Article 93 Duty to maintain a record of unauthorised persons carrying on insurance distribution activitiesF1F4
United Kingdom
Subject to articles 95 and 96, F2the FCA must include in the record every person who—
as a result of information obtained by virtue of its rules or by virtue of a direction given, or requirement imposed, under F3section 55U(4) of the Act (procedure for applications under Part IV), appears to the FCA to fall within paragraph (2); or
as a result of information obtained by virtue of article 94, appears to the FCA to fall within paragraph (3).
A person falls within this paragraph if he is, or has entered into a contract by virtue of which he will be, an appointed representative who carries on any insurance distribution activity.
A person falls within this paragraph if—
he is a relevant member of a designated professional body who carries on, or is proposing to carry on, any insurance distribution activity; and
the general prohibition does not (or will not) apply to the carrying on of those activities by virtue of section 327 of the Act (exemption from the general prohibition).
An application for inclusion in the record made by a person who falls within paragraph (2) or (3) must be determined by the FCA before the end of the period of 3 months beginning with the date on which it received the completed application.
A notification by a designated professional body in accordance with article 94 is to be treated as an application for inclusion in the record for the purposes of paragraph (3A).
In this Part, “recorded insurance intermediary” means a person who is included in the record by virtue of paragraph (1).
The record must include—
in the case of any recorded insurance intermediary, its address; and
in the case of a recorded insurance intermediary which is not an individual, the name of the individuals who are responsible for the management of the business carried on by the intermediary, so far as it relates to insurance distribution activities.
Annotations
Textual amendments
- F1
Pt. 5 inserted (31.10.2004 for specified purposes, 14.1.2005 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2003 (S.I. 2003/1476), arts. 1(3), 13
- F2
Words in art. 93(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(a)
- F3
Words in art. 93(1)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 35(h)
- F4
Word in art. 93 substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(4)(a)
- F5
Art. 93(3A)(3B) inserted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(4)(b)
Notes on Part V
Textual amendments
- F2
Word in Pt. V heading substituted (1.10.2018) by The Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546), arts. 1(2), 7(2)