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Largely superseded by other enactments but s.4 remains.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.

The Marine Insurance Act 1906, s.55, lists several losses for which underwriters are not liable unless the policy otherwise provides. The exclusions are: wilful misconduct; delay; wear and tear, ordinary leakage and breakage, inherent vice or loss caused by rats or vermin; injury to machinery not caused by maritime perils.

The FSA in its decision-making role has statutory powers to issues warning notices and decision notices. As a supervisory authority it is empowered to issue a supervisory notice which may order immediate action on the part of an authorised person or indicate that the matter concerned is open to review.