PROD 1.5 Application of PROD 5
General: Who? What?
1PROD 5 applies to a firm which:
- (1)
offers to sell an extended warranty to a customer; or
- (2)
refers, invites or induces a customer to obtain an extended warranty from a person connected to the firm;
in connection with the entering into of a rent-to-own agreement with the firm.
Where?
1PROD 5 applies to a firm with respect to activities carried on from an establishment maintained by it, or its appointed representative, in the United Kingdom.
EEA territorial scope rule: compatibility with European law
- (1)
1The territorial scope of PROD 5 is modified to the extent necessary to make it compatible with European law (see PROD 1.5.5G to PROD 1.5.7G for guidance on this).
- (2)
Effects of the EEA territorial scope rule
1The guidance in paragraph 2 of Part 4 of ICOBS 1 Annex 1 applies equally to the rules in PROD 5.
IDD, Solvency II, DMD: effect on territorial scope
1The guidance on the IDD, Solvency II and Distance Marketing Directive in ICOBS 1 Annex 1 in relation to ICOBS 6A.1.4R applies equally to PROD 5.1.1R (to the extent that the extended warranty is a contract of insurance).
Electronic Commerce Directive: effect on territorial scope
1The guidance on the Electronic Commerce Directive in ICOBS 1 Annex 1, Part 4, paragraph 8 applies equally in relation to the rules in PROD 5.