Transitional Provisions and Schedules

Part

MIPRU Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries

Chapter

Transitional Provisions and Schedules

Printed on: 11/11/2024

Rulebook at: 01/11/2007

Transitional Provisions and Schedules

MIPRU TP 1

Transitional Provisions

MIPRU TP 1.1

(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision: coming into force

MIPRU 4.4.4 R and MIPRU 4.4.8 R (3)

A firm is not required to include goodwill in its intangible assets until 14 January 2008.

From 31 October 2004 until 14 January 2008

31 October 2004

MIPRU 5.2.2 R and MIPRU 5.2.4 R

MIPRU 5.2.2 R and MIPRU 5.2.4 R have effect in respect of the use by a firm of the services of another person consisting of insurance mediation and provided from an establishment in an EEA State that has not implemented Article 3 (Registration) of the Insurance Mediation Directive , as if the condition in paragraph (4) of MIPRU 5.2.2 R and the condition in paragraph (2) of MIPRU 5.2.4 R were a condition that the firm has no reason to doubt the good repute, competence and financial standing of that person.

from 14 January 2005 until the implementation of Article 3 of the Insurance Mediation Directive by the relevant EEA State

14 January 2005

01/11/2007

MIPRU Sch 1

Record keeping requirements

01/01/2007

MIPRU Sch 1.1

There are no record keeping requirements in MIPRU.

01/01/2007

MIPRU Sch 2

Notification requirements

01/01/2007

MIPRU Sch 2.1

There are no notification requirements in MIPRU

01/01/2007

MIPRU Sch 3

Fees and other required payments

01/01/2007

MIPRU Sch 3.1

There are no requirements for fees or other payments in MIPRU.

01/01/2007

MIPRU Sch 4

Powers exercised

01/01/2007

MIPRU Sch 4.1

The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in MIPRU:

Section 138 (General rule-making power)

Section 149 (Evidential provisions); and

Section 156 (General supplementary powers)

01/01/2007

MIPRU Sch 4.2

The following powers in the Act have been exercised by the FSA to give the guidance in MIPRU:

Section 157(1) (Guidance)

01/01/2007

MIPRU Sch 5

Rights of actions for damages

01/01/2007

MIPRU Sch 5.1

The table below sets out the rules in MIPRU contravention of which by an authorised person may be actionable under section 150of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

01/01/2007

MIPRU Sch 5.2

If a 'Yes' appears in the column headed 'For private person', the rule may be actionable by a 'private person' under section 150of the Act (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001 No 2256)). A 'Yes' in the column headed 'Removed' indicates that the FSA has removed the right of action under section 150(2)of the Act. If so, a reference to the rule in which it is removed is also given.

01/01/2007

MIPRU Sch 5.3

The column headed 'For other person' indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given.

01/01/2007

Table

Chapter/Appendix

Section/Annex

Right of action under section 150

For private person

Removed

For other person

All rules in MIPRU with the status letter "E"

All other rules in MIPRU

Yes, MIPRU 1.2.1 R

01/01/2007

MIPRU Sch 6

Rules that can be waived

01/01/2007

MIPRU Sch 6.1

The rules in MIPRU may be waived by the FSA under section 148of the Act (Modification or waiver of rules). However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives. It therefore follows that if a rule in MIPRU contains provisions which derive partly from a directive, and partly not, the FSA will be able to consider a waiver of the latter requirements only, unless the directive provisions are optional rather than mandatory.

01/01/2007