The business standards block of the handbook rules sets out operational requirements for the firm.
- Prudential requirements PRU,
- Ensure solvency of the firm by insisting on certain levels of capital.
- Insist on the firm having Professional Indemnity insurance.
- Looking after customers assets which are handled by the firm CASS,
- Deals with client bank accounts,
- Training and competence of staff TC,
- Job descriptions,
- Training,
- Regular appraisals,
- Monitoring and testing of the competence.
- Rules for dealing with customers ICOB,
- Explain what is being purchased,
- Advised if the advice given is impartial or not,
- If the intermediary represents the insurer,
- Is the intermediary providing advice or recommendation,
- How large a proportion of the market has been used to select the product form,
- Explanation of what the total price will be.
- Rules for financial promotions.
- Rules for claims handling.