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High level standards
High level standards
The PRIN, SYSC and GEN sourcebooks within the Handbook apply to all authorised firms.
PRIN 2.1.1R sets out, at a high level, principles for business. These include (Footnote: 2):
Management and control: A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.
Customers' interests: A firm must pay due regard to the interests of its customers and treat them fairly.
Communications with clients: A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
SYSC 3.1.1R and 3.2.6R require an authorised firm to take reasonable care to establish systems and controls appropriate to its business, including for compliance with the requirements and standards applicable under the regulatory system. SYSC 3.1.4G and 3.2.3G provide guidance that an authorised firm has specific responsibilities regarding its authorised representatives, in respect of whom appropriate safeguards should be in place.
GEN 4.5 deals with requirements relating to statements about the authorisation and regulation of businesses by the Authority. GEN 4.5.3R and 4.5.4R require that an authorised firm must not indicate or imply that it is authorised, regulated or otherwise supervised in respect of businesses for which it is not authorised or regulated by the FCA. GEN 4.5.6G provides guidance that it is likely to be misleading for a firm that is not authorised by the FCA to state or imply that it is.
- Heading
- Introduction
- Procedural matters
- The law
- The Register
- FCA Handbook
- High level standards
- Specialist sourcebooks
- Other Guidance
- Requirements
- Debt Counselling
- Background facts
- Screenshots of these websites were included in the Hearing Bundle
- The Tribunal’s jurisdiction
- Submissions
- Mr Fell submitted that Wilson demonstrated the importance of consumer protection as a matter of public policy, and that similar important concerns arise in this case
- Discussion
- Further observations
- Conclusions