The FSA regulates professional firms that carry on mainstream financial activity as per the Regulated Activity Order. It includes direct advice to clients on investment and pension products, discretionary investment management and certain types of corporate finance activities such as listing and public offers. Broadly it means standalone investment advice as opposed to advice as an adjunct to the provision of professional services, e.g. legal services. Such firms must become authorised professional firms. A professional firm not conducting mainstream financial activity, whose advice is incidental to a professional activity, can become an exempt professional firm regulated by a designated professional body.

The period after completion of a construction contract during which the contractor is responsible for maintenance issues and defects. During this period (commonly 12 months), the contractor should maintain his insurance as required by contract. Different levels of cover are available (visits maintenance, extended maintenance guarantee maintenance) depending on the specifics of the contract. See JOINT CONTRACTS TRIBUNAL; CONTRACT WORKS.

A fire policy clause requiring the insured to maintain the premises in a good and substantial state of repair during the currency of the policy.

Where a mandatory offer has resulted in the major stakeholder in a Lloyd’s syndicate holding at least 90 per cent or more of syndicate capacity, the managing agent may seek permission from the Council to compulsorily acquire the remaining part of the capacity from the minority interests. (Byelaw 18/97).

Unlawful damage committed by individuals motivated by ill will in circumstances not amounting to a riot. Riot cover normally extends to cover damage caused by malicious persons acting on behalf of a political organisation. Malicious damage can be covered more generally as an additional peril subject to an excess and the exclusion of loss by theft.
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Deliberate damage by individuals in circumstances that do not constitute a riot.

A unit-linked fund or insurer managed fund in which transactions in the underlying assets are decided by the fund manager. Normally fund managers invest in a spread of all types of assets as opposed to a specified type of asset.
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A fund managed by insurance company or other financial institution with a discretion in the choice of investment.

Regulations principally concerned with risk assessment, management, health surveillance, use of competent assistance and provision of information and training for employees. Employers and the selfemployed must carry must out a risk assessment and have arrangements for effective planning, organisation, control, monitoring and review of their preventative and protective measures. Employers with five employees or more must record their assessments. Regulatory breach is a criminal offence and, by an amendment, it is intended to allow civil claims against the employer.

at Lloyd’s, the person (individual or corporate) who manages a syndicate, conducts the underwriting, invests syndicate funds and prepares syndicate accounts.
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An underwriting agent which has permission from Lloyd’s to manage a syndicate and carry on underwriting and other functions for a member.

Corporate bodies responsible for running Lloyd’s syndicates. They appoint the active underwriter and the staff. The mana ing agent’s agreement sets out the duties, powers and remuneration of the agent and obligations of the member. Since 2003 managing agents have been granted franchises to operate within Lloyd’s. Some even provide capital to the syndicates they manage in which case they become corporate members. Lloyd’s has published a number of codes of practice for managing agents.

The IR must approve an occupational pension scheme that meets the requirements of ICTA 1988, s.590(3). The benefit under such schemes (approved schemes) must be a pension on retirement at a specified age between 60 and 75 not exceeding onesixtieth of final remuneration for each year of service up to a maximum of 40. Cash commutation must not exceed three-eightieths of final remuneration for each year of service. A widow(er)’s pension in death after retirement must not exceed two-thirds of the employee’s pension. These and other restrictions result in most schemes preferring exempt approved scheme status.