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FPCOB 12.2 Obligations on intermediaries

FPCOB 12.2.1R

1A firm engaged in funeral plan distribution must not accept payments which are payable to a funeral plan provider under a funeral plan contract unless:

  1. (1)

    the payment is:

    1. (a)

      received as agent for the funeral plan provider;

    2. (b)

      made in cash;

    3. (c)

      made at the time the funeral plan contract is entered into by the firm as agent of the funeral plan provider; and

    4. (d)

      2deemed received by the funeral plan provider on receipt by the agent under the following contracts:

      1. (i)

        the funeral plan contract;

      2. (ii)

        the contract between the funeral plan provider and the agent; and

      3. (iii)

        (where the firm is using an appointed representative) the contract between the firm and the representative; or

  2. (2)

    [deleted]2

  3. (3)

    2the payment is made by cheque payable to the funeral plan provider and:

    1. (a)

      is paid into the bank account of the funeral plan provider promptly and, in any event, no later than three business days after receipt; or

    2. (b)

      is forwarded to the funeral plan provider promptly and, in any event, no later than 3 business days after receipt.

FPCOB 12.2.3G

1The effect of FPCOB 12.2.1R is that a firm engaging in funeral plan distribution can only accept payment for a funeral plan contract if the payment is made by cheque payable to the funeral plan provider or 2in cash and, if cash, 2 the funeral plan provider will be bound by that contract from the moment that any cash 2payment is received by the firm.

FPCOB 12.2.4R

1FPCOB 12.2.1R does not apply to:

  1. (1)

    a funeral plan provider when distributing its own funeral plan contracts directly to customers; or

  2. (2)

    a payment which is an FP distribution charge.