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FPCOB 1.1 Application

Application

FPCOB 1.1.1 G
  1. (1)

    1The Funeral Plan: Conduct of Business sourcebook (FPCOB) is the specialist sourcebook for regulated funeral plan activities.

  2. (2)

    FPCOB is relevant both to funeral plan providers and funeral plan intermediaries.

  3. (3)

    FPCOB applies as described in this chapter unless the application of a chapter, a section or a rule is described differently in the chapters, sections or rules in FPCOB.

Purpose

FPCOB 1.1.2 G

1The purpose of FPCOB is to set out the detailed obligations that are specific to regulated funeral plan activities and the connected activities carried on by firms. FPCOB 17 refers to other high-level obligations in the FCA Handbook that apply to firms, for example, PRIN, GEN and SYSC.

FPCOB 1.2 General application: who? what? where?

Providing funeral plan contracts

FPCOB 1.2.1 R

1This sourcebook applies to a firm with respect to the activities of:

  1. (1)

    entering as provider into a funeral plan contract; and

  2. (2)

    carrying out a funeral plan contract as provider; and

activities connected with them.

FPCOB 1.2.2 G

1The regulated activities of entering as provider into a funeral plan contract and carrying out a funeral plan contract as provider apply in relation to funeral plan contracts under which the provider undertakes to provide, or secure that another person provides, a funeral in the United Kingdom (article 59(2) of the Regulated Activities Order and see PERG 2.4.2AG).

Distributing funeral plan contracts: firms and appointed representatives

FPCOB 1.2.3 R

1This sourcebook applies to a firm with respect to funeral plan distribution and activities connected with funeral plan distribution.

FPCOB 1.2.4 R

1A firm (including a funeral plan provider) that has appointed an appointed representative to carry on funeral plan distribution must ensure that its appointed representative complies with this sourcebook as it applies to a firm carrying on funeral plan distribution.

FPCOB 1.2.5 G

1A funeral plan provider that wishes to appoint an appointed representative to distribute its funeral plan contracts should ensure that the regulated activities covered by the appointed representative’s appointment fall within the scope of the firm’sPart 4A permissions or are otherwise excluded from being regulated activities when carried on by the firm (see SUP 12.4.1AG).

Financial promotions

FPCOB 1.2.6 R

Modifications to the general application rules

FPCOB 1.2.7 R

1The general application rules in this section are modified:

  1. (1)

    in the chapters of this sourcebook for particular purposes, including those relating to the type of firm and its activities; and

  2. (2)

    in FPCOB 1 Annex 1 according to the type of firm.

New, subsisting and transferred funeral plans 2

FPCOB 1.2.8 R

1All of the rules in this sourcebook apply in relation to new funeral plans, unless otherwise stated.

FPCOB 1.2.9 R

1The rules in certain sections of this sourcebook also apply in relation to subsisting funeral plans.

FPCOB 1.2.9A R

2Any references in this sourcebook, other than that at FPCOB 16.1.5R(3)(e), to a transfer of a funeral plan contract or a transfer of the business of a funeral plan provider should be read to include circumstances where funeral plan contracts are transferred using the mechanism referred to in FPCOB 10.2.2R.

Application to Gibraltar-based firms

FPCOB 1.2.10 R

1A Gibraltar-based firm with permission for funeral plan provision activity or funeral plan distribution must comply with the relevant provisions of FPCOB and any other provisions in the Handbook relating to regulated funeral plan activity.

Guidance on application

FPCOB 1.2.11 G

1 Guidance on the application provisions is in FPCOB 1 Annex 1.

Customers and covered individuals

FPCOB 1.2.12 G
  1. (1)

    1In this sourcebook, rules may apply by reference to the customer or covered individual under a funeral plan contract, or to both.

  2. (2)

    The definition of customer includes a prospective customer under a funeral plan contract.

  3. (3)

    Reference to the covered individual is to the individual on whose death a funeral will be provided or secured under a funeral plan contract or prospective funeral plan contract. The covered individual under a funeral plan contract will not necessarily be the same person as the customer (article 59(2)(b) of the Regulated Activities Order).

FPCOB 1.2.13 G

1Where the rules in this sourcebook require a firm to disclose information to a customer, the firm should also consider:

  1. (1)

    whether it should disclose the same information to the covered individual (where different from the customer) in accordance with its obligations under Principle 7; and

  2. (2)

    if it considers that disclosure should be made to the covered individual, whether it requires the consent of the customer in order to make that disclosure.

Interpretation – “concluding” funeral plan contracts

FPCOB 1.2.14 G

1Certain rules in this sourcebook apply by reference to the conclusion of a funeral plan contract, which means the entering into of the funeral plan contract.

FPCOB 1 Annex 1 Application (see FPCOB 1.2.11G)

1 Application to different types of firm

1

Application to funeral plan providers and intermediaries

1.1

G

(1)

Certain sections of this sourcebook apply differently to funeral plan providers and funeral plan intermediaries. This table summarises which sections of this sourcebook are relevant to funeral plan providers, which are relevant to funeral plan intermediaries and which are relevant to both.

(2)

A funeral plan provider that has appointed an appointed representative to distribute funeral plan contracts will need to consider the sections of this sourcebook which are relevant to funeral plan intermediaries in relation to the activities of its appointed representatives.

2

Third party processors

2.1

R

(1)

This rule applies where a firm (or its appointed representative) (“A”) has outsourced funeral plan distribution to a third party processor.

(2)

Any rule in this sourcebook which requires the third party processor, when acting as such, to disclose its identity to a customer must be read as applying to the third party processor only to the extent that it applies to A and as requiring disclosure of A’s identity.