{
 "publisher": "Automated Compliance Ltd",
 "site": "https://compliancemonitoring.co.uk",
 "licence": "Free to use with attribution and a link to the page cited. Information, not advice.",
 "handbook_mirror": {
  "provisions": "27,169",
  "sourcebooks": "63",
  "synced": "2026-10-12"
 },
 "generated": "2026-10-26",
 "note": "Every FCA Handbook reference cited on this site, verified against the FCA Handbook. Use the MCP tool lookup_provision for any other reference.",
 "provisions": {
  "CASS 7": {
   "kind": "chapter",
   "title": "CASS 7 Client money rules",
   "link": "https://www.handbook.fca.org.uk/handbook/cass7"
  },
  "CMCOB 2": {
   "kind": "chapter",
   "title": "CMCOB 2 Conduct of business",
   "link": "https://www.handbook.fca.org.uk/handbook/cmcob2"
  },
  "CMCOB 3": {
   "kind": "chapter",
   "title": "CMCOB 3 Financial promotions, and communications with customers",
   "link": "https://www.handbook.fca.org.uk/handbook/cmcob3"
  },
  "COBS 4": {
   "kind": "chapter",
   "title": "COBS 4 Communicating with clients, including financial promotions",
   "link": "https://www.handbook.fca.org.uk/handbook/cobs4"
  },
  "COCON 2.1": {
   "kind": "section",
   "title": "COCON 2.1 Individual conduct rules",
   "link": "https://www.handbook.fca.org.uk/handbook/cocon2"
  },
  "COCON 2.2": {
   "kind": "section",
   "title": "COCON 2.2 Senior manager conduct rules",
   "link": "https://www.handbook.fca.org.uk/handbook/cocon2"
  },
  "COCON 2.2.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2016-03-07",
   "text": "SC1: You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively.",
   "link": "https://www.handbook.fca.org.uk/handbook/cocon2"
  },
  "COCON 2.2.4R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2016-03-07",
   "text": "SC4: You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice.",
   "link": "https://www.handbook.fca.org.uk/handbook/cocon2"
  },
  "CONC 2.10": {
   "kind": "section",
   "title": "CONC 2.10 Mental capacity guidance",
   "link": "https://www.handbook.fca.org.uk/handbook/conc2"
  },
  "CONC 2.5.8R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2015-11-02",
   "text": "A firm must not: (1) make or cause to be made unsolicited calls to numbers entered on the register kept under regulation 25 or 26 of the Privacy and Electronic Communications (EC Directive) Regulations 2003 or to a customer who has notified the firm not to call the number being used to call; [Note: paragraph 3.9a of CBG] (2) other than where: (a) [deleted] (b) [deleted] (c) [deleted] (ca) (i) the firm has obtained the contact details of a customer (C) in the course of the sale or negotiations for the sale of a product or service to C; (ii) the direct marketing is in respect of the firm’s similar products and services only; and (iii) C has been given a simple means of refusing (free of charge, except for the cost of the transmission of the refusal) the use of the contact details for the purposes of such direct marketing, at the time that the details were initially collected and, where C did not initially refuse the use of the details, at the time of each subsequent communication; or (d) the firm has previously explained that the following calls or electronic communications would be sent or made or caused to be sent or made by the firm and following that explanation C consented for the time being to such calls or communications; send or cause to be sent an electronic communication, for the purposes of marketing, to C, or make or cause to be made by means of an automated calling system (which is capable of automatically initiating a sequence of calls to more than one destination in accordance with instructions stored in that system, and transmitting sounds which are not live speech for reception by persons at some or all of the destinations so called) a call to C, for the purposes of marketing; [Note paragraph 3.9b of CBG] (3) make or cause to be made by means of an automated calling system (see paragraph (2)) a call to a customer, for the purposes of marketing, after the firm has received a request from the customer to stop doing so; [Note: paragraph 3.9c of CBG] (4) send, or cause to be sent, an electronic communication to a customer, for the purposes of marketing, after the firm has received a request from the customer to stop doing so; [Note: paragraph 3.9c of CBG] (5) visit a customer at a time that is known to be, or reasonably likely to be, inconvenient or particularly undesirable to the customer; [Note: paragraph 3.9f of CBG] (6) refuse to end a visit to a customer or to leave the customer's home, when requested to do so; [Note: paragraph 3.9g of CBG] (7) unfairly request, suggest or direct a customer to make contact on a premium rate telephone number; [Note: paragraph 3.9h of CBG] (8) conduct a telephone call with a customer who has called on a premium rate number for an unreasonable period; [Note: paragraph 3.9i of CBG] (9) inappropriately offer a financial or other incentive or inducement to a customer to enter, immediately or quickly, into a credit agreement or consumer hire agreement to which this section applies; [Note: paragraph 3.9j of CBG] (10) effect an introduction to a lender or an owner or to another credit broker, where the firm has considered whether the customer might meet the relevant lending or hiring criteria and it is or should be apparent to the firm that the customer does not meet those criteria; [Note: paragraph 3.9aa and 4.41i of CBG] (11) suggest to a customer that an application for credit will be met in full when a lower amount may be offered; [Note: paragraph 4.26d of CBG] (12) secure more credit for a customer than was requested where the object of doing so is for, or can reasonably be concluded as having been for, the personal gain of the firm or of a person acting on its behalf, rather than in the best interests of the customer; [Note: paragraph 4.26e of CBG] (12A) secure credit for a customer at a higher rate of interest than was requested, where the object of doing so is for, or can reasonably be concluded as having been for, the personal gain of the firm or of a person acting on its behalf, rather than in the best interests of the customer; [Note: paragraph 4.26e of CBG] (13) give preference to the credit products of a particular lender where the object of doing so is for, or can reasonably be concluded as having been for, the personal gain of the firm or of a person acting on its behalf, rather than in the best interests of the customer; [Note: paragraph 4.41k of CBG] (14) in relation to an insurance product or service (including, in particular, a payment protection product (the meaning of which is set out in CONC 2.5.10 R)) or other product or service linked to the credit agreement or consumer hire agreement (whether the product or service is optional or required as a condition of the credit agreement or consumer hire agreement): (a) pressurise the customer to buy the product or service; or [Note: paragraph 2.62, 2nd bullet of JGPPI] (b) offer undue incentives to the customer to buy the product or service; or [Note: paragraph 2.62, 2nd bullet of JGPPI] (c) discourage or prevent the customer from seeking or obtaining the product or service from another source; [Note: paragraph 4.26f of CBG] (15) [deleted] (16) encourage a customer to enter into a credit agreement which is secured in any way, to which this section applies, to replace an unsecured credit agreement or to consolidate other debts where the firm knows, or ought reasonably to know, that it is not in the best interests of the customer; [Note: paragraph 4.26g of CBG] (17) unfairly encourage a customer to increase, consolidate or refinance (which expression has the same meaning as in CONC 6.7.17 R) an existing debt to the extent that repayments under an agreement would be unsustainable for the customer; [Note: paragraph 4.26h of CBG] (18) encourage a customer to take out additional credit or to extend the term of an existing credit agreement where to do so is, or is reasonably likely be, to the detriment of a customer; [Note: paragraph 4.41h of CBG] (19) charge a fee to a customer for effecting an introduction (directly or indirectly) to a lender or owner that provides a type of credit or hire of a different type to that: (a) promised to the customer; or (b) promoted by the firm to the customer; or (c) which the firm is aware the customer is seeking; unless the customer, after the firm has explained the reason for the fee, consents to such an introduction; [Note: paragraph 4.17f of CBG] (20) take a fee from a customer's payment account without the customer's express authorisation to do so (and “payment account” in this rule has the same meaning as in the Payment Services Regulations, being an account held in the name of one or more payment service users which is used for the execution of payment transactions); [Note: paragraph 4.17c of CBG] (21) unfairly pass a customer's personal data to a third party without obtaining the customer's consent to do so after having explained the reason for disclosing the data; [Note: paragraph 3.9s of CBG] (22) unfairly pass a customer's personal data to a third party for a purpose other than that for which consent was sought and given. [Note: paragraph 3.9t of CBG]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc2"
  },
  "CONC 3.3.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2015-11-02",
   "text": "(1) A firm must ensure that a communication or a financial promotion is clear, fair, and not misleading. [Note: paragraphs 2.2 of ILG, 3.16 of DMG and 3.1 of CBG] (1A) A firm must ensure that each communication and each financial promotion: (a) is clearly identifiable as such; (b) is accurate; (c) is balanced and, in particular, does not emphasise any potential benefits of a product or service without also giving a fair and prominent indication of any relevant risks; (d) is sufficient for, and presented in a way that is likely to be understood by, the average member of the group to which it is directed, or by which it is likely to be received; and (e) does not disguise, omit, diminish or obscure important information, statements or warnings. (1B) A firm must ensure that, where a communication or financial promotion contains a comparison or contrast, the comparison or contrast is presented in a fair and balanced way and is meaningful. (2) If, for a particular communication or financial promotion, a firm takes reasonable steps to ensure it complies with (1), (1A) and (1B), a contravention does not give rise to a right of action under section 138D of the Act.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.3.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2015-11-02",
   "text": "(1) A firm must not in a financial promotion or a communication to a customer state or imply that credit is available regardless of the customer’s financial circumstances or status. [Note: paragraphs 3.7o of CBG and 5.2 of ILG] (2) This rule does not apply to a financial promotion or communication relating to a credit agreement under which a person takes an article in pawn and the customer’s total financial liability (including capital, interest and all other charges) is limited under the agreement to the proceeds of sale which would represent the true market value (within the meaning of section 121 of the CCA) of the article or articles pawned by the customer.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.4.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2021-11-26",
