SIFA 16
Waivers and rule modifications
SIFA 16.1
General approach
- 01/12/2004
SIFA 16.1.1
See Notes
We may, on the application or with the
consent of your firm, state that certain rules:
(1) are not to apply to your firm; or
(2) are to apply to your firm with specified
modifications.
- 01/12/2004
SIFA 16.1.2
See Notes
Under the Act we can only grant a waiver
where we are satisfied that:
(1) compliance by your firm with the rule
would be unduly burdensome or would not achieve the purpose for which the
rule was made; and
(2) the waiver would not result in undue
risk to persons whose interests the rules are intended to protect.
- 01/12/2004
SIFA 16.1.3
See Notes
SUP 8 sets out our approach to waivers.
Most but not all rules can be waived (see SUP 8.2.6 G to).
Schedule 6 to each sourcebook identifies the rules in that sourcebook that
can and cannot be waived.
- 01/12/2004
SIFA 16.1.4
See Notes
Unless there are exceptional circumstances, SUP
8.2.8 G we normally publish the details of waivers
we have given. You can view the details of published waivers through the FSA
Register. Before you do so, you will need to know the name of the firm. You
can also view waivers in a consolidated list by rule, but we update the list
only monthly.
- 01/12/2004
Application for a waiver
SIFA 16.1.5
See Notes
You must use the standard form on our
website if you apply for a waiver (referred to at SUP 8.3.3 Dand SUP 8 Annex 2). You will find
it through the "Forms" link at www.fsa.gov.uk/handbook: Go to 'Industry' 'Help';
select 'Waivers'; click on 'form' at the bottom of the page and then click
on 'Waivers application form'. You will also find it through the Handbook
section of the CD-ROM under 'Forms'.
- 01/12/2004
SIFA 16.1.6
See Notes
You can send applications by email or
by post to the IFD Contact Centre or to your usual contact in Corporate Authorisation.
- 01/12/2004
SIFA 16.1.7
See Notes
An example of a rule waiver being given
to IFAs is Professional Indemnity Insurance cases where IPRU (INV) 13.1.3R
has been waived to enable firms to continue in business without holding PII.
In these cases, firms have been unable to get PII but as they are able to
demonstrate they have adequate resources, they are in a position to "self-insure"
against potential claims.
- 01/12/2004
Waiver by consent
SIFA 16.1.8
See Notes
In exceptional circumstances where we
consider that a waiver should apply to a number of firms, we may tell the
firms concerned that the waiver is available. These firms will not have to
make a formal application but will have to give their written consent for
the waiver to apply to them.
- 01/12/2004