The following Financial Services practice note provides comprehensive and up to date legal information covering:
This Practice Note explains the Principles for Businesses (PRIN) set down by the Financial Conduct Authority (FCA). The Principles form part of the FCA’s High Level Standards set out in the FCA’s Handbook. The Principles are a general statement of the fundamental obligations of firms under the regulatory system.
The Prudential Regulation Authority (PRA) has equivalent high level standards which are found in the Fundamental Rules contained in its Rulebook. Substantial differences between PRIN and the PRA's Fundamental Rules mean that dual-regulated firms will need to keep those differences in mind when considering how they comply with their conduct and prudential requirements. In particular, the PRA's Fundamental Rules include a requirement for firms to prepare for resolution so, if the need arises, they can be resolved in an orderly manner with a minimum disruption of critical services. For more information on the PRA's Fundamental Rules, see Practice Note: Prudential Regulation Authority—Fundamental Rules.
If a firm breaches one or more of the Principles, it can face enforcement action which could, for example, result in its authorisation being removed. It is vital that all firms are aware of the Principles and ensure they implement them and continually ensure that the required standards are maintained.
The Principles are:
Principle 1: Integrity—a firm must conduct its business with integrity
Principle 2: Skill, care and diligence—a firm must conduct its
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The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
The offence of causing grievous bodily harm with intentWounding or causing grievous bodily harm (GBH) with intent is triable only in the Crown Court on indictment. Elements of the offence Under the Offences against the Person Act 1861 (OATPA 1861), the prosecution must prove the defendant unlawfully
BREXIT: UK is leaving EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For further guidance on the impact of Brexit on e-money requirements, see Practice Note: Impact of Brexit: Payment services and electronic money directives—quick
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
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