   "text": "(1) A firm must not communicate or approve for communication a financial promotion in relation to high-cost short-term credit, unless it contains the following risk warning: “Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk”. (2) [deleted] (3) Instead of the website address in paragraph (1), a firm may include the MoneyHelper logo registered UK trade mark number UK00003476779. (4) The risk warning must be included in a financial promotion in a prominent way.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.5.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2016-05-31",
   "text": "(1) Where a financial promotion indicates a rate of interest or an amount relating to the cost of credit whether expressed as a sum of money or a proportion of a specified amount, the financial promotion must also: (a) include a representative example in accordance with CONC 3.5.5 R, and (b) specify a postal address at which the person making the financial promotion may be contacted. [Note: regulation 4(1) of CCAR 2010] (2) Paragraph (1)(a) does not apply where the financial promotion: (a) falls within CONC 3.5.7 R; and (b) does not indicate a rate of interest or an amount relating to the cost of credit other than the representative APR. [Note: regulation 4(2) of CCAR 2010] (2A) Paragraph (1)(a) also does not apply where the financial promotion relates only to credit agreements in respect of which the APR is 0%. (3) Paragraph (1)(b) does not apply to financial promotions: (a) communicated by means of television or radio broadcast; or (b) in any form on the premises of a dealer or lender, other than financial promotions in writing which customers are intended to take away; or (c) which include the name and address of a dealer; or (d) which include the name and postal address of a credit broker. [Note: regulation 4(1)b of CCAR 2010]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.5.7R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2020-04-06",
   "text": "(1) A financial promotion must include the representative APR if it: (a) states or implies that credit is available to individuals who might otherwise consider their access to credit restricted; or (b) includes a favourable comparison relating to the credit, whether express or implied, with another person, product or service; or (c) includes an incentive to apply for credit or to enter into an agreement under which credit is provided. [Note: regulation 6 of CCAR 2010] (1A) A financial promotion which states that a cash sum is available for opening an account, other than a current account mortgage, which is a payment account within the meaning of the Payment Accounts Regulations and which does not refer to the availability of credit under an authorised non-business overdraft agreement in connection with that account must not be regarded as including an incentive to apply for credit or to enter into an agreement under which credit is provided for the purposes of (1)(c). (2) The representative APR must be given no less prominence than any of the matters in (1). (3) This rule does not apply to a financial promotion: (a) for an authorised non-business overdraft agreement provided by a firm of a type listed in CONC 5C.1.2R(2); or (b) for a credit agreement in respect of which the APR is 0%; or (c) for a credit agreement to be entered into by a community finance organisation as lender.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.5.9R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2020-04-06",
   "text": "In a financial promotion: (1) an APR must be shown as “%APR”; (2) where an APR is subject to change it must be accompanied by the word “variable”; (3) the representative APR must be accompanied by the word “representative”; and (4) where the financial promotion is: (a) in writing; and (b) for an authorised non-business overdraft agreement, the representative APR must be accompanied by the following information: (c) a statement as follows: “How does our overdraft compare?”; and (d) wording, in plain and intelligible language, that explains to customers that the purpose of a representative APR is to enable customers to compare the costs associated with different credit products; and this information must be given reasonable prominence and be in sufficiently close proximity to the representative APR to make it reasonably apparent to customers that the relevant wording relates to the representative APR. [Note: regulation 7 of CCAR 2010]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.6.8R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2014-07-01",
   "text": "(1) A financial promotion must not include: (a) the word “overdraft” or any similar expression as describing any agreement for running-account credit, except where the agreement enables a customer to overdraw on a current account; (b) the expression “interest free” or any similar expression indicating that a customer is liable to pay no greater amount in respect of a transaction financed by credit than he would be liable to pay as a cash purchaser for the like transaction, except where the total amount payable by the customer does not exceed the cash price; (c) the expression “no deposit” or any similar expression, except where no advance payments are to be made; (d) the expression “loan guaranteed” or “pre-approved” or “no credit checks” or any similar expression, except where the agreement is free of any conditions regarding the credit status of the customer; (e) the expression “gift”, “present” or any similar expression, except where there are no conditions which would require the customer to repay the credit or return the item that is the subject of the claim. [Note: regulation 9 of CCAR 2004] (2) A financial promotion must not include for a repayment of credit the expression “weekly equivalent” or any expression to like effect or any expression of any other periodical equivalent, unless weekly repayments or the other periodical payments are provided for under the agreement. (3) In this rule “cash purchaser” means a person who for money consideration acquires goods, land or other things or is provided with services, under a transaction which is not financed by credit.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.7.5R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2015-01-02",
   "text": "A firm must ensure that a financial promotion or a communication with a customer specifies the legal name of the firm as it appears in the Financial Services Register and not merely a trading name.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 3.7.7R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2015-01-02",
   "text": "(1) A firm which is a credit broker and not a lender must ensure that any financial promotion states prominently that the firm is a credit broker and that it is not a lender. (2) A firm which is both a credit broker and a lender must ensure that any financial promotion that solely promotes its services as a credit broker states prominently that the financial promotion is promoting the firm's services as a credit broker and not its services as a lender.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc3"
  },
  "CONC 4.2.5R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2019-03-19",
   "text": "(1) Before making a regulated credit agreement the firm must: (a) provide the customer with an adequate explanation of the matters referred to in (2) in order to place the customer in a position to assess whether the agreement is adapted to the customer's needs and financial situation; (b) advise the customer: (i) to consider the information which is required to be disclosed under section 55 of the CCA; and (ii) where the information is disclosed in person, that the customer is able to take it away; (c) provide the customer with an opportunity to ask questions about the agreement; and (d) advise the customer how to ask the firm for further information and explanation. [Note: section 55A(1) of CCA] (2) The matters referred to in (1)(a) are: (a) the features of the agreement which may make the credit to be provided under the agreement unsuitable for particular types of use; (b) how much the customer will have to pay periodically and, where the amount can be determined, in total under the agreement; (c) the features of the agreement which may operate in a manner which would have a significant adverse effect on the customer in a way which the customer is unlikely to foresee; (d) the principal consequences for the customer arising from a failure to make payments under the agreement at the times required by the agreement including, where applicable and depending upon the type and amount of credit and the circumstances of the customer: (i) the total cost of the debt growing; (ii) incurring any default charges or interest for late or missed payment or under-payment; (iii) impaired credit rating and its effect on future access to or cost of credit; (iv) legal proceedings, including reference to charging orders (or, in Scotland, inhibitions), and to the associated costs of such proceedings; (v) repossession of the customer's home or other property; and (vi) where an article is taken in pawn, that the article might be sold, if not redeemed; and (e) the effect of the exercise of any right to withdraw from the agreement and how and when this right may be exercised. [Note: section 55A(2) of CCA and paragraph 3.13 of ILG] (3) The adequate explanation and advice in (1) may be given orally or in writing, except where (4) or (4A) applies. [Note: section 55A(3) of CCA] (4) Where the matters in (2)(a), (b) or (e) are given orally or to the customer in person, the explanation of the matters in (2)(c) and (d) and the advice required in (1)(b) must be given orally to the customer. [Note: section 55A(4) of CCA] (4A) The explanation of the matters in CONC 4.2.15R(3A) must be given to the customer both orally and in a durable medium. (5) Paragraphs (1) to (4A) do not apply to a lender if a credit broker has complied with those sub-paragraphs in respect of the agreement. [Note: section 55A(5) of CCA] (6) Where the regulated credit agreement is an agreement under which a person takes an article in pawn: (a) the requirement in (1)(a) only relates to the matters in (2)(d) and (e); and (b) the requirements in (1)(b) and (d) do not apply. [Note: section 55A(7) of CCA] (7) This rule does not apply to: (a) a non-commercial agreement; (b) a small borrower-lender-supplier agreement for restricted-use credit [Note: section 74(1) of CCA] (8) [deleted] (9) [deleted] [Note: article 5(6) of the Consumer Credit Directive]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc4"
  },
  "CONC 4.4.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2015-01-02",
