11 October 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants

More information