SUP 15.8 Notification in respect of particular products and services

A firm which manages the assets of an occupational pension scheme must notify the FCA as soon as reasonably practicable if it receives any request or instruction from a trustee which it:

1. (1)

   knows; or

2. (2)

   on substantial grounds:

   1. (a)

      suspects; or

   2. (b)

      has cause reasonably to suspect;

is at material variance with the trustee's duties.

If a firm begins or ceases to administer individual pension account s, it must notify the FCA as soon as reasonably practicable that it has done so.

1. (1)

   An insurer must notify the FCA in respect of any firm (the "intermediary") as soon as reasonably practicable if:

   1. (a)

      any amount of commission due from the intermediary to the insurer in accordance with an indemnity commission clawback arrangement remains outstanding for four months after the date when the insurer gave notice to the intermediary that the relevant premium had not been paid; or

   2. (b)

      any amount of commission due from the intermediary to the insurer as a result of either the cancellation of an investment agreement or overpayment of commission remains outstanding for four months after the date on which the insurer gave notice to the intermediary that cancellation or overpayment had occurred.

2. (2)

   A notification in (1):

   1. (a)

      need not be given unless the total amounts outstanding under (1)(a) and (b) in respect of the intermediary exceed £1,000; and

   2. (b)

      must give the identity of the intermediary and the amount of commission which remains outstanding.

3. (3)

   In (1) an "indemnity commission clawback arrangement" is an arrangement under which:

   1. (a)

      an insurer pays commission to an intermediary before the date on which the premium is due under the relevant investment agreement; and

   2. (b)

      the insurer requires repayment of the commission, if the investment agreement is terminated by reason of a failure to pay a premium.

If a UK UCITS management company intends to delegate to a third party any one or more of its functions for the more efficient conduct of its business, it must first inform the FCA in an appropriate manner.

1. (1)

   If a firm begins or ceases to hold itself out as acting as a CTF provider, it must notify the FCA as soon as reasonably practicable that it has done so.

2. (2)

   A firm that acts as a CTF provider must provide theFCA, as soon as reasonably practicable, with details of:

   1. (a)

      any third party administrator that it engages;

   2. (b)

      details of whether it intends to offer HMRC allocated CTFs; and

   3. (c)

      whether it intends to provide its own stakeholder CTF account.

A tied MCD credit intermediary must notify the FCA, as soon as reasonably practicable, if it intends to cease acting on behalf of and under the full responsibility of any firm.

A MCD credit intermediary must notify the FCA, as soon as reasonably practicable, if it intends to start acting on behalf of and under the full responsibility of any firm.

1. (1) A BFSA UK investment services supplier that supplies relevant investment services:
   1. (a) through a client adviser in Switzerland;
   2. (b) to a Swiss high net worth client; and
   3. (c) under access rights derived from Annex 5 of the BFSA,
   4. must notify the FCA of its intention to provide such relevant investment services before the first time it commences their supply.
2. (2) In this rule:
   1. (a) ‘BFSA UK investment services supplier’ means a person who meets the criteria in Annex 5, Section IV, paragraphs B.2.a to B.2.e. of the BFSA;
   2. (b) ‘client adviser’ has the meaning given in Annex 5, Section IV, paragraph B.2 of the BFSA;
   3. (c) ‘relevant investment services’ means a service specified in Annex 5, Section III, paragraph B.a of the BFSA; and
   4. (d) ‘Swiss high net worth client’ means the persons specified in Annex 5, Section V, paragraph B.3 of the BFSA.
3. [Note: this rule implements Annex 5, Section IX, paragraph B.1 of the BFSA.]