ICOBS TP 2 Other Transitional Provisions

6(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision: coming into force

1

ICOBS 4.5.1 G

R

Expired1

2

ICOBS 4.5

R

Expired1

23

ICOBS 6A.2.1R(1) to (3)

R

A firm need not comply with ICOBS 6A.2.1R(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 ICOBS 6A.2.1R (10)(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 customer is informed:

(a)

that the renewal of the agreement is optional;

(b)

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

(c)

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

(3)

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

34

ICOBS 2.5.2AR

R

An insurer need not comply with ICOBS 2.5.2AR for contracts entered into or variations agreed before 1 August 2017.

From 1 August 2017

On 1 August 2017