   "text": "(1) A firm must not: (a) request, claim, demand, initiate or take payment of a charge from a customer, or from the customer's payment account, in connection with services it has provided or is to provide; or (b) if the purpose, or one of the purposes, is to collect such a charge from a customer, invite or induce a customer to provide information in relation to a payment card or instrument that would enable a payment from the customer's payment account to be initiated by or through the firm or a third party or facilitate the provision of that information by a customer; unless that firm has met the conditions in both (2) and (3) in respect of that charge. (2) The first condition referred to in (1) is that the firm has sent a notice on paper or in another durable medium to the customer setting out the following clearly, concisely and in plain language (in this rule and CONC 4.4.5 G referred to as the “information notice”): (a) the legal name of the firm as it appears in the Financial Services Register; (b) if the firm is not a lender, a statement that the firm is a credit broker and that it is not a lender; (c) if the firm is also a lender, a statement that the firm is acting as a credit broker and that it is not acting as a lender; (d) a statement that the customer will be required, or (where relevant) may be required, to pay a charge in connection with the firm's services; (e) the amount of the charge, or, where that amount is not ascertainable at the time the notice is sent, the basis on which it will be calculated; and (f) when and by what method the firm will initiate or take payment of the charge. (3) The second condition referred to in (1) is that the firm has received from the customer a reply to the information notice (in this rule and CONC 4.4.5 G referred to as the “customer confirmation”) on paper or in another durable medium in which the customer acknowledges receipt of the information notice and confirms that he is aware of its contents. (4) The information notice may also contain the firm's trading name, address and other contact details but must not contain any other statements or information additional to those required by (2). (5) For the purposes of this rule: (a) references to “charge” include any fee, charge or financial consideration however described; (b) it is immaterial whether the charge is payable to the firm or to a third party. (6) The firm must keep a record of: (a) each information notice; and (b) each customer confirmation.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc4"
  },
  "CONC 4.5.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2021-01-28",
   "text": "A credit broker must prominently disclose to a customer in good time before a credit agreement or a consumer hire agreement is entered into, the existence and nature of any commission or fee or other remuneration payable to the credit broker by the lender or owner or a third party, where the existence or amount of the commission, fee or other remuneration could actually or potentially: (1) affect the impartiality of the credit broker in recommending the credit agreement or the consumer hire agreement; or (2) if made known to the customer, have a material impact on the customer’s transactional decision to enter into the credit agreement or the consumer hire agreement. [Note: paragraph 3.7i (box) and 3.7j of CBG and 5.5 (box) of ILG]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc4"
  },
  "CONC 4.5.4R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2014-04-01",
   "text": "At the request of the customer, a credit broker must disclose to the customer, in good time before a regulated credit agreement or a regulated consumer hire agreement is entered into, the amount (or if the precise amount is not known, the likely amount) of any commission or fee or other remuneration payable to the credit broker by the lender or owner or a third party. [Note: paragraph 3.7i (box) of CBG]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc4"
  },
  "CONC 4.5.6R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2021-01-28",
   "text": "A lender or credit broker must not: (1) enter into or have rights or obligations under a discretionary commission arrangement; or (2) seek to exercise, enforce or rely on rights or obligations under a discretionary commission arrangement, including any rights or obligations to receive or tender payment of commission, fee or other financial consideration.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc4"
  },
  "CONC 5.2A.12R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-11-01",
   "text": "The firm must consider the customer’s ability to make repayments under the agreement: (1) as they fall due over the life of the agreement and, where the agreement is an open-end agreement, within a reasonable period; (2) out of, or using, one or more of the following: (a) the customer’s income; (b) income from savings or assets jointly held by the customer with another person, income received by the customer jointly with another person or income received by another person in so far as it is reasonable to expect such income to be available to the customer to make repayments under the agreement; and/or (c) savings or other assets where the customer has indicated clearly an intention to repay (wholly or partly) using them; (3) without the customer having to borrow to meet the repayments; (4) without failing to make any other payment the customer has a contractual or statutory obligation to make; and (5) without the repayments having a significant adverse impact on the customer’s financial situation.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc5"
  },
  "CONC 5.2A.16G": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2018-11-01",
   "text": "(1) A firm that proposes to rely on the exception in CONC 5.2A.15R(1)(a) should keep in mind that the burden would be on the firm to demonstrate, if challenged, that the absence of a material affordability risk was obvious such as to make the process of determination or estimation of the customer’s income disproportionate. (2) An estimate of the customer’s income may include a minimum amount or a range, provided that any assumptions on which the estimate is based are reasonable in the circumstances. (3) For the purpose of considering the customer’s income under CONC 5.2A.15R, it is not generally sufficient to rely solely on a statement of current income made by the customer without independent evidence (for example, in the form of information supplied by a credit reference agency or documentation of a third party supplied by the third party or by the customer). (4) An example of where it may be reasonable to take into account an expected future increase in income would be a loan to fund the provision of further or higher education, provided that an appropriate assessment required by this section is carried out. If, in such a case, the customer’s income does not increase in line with expectations, the firm should consider deferring or limiting the obligation to repay until the customer’s income has reached an appropriate level. (5) Income can include income other than salary and wages.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc5"
  },
  "CONC 5.2A.20R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-11-01",
   "text": "(1) The extent and scope of the creditworthiness assessment, and the steps that the firm must take to satisfy the requirement that the assessment is a reasonable one, based on sufficient information, are dependent upon, and proportionate to, the individual circumstances of each case. (2) The firm must consider: (a) the types of information to use in the creditworthiness assessment; (b) the content and level of detail of the information to use; (c) whether the information in the firm’s possession is sufficient; (d) whether and to what extent to obtain additional information from the customer; (e) whether and to what extent to obtain information from a credit reference agency; (f) any other sources of information to use; (g) whether and to what extent to verify the accuracy of the information that is used; (h) the degree of evaluation and analysis of the information that is used; and (i) the steps to take to determine or estimate the customer’s income or non-discretionary expenditure (where such a determination or estimate is required), having regard to the factors listed in (3) where applicable to the agreement. (3) The factors to which the firm must have regard when complying with (2) and deciding what steps are needed to make the creditworthiness assessment a reasonable one include each of the following where applicable to the agreement: (a) the type of credit; (b) the amount of the credit or, where applicable, the credit limit; (c) the duration (or likely duration) of the credit; (d) the frequency of the repayments; (e) the amounts of the repayments; (f) the total amount payable; (g) the total charge for credit; (h) the annual percentage rate of charge; (i) whether the rate of interest or any other charge (except any charge for non-compliance with the agreement or any charge payable by the customer under a hire-purchase agreement in respect of an exercise of an option to purchase the goods to which the agreement relates) is fixed or variable; (j) any other costs which will or may be payable by or on behalf of the customer in connection with the agreement, including any charge for non-compliance with the agreement but excluding any charge payable by the customer under a hire-purchase agreement in respect of an exercise of an option to purchase the goods to which the agreement relates; and (k) any other potential adverse consequences for the customer arising under the agreement from a failure to make a repayment by the due date.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc5"
  },
  "CONC 5.2A.4R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-11-01",
   "text": "A firm must undertake a reasonable assessment of the creditworthiness of a customer before: (1) entering into a regulated credit agreement; or (2) significantly increasing the amount of credit provided under a regulated credit agreement; or (3) significantly increasing a credit limit for running-account credit under a regulated credit agreement.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc5"
  },
  "CONC 5A": {
   "kind": "chapter",
   "title": "CONC 5A Cost cap for high-cost short-term credit",
   "link": "https://www.handbook.fca.org.uk/handbook/conc5a"
  },
  "CONC 6.6": {
   "kind": "section",
   "title": "CONC 6.6 Pawn broking: conduct of business",
   "link": "https://www.handbook.fca.org.uk/handbook/conc6"
  },
  "CONC 6.7.2R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-03-01",
   "text": "(1) A firm must monitor a customer’s repayment record and take appropriate action where there are signs of actual or possible repayment difficulties. (2) This rule does not apply in relation to a credit card unless the card is a business credit card (see CONC 6.7.1R(3)). [Note: paragraph 6.2 of ILG]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc6"
  },
  "CONC 7": {
   "kind": "chapter",
   "title": "CONC 7 Arrears, default and recovery (including repossessions)",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.10R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2014-04-01",
   "text": "A firm must not pressurise a customer: (1) to pay a debt in one single or very few repayments or in unreasonably large amounts, when to do so would have an adverse impact on the customer's financial circumstances; [Note: paragraph 7.18 of ILG] (2) to pay a debt within an unreasonably short period of time; or [Note: paragraphs 3.7i of DCG and 7.18 of ILG] (3) to raise funds to repay the debt by selling their property, borrowing money or increasing existing borrowing. [Note: paragraph 3.7b of DCG]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.14R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2014-04-01",
