COBS TP 2 Other Transitional Provisions

202.-2

COBS, with the exception of COBS 15

R

Expired21

232.-2A

COBS 2.5.1R(1) to (3)

R

A firm need not comply with COBS 2.5.1R(1) to (3) in relation to an automatic renewal of an agreement for an optional additional product which was entered into on or before 31 March 2016 provided:

From 1 April 2016

On 1 April 2016

(1)

the automatic renewal of the agreement is on substantially the same terms. The phrase “on substantially the same terms” is to be interpreted in the same way as in COBS 2.5.1 (1) (b) and (c);

(2)

on the occasion of the first automatic renewal on or after 1 April 2016, the firm takes reasonable steps to ensure that the client is informed:

(a)

that the renewal of the agreement is optional;

(b)

that the client may elect not to renew the agreement; and

(c)

of the effect of the non-renewal of the agreement, if any, on the designated investment; and

(3)

the procedure to be used by clients for electing not to renew the agreement pays due regard to the interests of clients and treats them fairly.

292.-2B

COBS 2.3A

R

The rules and guidance on inducements in COBS 2.3A:

From 3 January 2018

3 January 2018 (and in relation to an insurance-based investment product, 1 October 2018)31

29(1)

apply to fees, commission, monetary and non-monetary benefits which are paid, provided or received by a firm in respect of:31

31(a)

(unless (b) applies)31 services that are provided to a client on or after 3 January 2018;

31(b)

(in relation to an insurance-based investment product) services that are provided to a client on or after 1 October 2018; and

29(2)

do not apply to fees, commission, monetary or non-monetary benefits which are paid, provided or received in respect of:31

31(a)

(unless (b) applies)31 services that are provided to a client before 3 January 2018;

31(b)

(in relation to an insurance-based investment product) services that are provided to a client on or after 1 October 2018

42.-1

COBS 4

R

Expired15

202.-1A

COBS 4.7.7 R to COBS 4.7.10 R

R

Expired21

332.-1B

COBS 4.5.12R to 4.5.15R

R

The rules specified in column (2) apply:

From 7 May 2019 to 7 August 2019

7 May 2019

(1)

from 7 May 2019 in respect of any authorised fund which is authorised on or after that date; and

(2)

from 7 August 2019 in respect of any authorised fund which is authorised before 7 May 2019.

2.1

COBS 6.1

G

(1) If a firm provides services of an ongoing nature to an existing client it need not provide information to that client that it would be required to provide under COBS to a new client but which it was not required to provide under COB.

(2) Services of an ongoing nature include safekeeping and administration investments and managing investments,

From 1 November 2007 indefinitely

1 November 2007

2.2

COBS 6.1

G

(1) If a firm provides a service for an existing client that is not of an ongoing nature and which relates to the same particular type of designated investment as a previous service, the firm need not provide information to that client that it would be required to provide under COBS 6.1 to a new client but which it was not required to provide under COB.

(2) But a firm should ensure that the client has received all relevant information in relation to a subsequent transaction, such as details of product charges that differ from those described in respect of a previous transaction.

From 1 November 2007 indefinitely

1 November 2007

[deleted]6

182.2A

COBS 6.1E

R

[expired]26

182.2AA

COBS 6.1E

G

[expired]26

182.2AB

COBS 6.1E

G

[expired]26

182.2AC

COBS 6.1E

G

[expired]26

[deleted]6

62.2B

COBS 6.3

R

Expired15

62.2C

COBS 6.3

G

Expired15

472.2D

COBS 6.3

R

Expired21

472.2E

COBS 6.3.7 G

R

Expired21

2.3

COBS 10.1.2 R

R

Expired15

2.4

COBS 10.1.2 R

G

Expired15

202.4-A

COBS 10.1.2 R

R

Expired21

42.4A

COBS 11.2

R

Expired15

42.4B

COBS 11.2

G5

Expired15

52.4C

COBS 11.2

R

Expired15

52.4D

COBS 11.2

R

Expired15

42.4E5

COBS 12.2 and COBS 12.3

R

Expired15

42.4F5

COBS 12.2 and COBS 12.3

G

Expired15

42.4G5

COBS 12.2 and COBS 12.3

R

Expired15

2.5

COBS 13

R

Expired15

1217

172.5-A

COBS 13.4.1 R

R

Expired21

122.5A

COBS 13.4.2 R

R

Expired21

172.5AA

COBS 13.5.1 R

R

Expired21

172.5AB

COBS 13.5.2 R

R

Expired21

172.5-B

COBS 13 Annex 2

R

Expired21

162.5B

COBS 13 Annex 2 2.3

R

Expired21

162.5C

COBS 13 Annex 2 2.4

R

Expired21

172.5D

COBS 13 Annex 3

R

Expired21

172.5E

COBS 13 Annex 4

R

Expired21

2.6

COBS 14.1 and COBS 14.2

R

Expired15

102.6A

COBS 14.2 and COBS 14.3

Expired15

Expired15

2.7

COBS 15

R

Expired15

2.8

COBS 16.3 (Periodic statements)

G

This transitional rule applies in relation to a periodic reporting period for a periodic statement that includes 1 November 2007.

