FPCOB Sch 2 Notification and reporting requirements

FPCOB 3.2.5R(1)

Solvency assessment report

A copy of the solvency assessment report to the FCA

Funeral plan provider’s receipt of solvency assessment report

Within 7 days of receipt of solvency assessment report

FPCOB 3.2.5R(2)

Assets of the trust are insufficient to cover the liabilities

If the solvency assessment report concludes that assets of the trust are insufficient to cover the trust’s liabilities, notification of that fact with the report

Conclusion in the report that the assets of the trust are insufficient to cover the trust’s liabilities

In accordance with SUP 15.7.1R, at the same time as providing a copy of the solvency assessment report, see also FPCOB 3.2.5R(1)

FPCOB 3.2.8R

Remediation plan

Remediation plan to the FCA for review

Submission date of the relevant solvency assessment report to the FCA

In accordance with SUP 15.7.1R, as soon as possible and no later than 30 days from the submission date of the relevant solvency assessment report

FPCOB 3.2.10R(1)

Concerns with implementation of the remediation plan

Funeral plan provider to notify the FCA that it will not be able to fully implement the remediation plan in accordance with its terms

Funeral plan provider’s suspicion that it will not be able to fully implement the remediation plan in accordance with its terms

In accordance with SUP 15.7.1R, as soon as the funeral plan provider suspects that it will not be able to fully implement the remediation plan in accordance with its terms

FPCOB 3.2.10R(2)

Inability to fully implement the remediation plan

Notify the FCA if the solvency level of the trust remains below 100% following the funeral plan provider’s attempts to implement the remediation plan

Inability to fully implement the remediation plan

In accordance with SUP 15.7.1R, immediately

FPCOB 3.2.11R(3)

Remediation of trust deficit

Remediation of trust deficit

Remediation of trust deficit

In accordance with SUP 15.7.1R and SUP 15.7.11G, as soon as reasonably practicable after the trust shortfall has been remedied

FPCOB 10.1.4R

Funeral arrangements

Notify the customer and (unless the circumstances in FPCOB 9.3.7R apply) nominated representative with relevant funeral director’s name, address, contact details and summary of arrangements

Compliance with FPCOB 10.1.3R

As soon as practicable and in any event within 2 business days of compliance with FPCOB 10.1.3R