   "text": "(1) A firm must not take disproportionate action against a customer in arrears or default. [Note: paragraphs 7.14 (box) of ILG and 3.7t of DCG] (2) In accordance with (1) a firm must not, in particular, apply to court for an order for sale or submit a bankruptcy petition, without first having fully explored any more proportionate options. [Note: paragraph 7.14 (box) of ILG]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.4AG": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2024-11-04",
   "text": "A firm should regard a customer as approaching arrears when the customer indicates to the firm that they are at risk of not meeting one or more repayments when they fall due.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.4BR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "When determining appropriate forbearance and treating the customer with due consideration, a firm must take into account the individual circumstances of the customer of which the firm is or should be aware.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.4R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "A firm must treat customers in or approaching arrears or in default with forbearance and due consideration. [Note: paragraphs 7.3 and 7.4 of ILG and 2.2 of DCG]",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.5BR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "A firm must take all reasonable steps to ensure that any repayment arrangements agreed with customers (see CONC 7.3.5G(4)) are sustainable.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.5CG": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2024-11-04",
   "text": "(1) A repayment arrangement is unlikely to be sustainable if it has the result that the customer cannot meet their priority debts and essential living expenses. (2) Priority debts and essential living expenses include, but are not limited to, payments for mortgage, rent, council tax, food and utility bills.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.5DR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "Where a firm assesses income and expenditure, it must do so in an objective manner.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.5GR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "(1) This rule applies where: (a) a firm has put in place a repayment arrangement as a forbearance measure; and (b) the customer is meeting the terms of that arrangement. (2) The firm must reduce, waive or cancel any further interest or charges to the extent necessary to ensure that the level of debt under the arrangement does not rise for the period of that arrangement.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.5IR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "A firm must take reasonable steps to ensure that any forbearance or due consideration provided remains appropriate.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "CONC 7.3.7AG": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2024-11-04",
   "text": "(1) If a customer is in or approaching arrears or in default, the firm should, where appropriate: (a) inform the customer that free and impartial money guidance and debt advice is available from not-for-profit debt advice bodies and can be accessed through a range of delivery channels, including digital tools; (aa) effectively communicate to the customer the potential benefits of accessing money guidance or free and impartial debt advice from not-for-profit debt advice bodies; and (b) refer the customer to a not-for-profit debt advice body. (2) A firm may refer the customer to a not-for-profit debt advice body by, for example, providing the customer with a copy of the current arrears information sheet under section 86 of the CCA, or with the name and contact details of a not-for-profit debt advice body or MoneyHelper; or directly transferring the customer’s call to a not-for-profit debt advice body. (3) In addition, the firm may provide the customer with the name and contact details of another authorised person who has permission for debt counselling, provided that to do so is consistent with the firm’s obligations under the regulatory system. (4) Where possible, a firm should make available to the customer a record of any income and expenditure assessment that the firm has made to enable the customer to share the record with other lenders and debt advice providers. (5) A firm should consider whether the customer would benefit from a specialist source of debt advice. For example, a self-employed customer may benefit from being made aware of business debt advice providers. (6) When considering how to provide appropriate help and support to customers, a firm may have regard to the Money and Pensions Service Strategic toolkit for creditors.",
   "link": "https://www.handbook.fca.org.uk/handbook/conc7"
  },
  "COND 2.4": {
   "kind": "section",
   "title": "COND 2.4 Appropriate resources",
   "link": "https://www.handbook.fca.org.uk/handbook/cond2"
  },
  "COND 2.5": {
   "kind": "section",
   "title": "COND 2.5 Suitability",
   "link": "https://www.handbook.fca.org.uk/handbook/cond2"
  },
  "DISP 1": {
   "kind": "chapter",
   "title": "DISP 1 Treating complainants fairly",
   "link": "https://www.handbook.fca.org.uk/handbook/disp1"
  },
  "DISP 1.10": {
   "kind": "section",
   "title": "DISP 1.10 Complaints reporting rules",
   "link": "https://www.handbook.fca.org.uk/handbook/disp1"
  },
  "DISP 1.3.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-01-03",
   "text": "A respondent must put in place appropriate management controls and take reasonable steps to ensure that in handling complaints it identifies and remedies any recurring or systemic problems, for example, by: (1) analysing the causes of individual complaints so as to identify root causes common to types of complaint; (2) considering whether such root causes may also affect other processes or products, including those not directly complained of; and (3) correcting, where reasonable to do so, such root causes.",
   "link": "https://www.handbook.fca.org.uk/handbook/disp1"
  },
  "DISP 1.6.2R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2019-07-12",
   "text": "Subject to DISP 1.6.2AR, the respondent must, by the end of eight weeks after its receipt of the complaint, send the complainant: (1) a 'final response', being a written response from the respondent which: (a) accepts the complaint and, where appropriate, offers redress or remedial action; or (b) offers redress or remedial action without accepting the complaint; or (c) rejects the complaint and gives reasons for doing so; and which: (d) encloses a copy of the Financial Ombudsman Service's standard explanatory leaflet; (da) provides the website address of the Financial Ombudsman Service; (e) informs the complainant that if he remains dissatisfied with the respondent's response, he may now refer his complaint to the Financial Ombudsman Service; and (f) indicates whether or not the respondent consents to waive the relevant time limits in DISP 2.8.2 R or DISP 2.8.7 R (Was the complaint referred to the Financial Ombudsman Service in time?) by including the appropriate wording set out in DISP 1 Annex 3R; or [Note: respondents are reminded of their obligations under regulation 19 of the ADR Regulations, which requires respondents to provide equivalent messaging in respect of the time limit in DISP 2.8.9R (Payment protection insurance complaints)] (2) a written response which: (a) explains why it is not in a position to make a final response and indicates when it expects to be able to provide one; (b) informs the complainant that he may now refer the complaint to the Financial Ombudsman Service; (ba) indicates whether or not the respondent consents to waive the relevant time limits in DISP 2.8.2 R or DISP 2.8.7 R (Was the complaint referred to the Financial Ombudsman Service in time?) if it becomes apparent that the complaint has been made or is referred outside those time limits; (c) encloses a copy of the Financial Ombudsman Service standard explanatory leaflet; and (d) provides the website address of the Financial Ombudsman Service. [Note: article 13 of the ADR Directive]",
   "link": "https://www.handbook.fca.org.uk/handbook/disp1"
  },
  "DISP 1.9.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2021-01-01",
   "text": "A firm, a payment service provider or an e-money issuer, must keep a record of each complaint received and the measures taken for its resolution, and retain that record for: (1) at least five years where the complaint relates to collective portfolio management services for a UCITS scheme or a scheme which, immediately before IP completion day, was an EEA UCITS scheme; and (2) three years for all other complaints; from the date the complaint was received. Note: article 6(2) of the UCITS implementing Directive]",
   "link": "https://www.handbook.fca.org.uk/handbook/disp1"
  },
  "DISP 3.3.4CR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2026-10-01",
   "text": "The Ombudsman may dismiss a complaint referred to the Financial Ombudsman Service on or after 1 October 2026 without considering its merits if the Ombudsman considers that: (1) the complaint is frivolous or vexatious; or (2) the complainant has acted vexatiously, abusively or otherwise unreasonably in engaging with the Financial Ombudsman Service; or (3) the respondent has reviewed the subject matter of the complaint in accordance with:(a) the regulatory standards for the review of such transactions prevailing at the time of the review; or (b) any formal regulatory requirement, standard or guidance published by the FCA or other regulator in respect of that type of complaint; (including, if appropriate, making an offer of redress to the complainant), unless the Ombudsman considers that the respondent did not address the particular circumstances of the case; or (4) the respondent has reviewed the subject matter of the complaint and issued a redress determination in accordance with the terms of a consumer redress scheme; or (5) the subject matter of the complaint has previously been considered or excluded under the Financial Ombudsman Service (unless the Ombudsman considers that material factual new evidence which is likely to affect the outcome has subsequently become available to the complainant); or (6) issues relevant to the subject matter of the complaint have been dealt with, or are being dealt with, by a comparable complaints scheme, regulatory or law enforcement body or dispute-resolution process; or (7) the subject matter of the complaint:(a) has been the subject of court proceedings such that it would be inappropriate for the Financial Ombudsman Service to consider the merits of the complaint; or (b) is the subject of current court proceedings, unless proceedings are stayed or sisted (by agreement of all parties, or order of the court) so that the matter may be considered by the Financial Ombudsman Service; or (c) would be more suitable to be dealt with by a court, arbitration or another complaints scheme or dispute resolution process; or (d) is about employment matters from an employee or employees of a respondent; or (e) is about investment performance; or (f) is about:(i) a respondent’s decision when exercising a discretion under a will or private trust; or (ii) a respondent’s failure to consult beneficiaries before exercising a discretion under a will or private trust, where there is no legal obligation to consult; or (8) it is a complaint which:(a) involves (or might involve) more than one eligible complainant; and (b) has been referred without the consent of the other complainant or complainants; and (c) the Ombudsman considers that it would be inappropriate to deal with the complaint without that consent; or (9) there are other compelling reasons why it is inappropriate for the complaint to be dealt with under the Financial Ombudsman Service.",