A firm may choose to comply with either COBS 16.3 or COB 8.2 in providing any periodic statement2 in relation to which this rule applies.

From 1 November 2007 indefinitely

1 November 2007

42.8A

COBS 18

R

Expired15

42.8B

COBS 18

G

Expired15

42.8C

COBS 18

R

Expired15

42.8D

COBS 18

G

[deleted]7

42.8E

COBS 18

R

Expired15

222.8F

COBS 19.4.3 R

R

[expired]26

352.8FA

COBS 19.9.6AR(4)

R

(1) The rule in column (2) does not apply to a firm until 1 January 2020 and is replaced by TP 2.8FAR(2), the guidance in TP 2.8FB and the guidance in TP 2.8FC below.

(2) Where a retail client refuses to answer questions that would allow a firm to determine whether a pension annuity on an enhanced basis could be available, a firm must:

(a) include information warning the retail client that:

(i) a higher annual income might be obtained; or

(ii) at least the requested annual income might be obtained for a lower purchase price;

by searching the open market for a pension annuity; and

(b) as applicable, use the template in Part 3 or Part 6 of COBS 19 Annex 3R,

unless the firm obtains a market leading pension annuity in line with the guidance below in TP 2.8FC.

1 November 2019 to 31 December 2019

1 November 2019

352.8FB

COBS 19.9.6AR(4)

G

A firm in TP 2.8FAR(2) may consider it appropriate to include in the quote provided to the retail client a statement that the client may have health or lifestyle factors that could mean that they are eligible for a higher income.

For example, the wording in the “Did you know?” box in the template in Part 3 or Part 6 of COBS 19 Annex 3R could be adapted to reflect the fact that a client has refused to answer questions about their health or lifestyle.

1 November 2019 to 31 December 2019

1 November 2019

352.8FC

COBS 19.9.6AR(4)

G

Where a retail client refuses to answer a firm’s questions to allow the firm to determine whether the retail client is eligible for an enhanced annuity, the firm is encouraged to generate a market leading pension annuity quote using the same information that it used to generate its guaranteed quote and compare the two.

1 November 2019 to 31 December 2019

1 November 2019

2.9

COBS 20.2.1 G to COBS 20.2.23 R; COBS 20.2.26 R8 to COBS 20.2.41 G

R

The provisions listed in column (2) do not apply to a firm if, and to the extent that, they are inconsistent with an arrangement that was formally approved by the appropriate regulator, a previous regulator or a court of competent jurisdiction, on or before 20 January 2005.

From 1 November 2007 indefinitely

1 November 200722

82.9A

COBS 20.2.24 R to COBS 20.2.25A R (Charging payments of compensation and redress to a with-profits fund)

R

The provisions listed in column (2) do not apply to a firm if, and to the extent that, they are inconsistent with an arrangement that was formally approved by the appropriate regulator, a previous regulator or a court of competent jurisdiction, on or before 31 July 2009.

From 31 July 2009 indefinitely

31 July 2009

2.10

COBS 20.2.42R (3) (Policyholder advocate: appointment and role)

R

Expired21

2.11

COBS TP 2.9

G

The rules and guidance on treating with-profits policyholders fairly (COBS 20.2.1 G – COBS 20.2.41 G;) may be contrary to, or inconsistent with, some arrangements that were formally approved by the appropriate regulator, a previous regulator or a court of competent jurisdiction, on or before 20 January 2005. The effect of TP 2.9 is that these rules do not apply to such arrangements if, and to the extent that, it is inconsistent with them.

A firm should be mindful, however, that, even if some or all of these rules are disapplied, the firm is still subject to the rules in the rest of the Handbook, including Principle 6.

From 1 November 2007 indefinitely

1 November 2007

42.12

COBS

R

[deleted]7

42.13

COBS

R

[deleted]7

82.14

COBS 20.2.24 R to COBS 20.2.25A R

R

(1) COBS 20.2.24 R to COBS 20.2.25A R have effect in relation to payments of compensation and redress arising out of events occurring on or after 31 July 2009.

(2) For payments of compensation and redress arising out of events occurring before 31 July 2009, COBS 20.2.23 R to COBS 20.2.25 R apply as they were in force on 30 July 2009.

From 31 July 2009 indefinitely

31 July 200913

[deleted]

[deleted]

[deleted]

92.16

COBS 9.4.10 G; COBS 13 Annex 2; COBS 13 Annex 3; COBS 14.2.1 R

R

Expired15

92.17

COBS 9.4.10 G; COBS 13 Annex 2; COBS 13 Annex 3; COBS 14.2.1 R

G

Expired15

142.18

COBS 20.2.53 R to COBS 20.2.60 G, SUP App 2.15G

R

(1) Unless (2) applies, and subject to (3), a firm that has ceased to effect new contracts of insurance in a with-profits fund must submit to the FCA a run-off plan of the type described in COBS 20.2.53R (2); COBS 20.2.56 R, and COBS 20.2.57 G, if it has not done so already, by 31 December 2012, regardless of when it closed to new business.

