PROD TP 2 Transitional Provisions for Funeral Plan Products
PROD TP 2
1(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 |
2.1 |
Rules in PROD 7.2 in relation to an existing funeral plan product |
R |
Where an existing funeral plan product: (1) has, before 29 July 2022, been available for marketing and distribution; and (2) remains available for distribution, a manufacturer must ensure that the requirements in PROD 7.2 have been met and that it remains appropriate for that product to continue to be marketed and distributed from 29 July 2022. |
From 29 July 2022 |
29 July 2022 |
2.2 |
PROD 7.2 and PROD TP 2.1 |
G |
The effect of PROD TP 2.1 and the requirements in PROD 7.2 is that where the manufacturer is unable to demonstrate it has satisfied these requirements, then the manufacturer will need to: (1) cease any distribution of the product, whether directly or through another person, immediately; and/or (2) take any necessary steps to ensure the product meets the requirements in PROD 7.2, including that it offers fair value before marketing or distributing the product from 29 July 2022. |
||
2.3 |
G |
When identifying the necessary product approval process and arrangements and whether the requirements in PROD 7.2 are met, a manufacturer may take into account any previous product governance arrangements, including reviews which the manufacturer (or where there is more than one manufacturer, any other manufacturer) has undertaken and the extent to which these would or would not have complied with PROD requirements. |
From 29 July 2022 |
29 July 2022 |