   "link": "https://www.handbook.fca.org.uk/handbook/disp3"
  },
  "DISP 3.3.4DG": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2026-10-01",
   "text": "Examples of other compelling reasons why it would be inappropriate for the complaint to be dealt with under the Financial Ombudsman Service may include (but are not limited to): (1) the complainant has not suffered (or is unlikely to suffer) financial loss, material distress or material inconvenience; or (2) the complaint clearly does not have any reasonable prospect of success; or (3) the respondent has already made an offer of compensation (or a goodwill payment) which is:(a) fair and reasonable in relation to the circumstances alleged by the complainant; and (b) still open for acceptance; or (4) with knowledge of the right to refer a complaint to the Financial Ombudsman Service, the complainant has already concluded a full and final settlement with the respondent regarding the subject matter of the complaint; or (5) the Ombudsman considers that the complaint is about the legitimate exercise of a respondent’s commercial judgment; or (6) the compensation sought under the complaint would significantly exceed the award limit in DISP 3.7.4R.",
   "link": "https://www.handbook.fca.org.uk/handbook/disp3"
  },
  "FIT 1.3.1G": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2026-09-01",
   "text": "The FCA will have regard to a number of factors when assessing the fitness and propriety of a person to perform a particular controlled function, as more particularly described in FIT 2 (Main assessment criteria).",
   "link": "https://www.handbook.fca.org.uk/handbook/fit1"
  },
  "FPCOB 2": {
   "kind": "chapter",
   "title": "FPCOB 2 General matters",
   "link": "https://www.handbook.fca.org.uk/handbook/fpcob2"
  },
  "ICOBS 6": {
   "kind": "chapter",
   "title": "ICOBS 6 Product Information",
   "link": "https://www.handbook.fca.org.uk/handbook/icobs6"
  },
  "MCOB 13.3.2AR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "A firm must, when dealing with any customer who has or may have payment difficulties: (-1) where appropriate: (a) inform a customer that free and impartial money guidance and debt advice is available, including from not-for-profit bodies; (b) effectively communicate the potential benefits of accessing free and impartial money guidance and debt advice, and the range of channels through which it is available; and (c) signpost or refer the customer to suitable sources of free and impartial money guidance or debt advice; (1) make reasonable efforts to reach an agreement with a customer over the method of repaying any payment shortfall or sale shortfall, in the case of the former having regard to the desirability of agreeing with the customer an alternative to taking possession of the property; (2) liaise, if the customer makes arrangements for this, with a third party source of advice regarding any payment shortfall or sale shortfall; (3) allow a reasonable time over which any payment shortfall or sale shortfall should be repaid, having particular regard to the need to establish, where feasible, a payment plan which is practical in terms of the circumstances of the customer; (4) grant, unless it has good reason not to do so, a customer's request for a change to: (a) the date on which the payment is due (providing it is within the same payment period); or (b) the method by which payment is made; and give the customer a written explanation of its reasons if it refuses the request; (5) where no reasonable payment arrangement can be made, allow the customer to remain in possession for a reasonable period to effect a sale; and (6) not repossess the property unless all other reasonable attempts to resolve the position have failed.",
   "link": "https://www.handbook.fca.org.uk/handbook/mcob13"
  },
  "MCOB 13.3.4AR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2024-11-04",
   "text": "In complying with MCOB 13.3.1R(1) and MCOB 13.3.2AR(6) in respect of customers who have or may have payment difficulties: (1) a firm must consider whether, given the individual circumstances of the customer, it is appropriate to do one or more of the following in relation to the regulated mortgage contract or home purchase plan with the agreement of the customer: (a) extend its term; or (b) change its type; or (c) waive or defer payment of capital and/or interest due on the regulated mortgage contract or of sums due under the home purchase plan (including, in either case, on any sale shortfall); or (ca) reduce the interest rate being charged to the customer, or apply simple interest instead of compound interest; or (d) treat a payment shortfall as if it was part of the original amount provided (but a firm must not automatically capitalise a payment shortfall where the impact would be material); or (e) make use of any Government forbearance initiatives in which the firm chooses to participate; (2) a firm must give customers adequate information to understand the implications of any proposed arrangement and of not agreeing an arrangement. This information must include the potential impact on the customer’s overall balance and how it will be reported to the customer’s credit file. (3) a firm must: (a) take into account the effect of any potential arrangements on the customer’s overall balance; and (b) take reasonable steps to ensure that any arrangements with customers in payment shortfall remain appropriate.",
   "link": "https://www.handbook.fca.org.uk/handbook/mcob13"
  },
  "PERG 18": {
   "kind": "chapter",
   "title": "PERG 18 Guidance on regulated cryptoasset activities",
   "link": "https://www.handbook.fca.org.uk/handbook/perg18"
  },
  "PERG 2": {
   "kind": "chapter",
   "title": "PERG 2 Authorisation and regulated activities",
   "link": "https://www.handbook.fca.org.uk/handbook/perg2"
  },
  "PERG 4": {
   "kind": "chapter",
   "title": "PERG 4 Guidance on regulated activities connected with mortgages",
   "link": "https://www.handbook.fca.org.uk/handbook/perg4"
  },
  "PRIN 2.1.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "1 IntegrityA firm must conduct its business with integrity.2 Skill, care and diligenceA firm must conduct its business with due skill, care and diligence.3 Management and controlA firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.4 Financial prudenceA firm must maintain adequate financial resources.5 Market conductA firm must observe proper standards of market conduct.6 Customers' interestsA firm must pay due regard to the interests of its customers and treat them fairly.7 Communications with clientsA 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 interestA firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.9 Customers: relationships of trustA 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 judgment.10 Clients' assetsA firm must arrange adequate protection for clients' assets when it is responsible for them.11 Relations with regulatorsA 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 that regulator would reasonably expect notice.12 Consumer DutyA firm must act to deliver good outcomes for retail customers.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2"
  },
  "PRIN 2A": {
   "kind": "chapter",
   "title": "PRIN 2A The Consumer Duty",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.4": {
   "kind": "section",
   "title": "PRIN 2A.4 Consumer Duty: retail customer outcome on price and value",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.4.15R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "The manufacturer of a product must ensure that firms distributing the product have all necessary information to understand the value that the product is intended to provide to a retail customer.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.4.24R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "(1) A manufacturer must regularly review the value assessment throughout the life of the product to ensure that the product continues to provide fair value to retail customers in the target market. (2) A distributor must regularly review its distribution arrangements throughout the life of the product to ensure that they remain consistent with the product providing fair value to retail customers in the target market.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.4.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "An initial value assessment must be carried out for: (1) a product; and (2) any significant adaptation of a product, in each case before it is marketed or distributed to a retail customer.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.4.8R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "A manufacturer’s assessment of whether or not a product provides fair value must include (but is not limited to) consideration of the following: (1) the nature of the product, including the benefits that will be provided or may be reasonably expected and its quality; (2) any limitations that are part of the product; (3) the expected total price to be paid by the retail customer or that may become due from the retail customer. The expected total price includes: (a) the price paid or agreed to be paid by the retail customer on entering into a contract for the product, including by way of repayments; (b) any regular charges or fees payable over the lifetime of the product, for example an annual management charge; (c) any contingent fees or charges, for example, administrative charges for changes of address, charges for falling into arrears on a loan, or charges for transferring investments; and (d) any non-financial costs the retail customer is asked or required to provide to the firm; and (4) any characteristics of vulnerability that retail customers in the target market display and the impact these characteristics have on the likelihood that retail customers may not receive fair value from its products.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.5.10R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "(1) Where appropriate, a firm must: (a) test communications before communicating them to retail customers; and (b) (as set out in PRIN 2A.9) regularly monitor the impact of the communications once they have been communicated, to identify whether they are supporting good outcomes for retail customers. (2) Where a firm has identified any issues in its communications through PRIN 2A.5.10R(1), it must: (a) investigate the issue; (b) correct any deficiencies through: (i) adapting its communications; and (ii) (where appropriate) adapting its products or processes, for example its sales processes, if it is aware or ought to reasonably be aware that adapting its communications would not be sufficient in isolation to support good outcomes for retail customers; and (c) (where appropriate) follow the requirements in relation to remedies and other action in PRIN 2A.2.5R and PRIN 2A.10.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.5.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "(1) A firm must support retail customer understanding so that its communications: (a) meet the information needs of retail customers; (b) are likely to be understood by retail customers; and (c) equip retail customers to make decisions that are effective, timely and properly informed. (2) A firm must communicate information to retail customers in a way which is clear, fair and not misleading.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.5.9R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "When a firm is interacting directly with a retail customer on a one-to-one basis, such as in branch, during a telephone conversation or other interactive dialogue, the firm must, where appropriate: (1) tailor the communication to meet the information needs of that retail customer, taking into account whether they have characteristics of vulnerability; and (2) ask the retail customer whether they understand the information and if they have any further questions, particularly if the information is reasonably regarded as key information, such as where it prompts that retail customer to make a decision.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.8.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "A firm must prepare a report for its governing body setting out the results of its monitoring under PRIN 2A.9 and any actions required as a result of the monitoring.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.8.4R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2026-06-26",
