The following Financial Services Q&A provides comprehensive and up to date legal information covering:
Rule 5.1.7 of the Financial Conduct Authority’s (FCA) Client Assets Sourcebook (CASS) (CASS 5.1.7) states that the rules in CASS 5.1 to CASS 5.6 also give effect to the requirement in article 4.4 of the (EU) Insurance Mediation Directive (Directive 2002/92/EC) that all necessary measures should be taken to protect clients against the inability of an insurance intermediary to transfer premiums to an insurance undertaking or to transfer the proceeds of a claim or premium refund to the insured.
Please note that in October 2018, the Insurance Mediation Directive is being replaced by the Insurance Distribution Directive (Directi
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
Deceit—what is it?A deceit occurs when a misrepresentation is made with the express intention of defrauding a party, subsequently causing loss to that party.The elements of a claim in deceit are:•a clear false representation of fact or law•fraud by the maker, in the sense that they knew that the
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