Following a query by an NFDA member, the FCA has issued a notice to retailers who may have been miscategorised as ‘Core’ rather than ‘Limited’ firms, with regard to their insurance activities.
Ahead of the rollout of SM&CR on 9 December, we encourage members to check the status of their categorisation. If you believe you have been miscategorised and should be listed as a Limited Scope firm, you should: -
(1) Check you meet the Handbook definition of a Limited Scope insurance intermediary (see SYSC 23 Annex 1, 6.3R and 6.4(5)R)
(2) E-mail the FCA’s Supervision Hub to confirm they meet this definition, and wish to notify that they are Limited Scope, by e-mailing: email@example.com
(3) Clearly label the subject of the e-mail as “Limited Scope insurance intermediary – SM&CR categorisation query”. Firms should quote their full name and FRN to assist processing.
A firm’s categorisation must be updated on FCA systems by close of business on 5 December 2019, in order for it to convert to the SM&CR as ‘Limited Scope’.