   "text": "At least annually, the governing body of a firm must: (1) review and approve the firm’s report on the outcomes being received by retail customers; (2) confirm whether it is satisfied that the firm is complying with its obligations under the Consumer Duty; and (3) assess whether the firm’s future business strategy is consistent with its obligations under the Consumer Duty.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.9.10R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "The firm’s monitoring must also enable it to identify: (1) whether the firm is complying with Principle 12 and the cross-cutting obligations in PRIN 2A.2; (2) whether for any product the firm manufactures or distributes, any group of retail customers is experiencing different outcomes compared to another group of retail customers of the same product; and (3) whether any retail customers have suffered harm as a result of the firm’s acts or omissions.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.9.11R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "A firm must have in place processes to identify the root causes of any failure to deliver the outcomes listed in PRIN 2A.9.9R for retail customers.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.9.12R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "Where a firm identifies that: (1) retail customers are not receiving the outcomes listed in PRIN 2A.9.9R, or there is a risk that retail customers will not receive these outcomes; (2) any group of retail customers for a product are receiving worse outcomes than another group of retail customers for the same product; (3) the firm is not complying with Principle 12 and the cross-cutting obligations in PRIN 2A.2, it must take appropriate action to address the situation.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.9.8R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "A firm must regularly monitor the outcomes retail customers receive from: (1) the products the firm manufactures or distributes; (2) the communications the firm has with retail customers; and (3) the customer support the firm provides to retail customers.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PRIN 2A.9.9R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2023-07-31",
   "text": "The monitoring carried out by a firm must enable it to determine at least: (1) whether retail customers are being, or have been, sold products that have been designed to meet their needs, characteristics and objectives; (2) whether the products that retail customers purchase provide fair value and appropriate action has been taken to address products identified as not providing fair value; (3) whether retail customers are equipped with the right information to make effective, timely and properly informed decisions; and (4) whether retail customers receive the support they need.",
   "link": "https://www.handbook.fca.org.uk/handbook/prin2a"
  },
  "PROD 3": {
   "kind": "chapter",
   "title": "PROD 3 Product governance: MiFID",
   "link": "https://www.handbook.fca.org.uk/handbook/prod3"
  },
  "PROD 4": {
   "kind": "chapter",
   "title": "PROD 4 Product governance: IDD and pathway investments",
   "link": "https://www.handbook.fca.org.uk/handbook/prod4"
  },
  "SUP 10C": {
   "kind": "chapter",
   "title": "SUP 10C FCA senior managers regime for approved persons in SMCR firms",
   "link": "https://www.handbook.fca.org.uk/handbook/sup10c"
  },
  "SUP 12.4.2R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2022-12-08",
   "text": "Before a firm appoints a person as an appointed representative (other than an introducer appointed representative) and on a continuing basis, it must establish on reasonable grounds that: (1) the appointment does not prevent the firm from satisfying and continuing to satisfy the threshold conditions; (2) the person: (a) is solvent; (b) is otherwise suitable to act for the firm in that capacity;and (c) has no close links which would be likely to prevent the effective supervision of the person by the firm; (3) the firm has adequate: (a) controls over the person's regulated activities for which the firm has responsibility (see SYSC 3.1or SYSC 4.1); and (b) resources to monitor and enforce compliance by the person with the relevant requirements applying to the regulated activities for which the firm is responsible and with which the person is required to comply under its contract with the firm (see SUP 12.5.3 G (2)); (4) the firm is ready and organised to comply with the other applicable requirements contained or referred to in this chapter; and (5) the person’s activities do not, or would not, result in undue risk of harm to consumers or market integrity.",
   "link": "https://www.handbook.fca.org.uk/handbook/sup12"
  },
  "SUP 12.5.6AR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-01-03",
   "text": "(1) A firm must ensure that, if appointing an appointed representative (other than an introducer appointed representative), to carry on any of the following regulated activities, its written contract prohibits the appointed representative from carrying on any of the specified activities as an appointed representative for another firm: (a) any designated investment business for retail clients: the prohibition must cover all designated investment business for retail clients; (b) any regulated mortgage activities (other than in relation to lifetime mortgages): the prohibition must cover all regulated mortgage activities (other than lifetime mortgages); (c) any regulated mortgage activities in relation to lifetime mortgages: the prohibition must cover all lifetime mortgages; (d) any reversion activities: the prohibition must cover all reversion activities; (e) any home purchase activities: the prohibition must cover all home purchase activities. (1A) If the appointed representative is a tied agent, the prohibition must prevent the appointed representative acting as a tied agent for any other MiFID investment firm or third country investment firm. (1B) In relation to any MCD credit intermediation activity, the prohibition must prevent the appointed representative acting as an appointed representative in respect of MCD credit intermediation activity for any other firm. (2) As an exception to (1), if the firm is a long-term insurer or an operator of a UCITS scheme, it may permit an appointed representative to carry on designated investment business as the appointed representative of one or more other firms provided that: (a) each of those other firms is a long-term insurer or an operator of a UCITS scheme; (b) the first firm and each of those other firms is a member of the same group; \"group\" means for this purpose a group of bodies corporate all having the same holding company including the holding company; and (c) the scope of each appointment does not overlap, as to both activities and investments. [Note: articles 4(1)(29) and 29(1) of MiFID]",
   "link": "https://www.handbook.fca.org.uk/handbook/sup12"
  },
  "SUP 12.6A.2R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2022-12-08",
   "text": "At least once every 12 months, a firm must specifically review in respect of each of the firm’s appointed representatives (other than its introducer appointed representatives): (1) whether the appointed representative is solvent and otherwise suitable for the purposes of SUP 12.4.2R(2)(a) and SUP 12.4.2R(2)(b); (2) the fitness and propriety of the controllers, directors, partners, proprietors and managers of the appointed representative and, in particular, their ability to carry out the regulated activities for which the firm has accepted responsibility; and (3) the adequacy of the firm’s controls over, and resources for monitoring and enforcing compliance of, the appointed representative for the purposes of SUP 12.4.2R(3)(a) and SUP 12.4.2R(3)(b).",
   "link": "https://www.handbook.fca.org.uk/handbook/sup12"
  },
  "SUP 12.6A.3R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2022-12-08",
   "text": "In addition to the annual review required by SUP 12.6A.2R, a firm must carry out a review of the matters in SUP 12.6A.2R in relation to an appointed representative where: (1) the appointed representative changes its business model (including its target market); (2) the scope of the appointed representative’s appointment is expanded to include one or more additional regulated activities; (3) the appointed representative changes any of its senior management in a particular role with responsibility for, or being involved with, the activities being carried on within the scope of its appointment more than once in a 12-month period; (4) the appointed representative is appointed by an additional principal; or (5) the firm identifies a significant increase in the number of complaints it receives about the appointed representative.",
   "link": "https://www.handbook.fca.org.uk/handbook/sup12"
  },
  "SUP 12.6A.4R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2022-12-08",
   "text": "(1) A firm must maintain a written record of each review undertaken for the purposes of SUP 12.6A.2R or SUP 12.6A.3R. (2) The written record required by (1) must be retained for at least 6 years.",
   "link": "https://www.handbook.fca.org.uk/handbook/sup12"
  },
  "SUP 12.6A.6R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2022-12-08",
   "text": "(1) At least once every 12 months, the governing body of a firm must: (a) review and approve a written record (its ‘self-assessment document’): (i) of the way in which the firm complies with the requirements in this chapter (SUP 12); and (ii) that identifies any material deficiencies in, or concerns in relation to, such compliance; and (b) agree the steps to be taken to address the matters in (1)(a)(ii). (2) The self-assessment document must include any concerns arising from the most recent reviews undertaken in relation to each of the firm’s appointed representatives for the purposes of SUP 12.6A.2R or SUP 12.6A.3R.",
   "link": "https://www.handbook.fca.org.uk/handbook/sup12"
