COBS Sch 2 Notification requirements

3COBS 20.2.19AR (1)

Details of a proposed distribution

Written details of the proposed distribution, together with copies of draft notifications it proposes to send to policyholders.

The proposed distribution to policyholders is smaller than the ‘pre-notification to policyholder minimum’ calculated in accordance with COBS 20.2.19BR (1).

At least two months prior to the proposed distribution

3COBS 20.2.19AR (2)

Details of a proposed distribution

Written details of the proposed distribution, together with copies of draft notifications it proposes to send to policyholders.

The distribution to policyholders does not meet the test in COBS 20.2.19AR (1) but is smaller than the ‘after the event notification to policyholder minimum’ calculated in accordance with COBS 20.2.19BR (2).

At least one month prior to the proposed distribution

COBS 20.2.45 R

Appointment of policyholder advocate.

The terms on which the firm proposes to appoint a policyholder advocate.

Proposal to appoint policyholder advocate.

As soon as reasonably practicable

COBS 21.2.8 R

Breach of COBS 21.3.5 R

Any failure to meet the requirements of COBS 21.3.5 R

Breach of COBS 21.3.5 R

As soon as the firm becomes aware of the failure2

2COBS 20.5.5R (3)

The decision of a firm's governing body to depart from the advice or recommendation of the with-profits committee or advisory arrangement.

A description of:

(1) the decision of, and reasons given by, the firm's governing body;

(2) the recommendation and advice of the with-profits committee or advisory arrangement;

together with a copy of the firm's records of the decision, reasons, advice and recommendations.

The with-profits committee or advisory arrangement considers that the issue is sufficiently significant and requests of the governing body that the FSA be informed.

As soon as reasonably practicable