Independent Funeral Planning Services Ltd

Limits on what they may do

• Trust Withdrawal and Asset Restriction

  Independent Funeral Planning Services Ltd (the “Firm”) applies under section 55L(5)(a) of the Financial Services and Markets Act 2000 (“FSMA”) for the Financial Conduct Authority (the “FCA”) to impose the following requirements (the “Requirements”) on its Part 4A permission in the terms as set out below. Trust Withdrawal Restriction 1. The Firm must not, without the prior written consent of the FCA, make any withdrawals of surpluses from the Relevant Trust, which would otherwise be permitted under FPCOB 3.2.12R. Assets Restriction 2. The Firm must not, without obtaining prior written consent from the FCA, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, and any funds it holds for, or to the order of, its customers (whether in the United Kingdom or elsewhere). 3. The assets restriction in paragraph 2 does not apply to monetary payments or the disposal of assets made by the Firm in the ordinary course of business, amounting to no more than £5,000, whether as a single transaction or a combination of related transactions. The following payments shall not be regarded as payments in the ordinary course of business: a. Payments of unusual or significant amounts to the Firm’s controllers, shareholders, directors, officers, employees or any connected persons; b. The making of any capital distribution; c. The making of any gift or loan by the Firm to any party; d. Payments made as part of any financial restructuring or reorganisation of its business (whether share or asset based). 4. The assets restriction in paragraph 2 does not apply to: a. the repayment of any investment made into the Firm by a Relevant Trust; b. usual and proper salary payments made by the Firm; c. payments made into the Relevant Trust; and d. payments of funds to the Firm’s suppliers in the ordinary course of business and in satisfaction of contractual and legal obligations. 5. The Firm will not, without prior written consent from the FCA, accept any further monies from a Relevant Trust and/or enter into any transactions which could have the effect of further increasing a Relevant Trust’s investment into the Firm. Effective Date 6. The Requirements shall take immediate effect and remain in force unless and until they are varied or cancelled by the FCA. Publication 7. The Requirements will be published by the Authority on the Financial Services Register. Definitions ‘Relevant Trust’ means any trust(s) used by the firm to meet its requirements FPCOB 3.1.6R(2).