Transitional Provisions and Schedules
ICOBS TP 1
Transitional Provisions
| Fifth Motor Insurance Directive | |||||
| 1 | R | In relation to a claim by an injured party received by a motor vehicle liability insurer or its claims representative on or before 10 June 2007, the motor vehicle liability claims handling rules (see ICOBS 8.2.6 R to ICOBS 8.2.11 G) only apply if the claim results from an accident occurring in an EEA State other than the injured party's EEA State of residence which was caused by the use of a vehicle insured through an establishment in, and normally based in, an EEA State other than the injured party's EEA State of residence. | |||
| Initial disclosure document | |||||
| 2 | R | A firm may use the keyfacts logo on a document that meets the requirements for an initial disclosure document except that it includes the sentence "It requires us to give you this document" in section 1 of the document. This rule applies until 5 January 2009. | |||
| Sourcebook implementation period | |||||
| 3 | R | A firm need not comply with any provision of this sourcebook to the extent that it complies with the corresponding provision of ICOB (if any) as it applied on 5 January 2008. This rule applies until 5 July 2008. | |||
| 4 | G | Firms should consider what kind of records should be made of their reliance on the sourcebook implementation period transitional provision, in particular where they rely on the transitional provision for only some of their insurance mediation activities, or the extent of reliance changes during the implementation period. | |||
| Pure protection contracts: record of election | |||||
| 5 | R | A firm is not required to make, and retain a record of, an election to comply with the Conduct of Business sourcebook (see ICOBS 1 Annex 1 G, Part 2, 3.1R(3)). This rule applies until 5 June 2008. | |||
- 06/01/2008
ICOBS Sch 1
Record keeping requirements
- 06/01/2008
See Notes
| Notes | |
| 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. |
| 2 | It is not a complete statement of those requirements and should not be relied on as if it were. |
- 06/01/2008
See Notes
| Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
| ICOBS 1 Annex 1 G, Part 2 3.1R(3) | Record of election to comply with COBS rules for pure protection policies (including amendment or reversal) | Date of election and precise description of parts of the firm's business that will comply with COBS provisions | Not specified | Indefinitely |
- 06/01/2008
ICOBS Sch 2
Notification requirements
- 06/01/2008
ICOBS Sch 2.1
See Notes
There are no notification requirements
in ICOBS.
- 06/05/2008
ICOBS Sch 3
Fees and other required payments requirements
- 06/01/2008
ICOBS Sch 3.1
See Notes
There are no requirements for fees or other payments in ICOBS.
- 06/05/2008
ICOBS Sch 4
Powers exercised
- 06/01/2008
ICOBS Sch 4.1
See Notes
| The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in ICOBS: |
| 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) |
- 06/01/2008
ICOBS Sch 4.2
See Notes
- 06/01/2008
ICOBS Sch 5
Rights of action for damages
- 06/01/2008
ICOBS Sch 5.1
See Notes
The table below sets out the rules in ICOBS 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.
- 06/05/2008
ICOBS Sch 5.2
See Notes
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) and (3)(c) 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.
- 06/05/2008
ICOBS Sch 5.3
See Notes
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 (3) of those Regulations. If so, an indication of the type of person by whom the rule may
be actionable is given.
- 06/05/2008
ICOBS Sch 5.4
See Notes
| Rule | Right of action under section 150 | |||
| For private person? | Removed? | For other person? | ||
| All rules in ICOBS with the status letter "E" | No | No | No | |
| Any rule in ICOBS which prohibits an authorised person from seeking to make provision excluding or restricting any duty or liability | Yes | No | Yes | Any other person |
| ICOBS 8.2.9 R | Yes | No | Yes | Any other person |
| All other rules in ICOBS | Yes | No | No | |
- 06/05/2008
ICOBS Sch 6
Rules that can be waived
- 06/01/2008
ICOBS Sch 6.1
See Notes
As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973) the
FSA
has power to waive all its 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.
- 06/05/2008