Transitional Provisions and Schedules

Part

ICOB Insurance: Conduct of Business

Chapter

Transitional Provisions and Schedules

Printed on: 23/11/2024

Rulebook at: 06/11/2006

Transitional Provisions and Schedules

ICOB TP 1

Transitional Provisions

ICOB TP 1.1

(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision: coming into force

Every rule in ICOB unless the context otherwise requires and subject to any more specific transitional provision relating to the matter.

If the application of any provision in ICOB is dependent on the occurrence of a series of events, some of which occur before, and some of which occur on or after 14 January 2005, the provision applies with respect to the events that occur on or after 14 January 2005.

14 January 2005 - 15 July 2005

14 January 2005

For example, if a firm were to advise a customer before 14 January 2005 to buy a non-investment insurance contract, the firm would not be required to comply with the provisions relating to personal recommendations in ICOB 4 if the customer were to buy the non-investment insurance contract on or after 14 January 2005. However, if the firm were to repeat the personal recommendation to the customer on or after 14 January 2005, those provisions in ICOB 4 would apply.

Where a non-investment insurance contract is concluded before 14 January 2005, the cancellation provisions (if any) applying at the date the cancellation period commences apply.

ICOB 4.4

Where, before 14 January 2005, an insurance intermediary makes a personal recommendation to a customer of a specific non-investment insurance contract, or arranges for the customer to enter into a non-investment insurance contract, but the contract is concluded on or after that date, the insurance intermediary will need to provide the customer with a statement of demands and needs in accordance with ICOB 4.4.1 R.

[Deleted]

ICOB 2.2.3 R (1) and ICOB 3.8.1 R (1)

A firm may continue to use stationery and similar materials which refer to its membership of the General Insurance Standards Council (GISC) without being considered to be in breach of ICOB 2.2.3 R (1) (clear, fair and not misleading communication) or ICOB 3.8.1 R (1) (clear, fair and not misleading comparisons).

14 January 2005 - 15 July 2005

14 January 2005

ICOB 5

(1)

ICOB 5.3.1 R to ICOB 5.3.8 R and ICOB 5.4.1 R to ICOB 5.4.9 G do not apply in respect of any non-investment insurance contract concluded before 14 January 2005, provided that the firm follows the requirements in COB 6.8 that would have applied before 14 January 2005 to such a contract before the contract was entered into.

Indefinitely

14 January 2005

(2)

If a non-investment insurance contract is concluded before 14 January 2005 and the customer has not previously received a policy document, the insurer or insurance intermediary (as the case may be) must ensure that the customer is provided with a copy of the policy document in good time prior to the commencement of any renewal of, or mid-term change to, the policy, but in respect of any mid-term change requested by a commercial customer on or before 30 April 2005, the insurer or insurance intermediary (as the case may be) may provide the commercial customer with the policy document promptly after the mid-term change.

ICOB 4.2.4 G (1)

Until 31 May 2005, the reference in ICOB 4.2.4 G to the initial disclosure document set out in ICOB 4 Annex 1 G and the combined initial disclosure document set out in ICOB 4 Annex 2 R includes an initial disclosure document which complies with ICOB 4 Annex 1 G and a combined initial disclosure document which complies with ICOB 4 Annex 2 R in the Insurance: Conduct of Business Sourcebook Instrument 2004 (FSA 2004/06).

14 January 2005 - 31 May 2005

Already in force

ICOB 5.5.5 R (12)

A firm may comply with ICOB 5.5.5 R (12) without including in the policy summary, if it be the case, the fact that there is no compensation scheme.

14 January 2005 to 31 July 2005

14 January 2005

ICOB 4.1.4 R and ICOB 4.4.2R (3)

To the extent that an insurer need not comply with provisions of ICOB 4 when dealing with a commercial customer, it is not responsible for ensuring that its appointed representative appointed prior to 6 March 2006 complies with those provisions.

6 March 2006 to 6 July 2006

6 March 2006

ICOB 4 Annex 1 G and ICOB 4 Annex 2 R

Key facts logo
A firm may continue to use a keyfacts logo which is not accompanied by a regulatory mark (®).

From 6 November 2006 to 6 November 2007

06/11/2006

ICOB Sch 1

Record Keeping Requirements

14/01/2005

ICOB Sch 1.1

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record-keeping requirements.

14/01/2005

ICOB Sch 1.2

It is not a complete statement of those requirements and should not be relied on as if it were

14/01/2005

ICOB Sch 1.3

Handbook reference

Subject of record

Contents of record

When records must be made

Retention period

ICOB 1.2.17R (2)

Record of election to comply with COB rules for pension term assurance policies (including amendment or reversal of election)

Date of election and precise description of parts of the firm's business that will comply with COB provisions

Not specified

Indefinitely

ICOB 4.4.7 R

Personal recommendation to customer

Explanation of why the personal recommendation is suitable for the customer's demands and needs

The date on which personal recommendation is made

Three years

ICOB 5.7.1 R

Policy summary

As set out in ICOB 5.5.5 R

The date on which policy summary is provided to the customer

Three years

ICOB 5.7.1 R

Policy Document

All the contractual terms and conditions

The date on which policy document is provided to the customer

Three years

ICOB 7.7.1 R

Claims information

Details of claim, the date on which the claim was settled or rejected and details of rejection including information relevant to the basis for settling or rejecting the claim

The date on which claim is settled or rejected

Three years

06/04/2006

ICOB Sch 2

Notification Requirements

14/01/2005

ICOB Sch 2.1

There are no notification requirements in ICOB.

14/01/2005

ICOB Sch 3

Fees and other required payments

14/01/2005

ICOB Sch 3.1

There are no requirements for fees or other payments in ICOB.

14/01/2005

ICOB Sch 4

Powers exercised

14/01/2005

ICOB Sch 4.1

The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in ICOB:

section 138 (General rule-making power)

section 139(4) (Miscellaneous ancillary matters)

section 145 (Financial promotion rules)

section 149 (Evidential provisions)

section 156 (General supplementary powers)

regulation 2 of the Financial Services and Markets Act 2000 (Fourth Motor Insurance Directive) Regulations 2002 (SI 2002/2706).

The following powers in the Act have been exercised by the FSA to give the guidance in ICOB:

section 157(1) (Guidance).

14/01/2005

ICOB Sch 5

Rights of action for damages

14/01/2005

ICOB Sch 5.1

The table below sets out the rules in ICOB contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

14/01/2005

ICOB Sch 5.2

If a "yes" appears in the column headed "For private person?", the rule may be actionable by a private person under section 150 (or in certain circumstances, his fiduciary or representative; see article 6(2) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A "yes" in the column headed "Removed?" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

14/01/2005

ICOB Sch 5.3

The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and 6(3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given.

14/01/2005

ICOB Sch 5.4

Rule

Right of action under section 150

For private person?

Removed?

For other person?

All rules in ICOB with the status letter "E"

Any rule in ICOB which prohibits an authorised person from seeking to make provision excluding or restricting any duty or liability

Yes

Any other person

ICOB 7.6.9 R

Yes

Any other person

All other rules in ICOB

Yes

14/01/2005

ICOB Sch 6

Rules that can be waived

14/01/2005

ICOB Sch 6.1

The rules in ICOB may be waived by the FSA under section 148 of the Act (Modification or waiver of rules). However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives. It therefore follows that if a rule in ICOB contains provisions which derive partly from a directive, and partly not, the FSA will be able to consider a waiver of the latter requirements only, unless the directive provisions are optional rather than mandatory.

14/01/2005