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You are viewing SYSC 28A Regulated funeral plan activities: good repute requirements as of . SYSC 28A Regulated funeral plan activities: good repute requirements was last updated on 29/07/2022.

SYSC 28A.1 Application

29/07/2022R

This chapter applies to a firm with respect to regulated funeral plan activities.

SYSC 28A.2 Good repute

Good repute requirements

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A firm must ensure that all the persons in its management structure and any staff directly involved in the activities specified in SYSC 28A.1.1R are of good repute.

29/07/2022G

This includes but is not limited to those natural persons:

  1. (1)

    that are directly involved in the activities specified in SYSC 28A.1.1R; or

  2. (2)

    within the management structure responsible for the activities specified in SYSC 28A.1.1R; or

  3. (3)

    within the management structure responsible for any staff directly involved in the activities specified in SYSC 28A.1.1R.

29/07/2022R

In considering a person’s repute the firm must at a minimum ensure that the person:

  1. (1)

    has a clean criminal record or any other national equivalent in relation to serious criminal offences linked to crimes against property or other crimes related to financial activities; and

  2. (2)

    has not previously been declared bankrupt,

unless they have been rehabilitated in accordance with national law.

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  1. (1)

    In the United Kingdom the following persons will be considered to have been rehabilitated:

    1. (a)

      in relation to a serious criminal offence, where the conviction is considered ‘spent’ under the Rehabilitation of Offenders Act 1974;

    2. (b)

      in relation to bankruptcy, where the bankruptcy has been discharged.

  2. (2)

    References to “serious criminal offences” are not restricted to offences considered to have been committed in or under the law of the United Kingdom.

  3. (3)

    A firm should give particular consideration to offences of dishonesty, fraud, financial crime or other offences under legislation relating to banking and financial services, companies, insurance and consumer protection.

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A firm’s systems and controls should enable it to satisfy itself of the suitability of anyone who acts for it (see SYSC 5.1.2G). This includes, among other things, the assessment of an individual’s honesty.

SYSC 28A.3 Record keeping requirements

Record keeping requirements

29/07/2022R

A firm must:

  1. (1)

    establish, maintain and keep appropriate records to demonstrate compliance with this chapter; and

  2. (2)

    be in a position to provide to the FCA, on request, the name of the person responsible for the record-keeping requirement in (1).

29/07/2022R

A firm must not prevent any person from obtaining a copy of the records relating to them which are maintained by the firm for the purposes of SYSC 28A.3.1R.

29/07/2022G

The rules specified in SYSC 28A.3.1R relate to the requirements specified in SYSC 5.1.1R, SYSC 9.1.1R and SYSC 10.1.6R.