MIPRU 5
Insurance undertakings and home
finance providers using insurance or home finance mediation services
MIPRU 5.2
Use of intermediaries
- 01/01/2007
MIPRU 5.2.1
See Notes
A firm must not use, or propose to use, the services of another person consisting of:
- (1) insurance mediation; or
- (2) insurance mediation activity; or
- (3) home finance mediation activity;
unless MIPRU 5.2.2 R is satisfied.
[Note: Article 3(6) of the Insurance Mediation Directive]
- 01/04/2013
MIPRU 5.2.1A
See Notes
The
appropriate
regulator
regards
a firm as 'using'
the services of, in particular, its immediate counterparty (typically the
intermediary that passed the business to the firm)
and of all other persons who
have been granted the right or authority directly by the firm to
effect a contract of insurance or enter into a home finance transaction.
- 01/04/2013
MIPRU 5.2.2
See Notes
For the purposes of MIPRU 5.2.1 R, the person, in relation to the activity must:
- (1) have permission; or
- (2) be an exempt person; or
- (3) be an exempt professional firm; or
- (4) be registered in another EEA State for the purposes of the Insurance Mediation Directive; or
- (5) in relation to insurance mediation activity, not be carrying this activity on in the EEA; or
- (6) in relation to home finance mediation activity, not be carrying this activity on in the United Kingdom.
[Note: Article 3(6) of the Insurance Mediation Directive]
- 01/04/2013
MIPRU 5.2.3
See Notes
- (1) A firm should:
- (a) before using the services of the intermediary, check:
- (i) the Financial Services Register; or
- (ii) in relation to insurance mediation carried on by an EEA firm, the register of its Home State regulator;
- for the status of the person; and
- (b) use the services of that person only if the relevant register indicates that the person is registered for that purpose.
- (2)
- (a) Checking the Financial Services Register before using the services of the intermediary and using the services of that person only if the Financial Services Register indicates that the person is registered for that purpose may be relied on as tending to establish that:
- (i) the person, in relation to the activity, has permission; or
- (ii) the person, in relation to insurance mediation activity, also is an exempt person or an authorised professional firm.
- (b) In relation to insurance mediation carried on by an EEA firm, checking the register of the firm's Home State regulator and using the services of the EEA firm only if the register indicates that the firm is registered for that purpose may be relied on as tending to establish that the firm is registered for the purposes of the Insurance Mediation Directive.
- 01/04/2013
MIPRU 5.2.6
See Notes
The
Financial Services Register
can be accessed through the
FCA
website under the link www.fsa.gov.uk/register/home.do
- 01/04/2013