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COBS 13.1 The obligation to prepare product information

COBS 13.1.1RRP

1A firm must prepare:2

  1. (1)

    a key features document for each packaged product, cash-deposit ISA and cash-deposit CTF it produces2; and2

  2. (2)

    a key features illustration for each packaged product it produces;2

in good time before 2those documents have to be provided.

Information on life policies5

COBS 13.1.2RRP

A firm must prepare the Consolidated Life Directive information for each life policy it effects, in good time before that information has to be provided.

in good time before that information has to be provided.

[Note: article 36(1) of, and Annex III to, the Consolidated Life Directive]

Exceptions

COBS 13.1.3RRP

A firm is not required to prepare:

  1. (1)

    a document, if another firm has agreed to prepare it; or

  2. (2)

    a key features document for:

    1. (a)

      a unit in a UCITS scheme or3 a simplified prospectus scheme; or

    2. (b)

      a unit in an EEA UCITS scheme which is a recognised scheme; or3

      3
    3. (c)

      a unit in a key features scheme, if it prepares a simplified prospectus, or the information appears with due prominence in another document, instead; or

    4. (d)

      a stakeholder pension scheme, or personal pension scheme that is not a personal pension policy, if the information appears with due prominence in another document; or

  3. (3)

    2 a key features illustration:3

    2
    1. (a)

      for a unit in a UCITS scheme or a simplified prospectus scheme; or3

    2. (b)

      for a unit in an EEA UCITS scheme which is a recognised scheme; or3

    3. (c)

      if it includes the information from the key features illustration in a key features document; or3

    4. (d)

      for a packaged product which, at the end of its fixed term, provides for the return of the initial capital invested and a specified level of growth linked by a pre-set formula to the performance of a specified asset or index or a combination of assets or indices; or5

  4. (4)

    the Consolidated Life Directive information, if the policy is a reinsurance contract or a pure protection contract.

COBS 13.1.4RRP

A single document prepared for more than one key features scheme or3 simplified prospectus scheme may combine more than one key features document, simplified prospectus or EEA simplified prospectus or any combination of them, if the schemes are offered through a platform service4 and the document clearly describes the difference between the schemes.

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