(2) Paragraph (1) does not apply to a firm if, and to the extent that, to comply would be contrary to or inconsistent with an arrangement that was formally approved by a court of competent jurisdiction, on or before 1 April 2012.

(3) A firm required by (1) above to produce a run-off plan:

(a) should consider the guidance in SUP App 2.15.6 G, 2.15.7G (11), 2.15.13 G, 2.15.14 G and 2.15.15 G to continue to apply to it, as appropriate;

(b) may demonstrate compliance with the guidance in SUP App 2.15.2 G, 2.15.3 G, 2.15.4 G and 2.15.5 G by reference to existing documents created by or for the firm, provided that it submits copies of relevant extracts to the FCA;

(c) may disregard the remaining provisions in SUP App 2.15G if to do so would be consistent with meeting the requirements of COBS 20.2.56R (1); and

(d) may otherwise tailor the run-off plan to reflect the fact that the fund in question has already been closed.

From 1 April 2012 indefinitely

1 November 2007 and 1 April 2012

142.19

COBS 20.2.53 R to COBS 20.2.60 G

G

The effect of COBS TP 2.18 is that firms which were not required to submit a run-off plan to the FCA because they ceased to effect new contracts of insurance before 1 November 2007 or because of previous transitional provisions in COBS, will need to submit a version of a run-off plan to the FCA, taking into account the fact that the fund has already closed, by 31 December 2012. However, this will not apply to the extent that it would be inconsistent with a formally approved court scheme.

From 1 April 2012 indefinitely

1 November 2007 and 1 April 2012

142.20

COBS 20.2.28 R

R

Expired15

142.21

COBS 20.2.36 R to COBS 20.2.36A R

R

Expired21

142.22

COBS 20.5.1 R to COBS 20.5.5 R

R

Expired15

192.23

The changes to COBS set out in Annex K of the Alternative Investment Fund Managers Directive Instrument 2013

R

Expired21

242.24

COBS 13 Annex 2

A firm will comply with the provisions listed in column (2) if it chooses to comply with the following amendments made to those provisions by the Conduct of Business (Pension Supplementary Rules) Instrument 2016 as if those amendments were already in force: COBS 13 Annex 2 2.4R (3); COBS 13 Annex 2 3.3R; COBS 13 Annex 2 3.4G; COBS 13 Annex 2 5.1R(2)(g)

25 April 2016 to 5 April 2017

6 April 2017

252.25

COBS 19.6A.5R

R

COBS 19.6A.5R does not apply where the instruction for the action giving rise to the early exit charge was received by the firm before 31 March 2017.

From 31 March 2017 indefinitely

31 March 2017

272.26

COBS 17.1.7R

R

An insurer need not comply with COBS 17.1.7R for contracts entered into or variations agreed before 1 August 2017.

From 1 August 2017

On 1 August 2017

282.27

The rules and guidance in COBS that relate to a NURS-KII document

R

Where the authorised fund manager of a non-UCITS retail scheme, or an ICVC that is a non-UCITS retail scheme, complies with the rules and guidance in COLL that relate to a NURS-KII document, in accordance with COLL TP 1.1.46R, by using a key investor information document (as modified by a general direction from the FCA), the rules and guidance in column (2) apply in relation to that document as if a reference to a “NURS-KII document” were a reference to that document.

From 1 January 2018 until 19 February 2018

1 January 2018

282.28

COBS TP 2.27R

G

The effect of COBS TP 2.27R is that where a modified form of a key investor information document has been produced for a non-UCITS retail scheme prior to 1 January 2018, firms may continue to use that document for a short period until the AFM of the KII-compliant NURS has had time to produce a replacement NURS-KII document that complies with COLL Appendix 2R.

From 1 January 2018 until 19 February 2018

1 January 2018

302.29

COBS 19.1.2R to COBS 19.1.4BR

A firm will comply with the provisions in column (2) if it chooses to comply with the following amendments made by Part 2 of the Conduct of Business Sourcebook (Pension Transfers) Instrument 2018 as if those amendments were already in force: COBS 19.1.1-A; COBS 19.1.2BR; COBS 19.1.2CR; COBS 19.1.2DG; COBS 19.1.2EG; COBS 19.1.3AR; COBS 19.1.3BG; COBS 19 Annex 4A; COBS 19 Annex 4B; COBS 19 Annex 4C; COBS 19 Annex 5.

If a firm does so, the reference to “comparison” in COBS 19.1.7BG must be read as a reference to “appropriate pension transfer analysis”.

1 April 2018 to 30 September 2018

1 October 2018