Written statement by occupational scheme trustees of the principles governing their investment decisions. Trustees must have regard to advice from a suitably qualified person, consult with the employer and publicise the existence of the statement to members as required under PA95, s.35. The legislation protects UK-domiciled private policyholders.

The FSA sets out four Statements of Principles that apply to all approved persons to ensure that they undertake their roles efficiently and with integrity in carrying out controlled functions. Three additional principles apply to approved persons performing significant influence functions. Approved persons in breach of the principles face disciplinary action. SP is different from Principles of Business that apply to firms only.

the accounting standard published by the ABI, which reconciles generally accepted accounting practice, the requirements of Schedule 9A of the Companies Act 1985 and the regulatory requirements of the Financial Services Authority.

1. With exceptions, firms conducting regulated activities must take care to ensure that every letter (including electronic equivalent) which it or its employees send to a private customer must disclose that it is ‘authorised and regulated by the Financial Services Authority’. 2. The FSA requires firms to disclose details of the services they provide and appropriate information on the products which are being sold.

Largely superseded by other enactments but s.4 remains. It provides that no action shall be brought upon a guarantee unless the agreement is in writing and signed by the party to be charged, or his agent. See unenforceable contracts for the effect on contracts of fidelity guarantee.

A civil claim that cannot be brought because it is outside the time permitted by statute (Limitation Act 1980) is ‘statute barred’. See also the LATENT DAMAGES ACT 1986.

A written statement of facts under the Statutory Declarations Act 1835 declared as being true before a commissioner or magisterial officer. In policy claims conditions the insurer calls for proofs of loss and may demand statutory declarations to verify the truth of an insured’s claim.

The discharge by a pension scheme member who has exercised his statutory right to a cash equivalent under PSA93, s.99 on leaving the scheme. An alternative to cash is a statutory transfer.

Examinations of boilers, steam and air receivers, hoists and lifts, and other plant and equipment in pursuance of a range of legislative requirements. The relevant legislation lays the inspection frequency, e.g. steam boilers 14 months, cranes and chains, ropes and lifting tackle 6 months. Inspections have to be carried by a ‘competent person.