  },
  "SUP 12.9.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2004-06-30",
   "text": "A firm must make the following records on each of its appointed representatives: (1) the appointed representative's name; (2) a copy of the original contract with the appointed representative and any subsequent amendments to it (including details of any restrictions placed on the activities which the appointed representative may carry on); (3) the date and reason for terminating or amending its contract with the appointed representative, whenever such termination or amendment gives rise to a requirement to notify under SUP 12.8.1 R; and (4) any arrangements agreed with other principals under SUP 12.4.5B R (Multiple principals).",
   "link": "https://www.handbook.fca.org.uk/handbook/sup12"
  },
  "SUP 15.3.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2016-03-07",
   "text": "A firm must notify the FCA immediately it becomes aware, or has information which reasonably suggests, that any of the following has occurred, may have occurred or may occur in the foreseeable future: (1) the firm failing to satisfy one or more of the threshold conditions; or (2) any matter which could have a significant adverse impact on the firm's reputation; or (3) any matter which could affect the firm's ability to continue to provide adequate services to its customers and which could result in serious detriment to a customer of the firm; or (4) any matter in respect of the firm which could result in serious financial consequences to the UK financial system or to other firms.",
   "link": "https://www.handbook.fca.org.uk/handbook/sup15"
  },
  "SUP 16.11": {
   "kind": "section",
   "title": "SUP 16.11 Product Sales, Performance and Back-book Data Reporting",
   "link": "https://www.handbook.fca.org.uk/handbook/sup16"
  },
  "SUP 16.12.29CR": {
   "kind": "provision",
   "type": "Rule",
   "date": "2026-01-01",
   "text": "The applicable data items , reporting frequencies and submission deadlines referred to in SUP 16.12.4 R are set out in the table below. Reporting frequencies are calculated from a firm's accounting reference date , unless indicated otherwise. The due dates are the last day of the periods given in the table below following the relevant reporting frequency period. Description of data itemData item (note 1)FrequencySubmission deadline Annual revenue from credit-related regulated activities up to and including £5 million (note 2)Annual revenue from credit-related regulated activities over £5 million Financial data (note 3)CCR001AnnuallyHalf yearly30 business daysVolumes (note 4)CCR002AnnuallyHalf yearly30 business daysLenders (note 5)CCR003AnnuallyHalf yearly30 business daysDebt management (note 6) [deleted]Client Money & Assets (note 7) [deleted]Debt collection (note 8)CCR006AnnuallyHalf yearly30 business daysKey data (note 9)CCR007AnnuallyAnnually30 business daysCredit broking websites (note 10) [deleted]Relevant ancillary credit firm (note 12)CCR009AnnuallyHalf yearly40 business daysNote 1Except in relation to data item CCR009, when submitting the required data item , a firm must use the format of the data item set out in SUP 16 Annex 38A . Guidance notes for the completion of the data items are set out in SUP 16 Annex 38B . When submitting data item CCR009, a firm must use the format of the data item set out in SUP 16 Annex 38CR . Guidance notes for the completion of data item CCR009 are set out in SUP 16 Annex 38DG .Note 2References to revenue in SUP 16.12.29C R in relation to any firm do not include the amount of any repayment of any credit provided by that firm as lender .Note 3(a) Subject to (b) to (d) below, this data item applies to all credit firms . (b) This data item does not apply to a firm if the only credit-related regulated activity for which it has permission is operating an electronic system in relation to lending . (c) This data item does not apply to a firm required to submit a Balance Sheet, Income Statement or Capital Adequacy data item from a RAG other than RAG 12. (d) This data item does not apply to a firm with limited permission unless it is a not-for-profit debt advice body and at any point in the last 12 months has held £1 million or more in client money or as the case may be, projects that it will hold £1million or more in client money in the next 12 months . Note 4(a) Subject to (b) below, this data item applies to all credit firms . (b) This data item does not apply to a firm with limited permission unless it is a not-for-profit debt advice body and at any point in the last 12 months has held £1 million or more in client money or as the case may be, projects that it will hold £1million or more in client money in the next 12 months . Note 5This data item applies to all firms with permission for entering into a regulated credit agreement as lender or exercising, or having the right to exercise, the lender's rights and duties under a regulated credit agreement .Note 6[deleted]Note 7[deleted]Note 8This data item applies to a firm with permission to carry on debt collecting or operating an electronic system in relation to lending .Note 9(a) Subject to (b) and (c) below, this data item applies to a firm that has limited permission . (b) This data item does not apply to an authorised professional firm that is a CASS debt management firm . Such a firm is instead required to submit the other data items in SUP 16.12.29C R as appropriate. (c) This data item does not apply to a not-for-profit debt advice body that at any point in the last 12 months has held £1 million or more in client money or, as the case may be, projects that it will hold £1million or more in client money in the next 12 months . Such a not-for-profit debt advice body is instead required to submit data items CCR001, CCR002 and CCR009. (d) Reporting frequencies and reporting periods for this data item are calculated on a calendar year basis. Note 10[deleted]Note 11[deleted]Note 12(a) This data item applies to a relevant ancillary credit firm . The data item CCR009 can be found in SUP 16 Annex 38CR. (b) Reporting frequencies and reporting periods for this data item are calculated on a calendar year basis and not by reference to the firm’s accounting reference date . The relevant half-years end on the last business day of June and December. (c) A relevant ancillary credit firm with annual revenue from credit-related regulated activities of £5 million or less must complete data item CCR009 by reference to the annual reporting period beginning on 1 January and ending on 31 December. (d) A relevant ancillary credit firm with annual revenue from credit-related regulated activities of more than £5 million must complete data item CCR009 twice a year. (e) The submissions that a firm in (d) must make are in respect of: (i) the 6- month period beginning on 1 January and ending on 30 June; and (ii) the annual reporting period beginning on 1 January and ending on 31 December. (f) The first reporting period for a firm which is a relevant ancillary credit firm as at 7 May 2025 or which becomes a relevant ancillary credit firm before 1 January 2026 (regardless of its annual revenues from credit-related regulated activities ) is the annual period beginning on 1 January and ending on 31 December 2025. (g) The first reporting period for a firm which becomes a relevant ancillary credit firm on or after 1 January 2026 and on a date between 1 January and 30 June with annual revenue from credit-related regulated activities of £5 million or more is the 6- month period beginning on 1 January and ending on 30 June. (h) The first reporting period for a firm which becomes a relevant ancillary credit firm on or after 1 January 2026 and on a date between 1 January and 30 June with annual revenue from credit-related regulated activities of £5 million or less is the annual period beginning on 1 January and ending on 31 December. (i) The first reporting period for a firm which becomes a relevant ancillary credit firm on or after 1 January 2026 and on a date between 1 July and 31 December is the annual period beginning on 1 January and ending on 31 December.",
   "link": "https://www.handbook.fca.org.uk/handbook/sup16"
  },
  "SUP 6": {
   "kind": "chapter",
   "title": "SUP 6 Applications to vary and cancel Part 4A permission and to impose, vary or cancel requirements",
   "link": "https://www.handbook.fca.org.uk/handbook/sup6"
  },
  "SYSC 15A": {
   "kind": "chapter",
   "title": "SYSC 15A Operational resilience",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc15a"
  },
  "SYSC 22.2.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2019-12-09",
   "text": "(1) If a firm (A) is considering: (a) permitting or appointing someone (P) to perform a controlled function; (b) issuing a certificate under the certification regime for P; or (ba) appointing a board director; (as explained in more detail in rows (A) and (B) of the table in SYSC 22.2.3R), A must take reasonable steps to obtain appropriate references from: (c) P’s current employer; and (d) anyone who has been P’s employer in the past six years. (2) A must take reasonable steps to obtain the reference before the time in column two of the applicable row in the table in SYSC 22.2.3R. If A does not obtain it within that time it must take reasonable steps to obtain it as soon as possible thereafter. (3) A must in particular request: (a) the information in SYSC 22.2.2R(1) to (3); and (b) (if P’s current or previous employer is also an SMCR firm) the information in SYSC 22.2.2R(4) (questions (A) to (F) of Part One of SYSC 22 Annex 1R). (4) When deciding what information to request under (1), A must have regard to the factors in SYSC 22.2.2R(5) (Factors set out in SYSC 22 Annex 2R).",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc22"
  },
  "SYSC 23.3.3G": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2026-04-24",
