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You are viewing the version of the document as on 2022-01-24.

Timeline guidance

COBS 20.1 Application

COBS 20.1.1RRP

1This chapter applies to a firm carrying on with-profits business, except to the extent modified in the following rules.

COBS 20.1.2RRP
  1. (1)

    The section on the process for reattribution (COBS 20.2.42 R to COBS 20.2.52 G):

    1. (a)

      applies to a firm that is proposing to make a reattribution of its inherited estate;

    2. (b)

      but not if, and to the extent that, it would require the firm to breach, or would prevent the firm from complying with, an order made by a court of competent jurisdiction.

  2. (2)

    If a firm proposes to seek an order from a court of competent jurisdiction that would allow or require it to act in a way that is contrary to the rules on reattribution (COBS 20.2.42 R to COBS 20.2.52 G) (through, or because of, the exception in (1)(b)), the firm must:

    1. (a)

      tell the appropriate regulator that that is what it proposes to do;

    2. (b)

      seek the order at the earliest opportunity; and

    3. (c)

      if it wishes to take a step that would be contrary to those rules in anticipation of such an order, secure a waiver before it does so.

COBS 20.1.3RRP

[deleted]6

COBS 20.1.4RRP

The following do not apply to a non-directive friendly society:

  1. (1)

    COBS 20.3 (Principles and Practices of Financial Management);

    3
  2. (2)

    COBS 20.4 (Communications with with-profits policyholders); and3

  3. (3)

    COBS 20.5 (With-profits governance).3

COBS 20.1.5RRP

This chapter does not apply to with-profits business that consists of effecting or carrying out Holloway sickness policies.