FPCOB Sch 2 Notification and reporting requirements
You are viewing FPCOB Sch 2 Notification and reporting requirements as of . FPCOB Sch 2 Notification and reporting requirements was last updated on 29/07/2022.
FPCOB Sch 2 Notification and reporting requirements
29/07/2022G
29/07/2022G
It is not a complete statement of those requirements and should not be relied on as if it were.
| Handbook reference | Matter to be notified | Contents of notification | Trigger event | Time allowed |
|---|---|---|---|---|
| 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 |