ICOB TP 1 Transitional Provisions

1

Every rule inICOB unless the context otherwise requires and subject to any more specific transitional provision relating to the matter.

R

If the application of any provision in ICOB is dependent on the occurrence of a series of events, some of which occur before, and some of which occur on or after 14 January 2005, the provision applies with respect to the events that occur on or after 14 January 2005.3

14 January 2005 - 15 July 2005

14 January 2005

2

G

For example, if a firm were to advise a customer before 14 January 2005 to buy a non-investment insurance contract, the firm would not be required to comply with the provisions relating to personal recommendations in ICOB 4 if the customer were to buy the non-investment insurance contract on or after 14 January 2005. However, if the firm were to repeat the personal recommendation to the customer on or after 14 January 2005, those provisions in ICOB 4 would apply.3

3

G

Where a non-investment insurance contract is concluded before 14 January 2005, the cancellation provisions (if any) applying at the date the cancellation period commences apply.

4

ICOB 4.4

G

Where, before 14 January 2005, an insurance intermediary makes a personal recommendation to a customer of a specific non-investment insurance contract, or arranges for the customer to enter into a non-investment insurance contract, but the contract is concluded on or after that date, the insurance intermediary will need to provide the customer with a statement of demands and needs in accordance with ICOB 4.4.1 R.3

5

2[Deleted]

6

ICOB 2.2.3 R (1) and ICOB 3.8.1 R (1)

R

A firm may continue to use stationery and similar materials which refer to its membership of the General Insurance Standards Council (GISC) without being considered to be in breach ofICOB 2.2.3 R (1) (clear, fair and not misleading communication) orICOB 3.8.1 R (1) (clear, fair and not misleading comparisons).

14 January 2005 - 15 July 2005

14 January 2005

7

ICOB 5

R

(1)

ICOB 5.3.1 R to ICOB 5.3.8 R andICOB 5.4.1 R to ICOB 5.4.9 G do not apply in respect of any non-investment insurance contractconcluded before 14 January 2005, provided that the firm follows the requirements inCOB 6.8 that would have applied before 14 January 2005 to such a contract before the contract was entered into.

Indefinitely

14 January 2005

(2)

If a non-investment insurance contract is concluded before 14 January 2005 and thecustomerhas not previously received a policy document, theinsurerorinsurance intermediary (as the case may be) must ensure that thecustomer is provided with a copy of the policy document in good time prior to the commencement of any renewal of, or mid-term change to, thepolicy, but in respect of any mid-term change requested by a commercial customer on or before 30 April 2005, the insurer or insurance intermediary (as the case may be) may provide the commercial customer with the policy document promptly after the mid-term change.1

83

ICOB 4.2.4 G (1)3

G3

Until 31 May 2005, the reference in ICOB 4.2.4 G to the initial disclosure document set out in ICOB 4 Annex 1 G and the combined initial disclosure document set out in ICOB 4 Annex 2 R includes an initial disclosure document which complies with ICOB 4 Annex 1 G and a combined initial disclosure document which complies with ICOB 4 Annex 2 R in the Insurance: Conduct of Business Sourcebook Instrument 2004 (FSA 2004/06).34

14 January 2005 - 31 May 20053

Already in force3

91

ICOB 5.5.5 R (12)1

R1

A firm may comply with ICOB 5.5.5 R (12) without including in the policy summary, if it be the case, the fact that there is no compensation scheme.1

14 January 2005 to 31 July 20051

14 January 20051

106

ICOB 4.1.4 R and ICOB 4.4.2R (3)

R

To the extent that an insurer need not comply with provisions of ICOB 4 when dealing with a commercial customer, it is not responsible for ensuring that its appointed representative appointed prior to 6 March 2006 complies with those provisions.

6 March 2006 to 6 July 2006

6 March 2006

511

ICOB 4 Annex 1 G and ICOB 4 Annex 2 R

G

Key facts logo

A firm may continue to use a Key facts logo which is not accompanied by a regulatory mark (®).

From 6 November 2006 to 6 November 2007