Home FCA Handbook MIPRU MIPRU 5 MIPRU 5.2 Use of intermediaries
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MIPRU 5.2 Use of intermediaries

01/10/2018R

A firm must not use, or propose to use, the services of another person consisting of:

  1. (1)

    insurance distribution; or

  2. (1A)

    reinsurance distribution; or

  3. (2)

    insurance distribution activity; or

  4. (3)

    home finance mediation activity;

unless MIPRU 5.2.2 R is satisfied.

[Note: Article 16 of theIDD]

01/10/2018R

MIPRU 5.2.1R does not apply to a firm carrying on an insurance distribution activity if it uses or proposes to use the services of a person consisting of home finance mediation activity. In that case, MIPRU 5.2.2R does not need to be satisfied.

01/04/2013G

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.

01/01/2021R

For the purposes of MIPRU 5.2.1 R, the person, in relation to the activity must:

  1. (1)

    have permission; or

  2. (2)

    be an exempt person; or

  3. (3)

    be an exempt professional firm; or

  4. (4)

    [deleted]

  5. (5)

    in relation to insurance distribution activity, not be carrying this activity on in the UK; or

  6. (6)

    in relation to home finance mediation activity, not be carrying this activity on in the United Kingdom.

[Note: article 16 of theIDD]

01/01/2021E
  1. (1)

    A firm should:

    1. (a)

      before using the services of the intermediary, check:

      1. (i)

        the Financial Services Register;

      2. (ii)

        [deleted]

      for the status of the person

      ; and

    2. (b)

      use the services of that person only if the relevant register indicates that the person is registered for that purpose.

  2. (2)
    1. (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:

      1. (i)

        the person, in relation to the activity, has permission; or

      2. (ii)

        the person, in relation to insurance distribution activity, is an exempt person or an authorised professional firm.

    2. (b)

      [deleted]

01/04/2013G

The Financial Services Register can be accessed through the FCA website under the link www.fsa.gov.uk/register/home.do