Who do Sysc rules apply to?

Who do Sysc rules apply to?

Who? The common platform requirements apply to every firm apart from an insurer, a UK ISPV, a managing agent and the Society unless provided otherwise in a specific rule. SYSC 4.1. 4 R and SYSC 6.3.

What does Sysc stand for?

Senior Management Arrangements, Systems and Controls
Senior Management Arrangements, Systems and Controls (SYSC)

What does the Sysc handbook address?

SYSC is designed to ensure that responsibility for proper organisation of the business is given to specific, competent individuals, and to ensure that directors and senior managers take direct, practical responsibility for the organisation of elements of the business that might fall under the remit of the FCA.

In which section of the FCA Handbook is Sysc found?

SYSC 27.1 Application and purpose.

Which of these describes the purpose of the senior management arrangements systems and controls Sysc section of the FCA Handbook?

What type of business does Icobs cover?

The FCA’s Insurance: Conduct of Business Sourcebook (ICOBS) applies to firms that carry out insurance business that is not life insurance business, including effecting and carrying out contracts of insurance, arranging and advising on them, acting as a managing agent in the Lloyd’s insurance market or communicating or …

Is the FCA Handbook legally binding?

Guidance is not binding and need not be followed to achieve compliance with the relevant rule or requirement.

What are conc rules?

CONC, the Consumer Credit Sourcebook within the FCA Handbook. It is a key piece of regulation, governing everything from acquisitions, marketing, conduct of business and responsible lending to debt advice, arrears, default and recovery for unsecured lending.

What is the difference between cobs and Icobs?

In general terms, the insurance business covered by COBS is long-term and provides for repeat fees over a period of time. ICOBS, by contrast, covers general insurance business which is often purchased through a single premium payment and renewed on an annual basis.

What are the Icobs rules?

ICOBS outlines high-level standards that apply to all non-investment insurance product sales (general insurance and protection policies).

• Suitability. You must ensure your advice is suitable for your customers.
• Product disclosure.
• Claims handling.