   "text": "Table: Summary of the senior managers and certification regime (1) Description of component of the regime (2) Handbook provisions (3) Application to solo-regulated firms The senior managers regime: Parts that apply to all firmsPre-approval by the FCA of senior management (the FCA Handbook calls senior management subject to pre-approval SMF managers)SUP 10CApplies to all solo-regulated firmsFirm to be satisfied that a person is fit and proper before applying for them to be approved as an SMF manager by the FCA or PRAThis requirement is in section 60A of the Act. There is guidance on it in SUP 10C.10.14G (Vetting of candidates by the firm).Applies to all solo-regulated firmsAnnual assessment of fitness and propriety by the SMF managers’ firmsThis requirement is in section 63(2A) of the Act. There is guidance and related notification obligations in SUP 10C.14.18R to SUP 10C.14.25G (Notifications about fitness, disciplinary action and breaches of COCON).Applies to all solo-regulated firmsA firm should carry out criminal records checks before applying for someone to be approved as an SMF manager, with certain exceptions described in the rule referred to in column (2) of this row where the firm has already done a check or in the case of a sole traderSUP 10C.10.16R (Criminal records checks and verifying fitness and properness)Applies to all solo-regulated firms except for a sole trader without employeesA firm should ask for a regulatory reference before appointing someone to be an SMF manager, or to certain other senior management positions, and give one if asked to by another firm doing soSYSC 22 (Regulatory references)Obligation to give a reference applies to all solo-regulated firms. Obligation to ask for one applies to all solo-regulated firms except for a sole trader without employees. Statements of responsibilities This is a document that sets out the responsibilities that an SMF manager performs as part of their designated senior management function. It is prepared as part of the firm’s application to the FCA or (if the firm is a PRA-authorised person) PRA for them to be approved as an SMF manager. It should be updated after approval when there has been any significant change in the responsibilities of the SMF manager SUP 10C.11 (Statements of responsibilities). Many of the requirements are in the Act itself but they are summarised in SUP 10C.11. SUP 10C.11 also adds some further requirements, particularly about there being one statement of responsibilities per SMF manager per firm. Applies to all solo-regulated firmsDuty of responsibility This applies to SMF managers in all types of firm. This is dealt with in section 66A(5) of the Act. There is guidance on this in DEPP 6.2.9-AG to DEPP 6.2.9-FG. Applies to all solo-regulated firmsThe senior managers regime: Parts that apply to many firmsA firm should allocate certain specified management responsibilities among its SMF managers The FCA Handbook calls them FCA-prescribed senior management responsibilities SYSC 24 (Senior managers and certification regime: Allocation of prescribed responsibilities)Does not apply to a limited scope SMCR firm. Applies to a core SMCR firm and an enhanced scope SMCR firm. A firm solo-regulated by the FCA should: (1) only appoint someone as a board director who does not need approval as an SMF manager for the position if they are fit and proper for that role; and (2) carry out criminal records checks before making the appointmentSYSC 23.4 (Checks for non-executive directors)Does not apply to a limited scope SMCR firm. Applies to a core SMCR firm and an enhanced scope SMCR firm. The senior managers regime: Parts that only apply to a limited range of firmsA firm should maintain a comprehensive and up-to-date document (called the management responsibilities map) that describes its management and governance arrangementsSYSC 25 (Senior managers and certification regime: Management responsibilities maps and handover procedures and material)Does not apply to a limited scope SMCR firm or a core SMCR firm. Applies to an enhanced scope SMCR firm. A firm should ensure that, at all times, one or more of its SMF managers have overall responsibility for each of the activities, business areas and functions of the firm.SYSC 26 (Senior managers and certification regime: Overall and local responsibility)Does not apply to a limited scope SMCR firm or a core SMCR firm. Applies to an enhanced scope SMCR firm. A firm should ensure that a person becoming an SMF manager has all the information and material that they could reasonably expect to have to perform their responsibilitiesSYSC 25.9 (Handover procedures and material)Does not apply to a limited scope SMCR firm or a core SMCR firm. Applies to an enhanced scope SMCR firm. A retail intermediary firm should check whether it meets the financial criteria for being an enhanced scope SMCR firm and report to the FCA when it meets those criteria for the first time or ceases to meet them.SUP 15.15 (Notification by retail intermediaries of qualifying as an enhanced scope SMCR firm)Only applies to certain UK retail intermediaries. The full details of who this covers are in SUP 15.15.Firms should report changes to their management body when members who are not SMF managers leave or join it.SUP 15.16 (Notification of changes in the management body)Only applies to a MiFID investment firm or a MiFID optional exemption firm.A firm is required to maintain a clear and appropriate apportionment of significant responsibilities among its directors and senior managersSYSC 4.4 (Apportionment of responsibilities)Applies to a limited scope SMCR firm, except for a limited scope SMCR benchmark firm Does not apply to most core SMCR firms. Does not apply to an enhanced scope SMCR firm. A limited scope SMCR benchmark firm is required to report to the FCA certain changes in the split of its revenue between regulated activities and unregulated activitiesSUP 15.17 (Notification of regulated income by limited scope SMCR benchmark firm)Only applies to a limited scope SMCR benchmark firm. Does not apply to any other limited scope SMCR firm. Does not apply to a core SMCR firm or an enhanced scope SMCR firm. The senior managers regime: Parts outside the HandbookCriminal offence relating to a decision that causes a financial institution to fail. It applies to a UK SMCR banking firm but does not apply to a credit union. It does not apply to any firm that is not a UK SMCR banking firm. This is contained in section 36 of the Financial Services (Banking Reform) Act 2013Does not apply to any solo-regulated firmThe certification regimeA firm should not permit an employee to carry out certain functions (certification functions) unless it has issued them with a certificate. The certificate is only valid for a year. The firm will have to renew it if the employee is to carry on performing the function. A firm may not issue or renew a certificate unless it is satisfied that the person is fit and proper. Certification does not involve pre-approval by the FCA or PRA. Most of the requirements of this regime are in sections 63E (Certification of employees by authorised persons) and 63F (Issuing of certificates) of the Act. SYSC 27 (Senior managers and certification regime: Certification regime) describes the regime and explains which employees are covered. Applies to all solo-regulated firms except for internally managed AIFs and pure benchmark SMCR firms. The certification regime does not apply to benchmark activities. A firm should ask for a regulatory reference before appointing someone to perform an FCA certification function (or a PRA equivalent) and give one if asked to by another firm doing so.SYSC 22 (Regulatory references)Applies to all solo-regulated firmsA firm must report information to the FCA about its Directory persons, including its certification employees.SUP 16.26 (Reporting of information about Directory persons)Applies to all solo-regulated firms except pure benchmark SMCR firmsConduct rules (applies to all firms)Rules of conduct that apply directly to a firm’s workforce other than ancillary staffCOCONApplies to all solo-regulated firmsA firm should report breaches of COCON to the FCASection 64C of the Act (Requirement for authorised persons to notify regulator of disciplinary action) and SUP 15.11 (Notification of COCON breaches and disciplinary action)Applies to all solo-regulated firmsA firm should: (a) ensure that all persons subject to COCON are notified of the rules that apply to them; and (b) take all reasonable steps to ensure that they understand how COCON applies to them These obligations are in section 64B of the Act (Rules of conduct: responsibilities of authorised persons). There is guidance in COCON 2.3 (Firms: Training and breaches). Applies to all solo-regulated firms",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc23"
  },
  "SYSC 24": {
   "kind": "chapter",
   "title": "SYSC 24 Senior managers and certification regime: Allocation of prescribed responsibilities",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc24"
  },
  "SYSC 25": {
   "kind": "chapter",
   "title": "SYSC 25 Senior managers and certification regime: Management responsibilities maps and handover procedures and material",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc25"
  },
  "SYSC 27.2.10G": {
   "kind": "provision",
   "type": "Guidance",
   "date": "2018-12-10",
   "text": "(1) The Act says that a certificate is valid for a period of 12 months, beginning with the day on which it is issued. (2) The FCA believes that the Act allows a firm to draft a certificate to expire after fewer than 12 months. The FCA interprets the Act in this way because to require a firm to make a certificate last longer than the firm thinks best is likely to make it harder for the firm to ensure the fitness of its certification employees. That would undermine the purpose of the certification regime in the Act. (3) A certificate cannot be drafted to last more than 12 months.",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc27"
  },
  "SYSC 4.1.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-01-03",
   "text": "(1) A firm must have robust governance arrangements, which include a clear organisational structure with well defined, transparent and consistent lines of responsibility, effective processes to identify, manage, monitor and report the risks it is or might be exposed to, and internal control mechanisms, including sound administrative and accounting procedures and effective control and safeguard arrangements for information processing systems. (2) [deleted] [Note: article 74 (1) of CRD, article 16(5) second paragraph of MiFID, article 12(1)(a) of the UCITS Directive, and article 18(1) of AIFMD] (3) Without prejudice to the ability of the FCA or any other relevant competent authority to require access to communications in accordance with MiFID and MiFIR, a common platform firm must have sound security mechanisms in place for the following, while maintaining the confidentiality of the data at all times: (a) to guarantee the security and authentication of the means of transfer of information; (b) to minimise the risk of data corruption and unauthorised access; and (c) to prevent information leakage. [Note: article 16(5) third paragraph of MiFID]",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc4"
  },
  "SYSC 6.1.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2018-01-03",
   "text": "A firm must establish, implement and maintain adequate policies and procedures sufficient to ensure compliance of the firm including its managers, employees and appointed representatives (or where applicable, tied agents) with its obligations under the regulatory system and for countering the risk that the firm might be used to further financial crime. [Note: article 16(2) of MiFID and article 12(1)(a) of the UCITS Directive]",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc6"
  },
  "SYSC 9.1.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2021-01-01",
   "text": "A firm (other than a common platform firm) must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the FCA to monitor the firm's compliance with the requirements under the regulatory system, and in particular to ascertain that the firm has complied with all obligations with respect to clients. [Note: article 12(1)(a) of the UCITS Directive and article 4(1)(e) of the UCITS implementing Directive]",
   "link": "https://www.handbook.fca.org.uk/handbook/sysc9"
  },
  "TC 2.1.1R": {
   "kind": "provision",
   "type": "Rule",
   "date": "2021-01-01",
   "text": "(1) A firm must not assess an employee as competent to carry on an activity in TC Appendix 1 until the employee has demonstrated the necessary competence to do so and has (if required by TC Appendix 1) attained each module of an appropriate qualification. This assessment need not take place before the employee starts to carry on the activity. (2) [deleted]",
   "link": "https://www.handbook.fca.org.uk/handbook/tc2"
  }
 }
}