Related provisions for COBS 6.3.9
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(1) The rules referred to in (4) and (5) are derived from the Single Market directives and the Distance Marketing Directive. In the FSA's opinion, a firm will comply with them if it ensures that in good time before:(a) a retail client is bound by an agreement for the provision of a personal recommendation on packaged products; or (b) the firm performs an act preparatory to the provision of a personal recommendation;(c) in relation to the amendment of a life policy for that retail
For the purposes of GEN 5, a firm may not use the Key facts logo in relation to any document that is designed to comply with rules in COBS 5, 6.1 or COBS 7 unless it is an initial disclosure document, combined initial disclosure document or menu produced in accordance with the templates and Notes in the annexes to this chapter.
Each of the initial disclosure document, combined initial disclosure document and menu that a firm provides to a client should be documents which the firm reasonably considers will be, or are likely to be, appropriate for the client having regard to the type of service which the firm may provide or business which the firm may conduct.
(1) A firm will satisfy the requirements as to timing in the rules referred to in COBS 6.3.3G (4) and (5) if its representative provides information to the client on first making contact with the client.2(2) The menu is unlikely to be fair, clear and not misleading if a firm uses it for a service other than personal recommendations.2
(1) An initial disclosure document is a document that contains the Key facts logo, headings and text in the order shown in COBS 6 Annex 1 and in accordance with the Notes.(2) A combined initial disclosure document is a document that contains the Key facts logo, headings and text in the order shown in COBS 6 Annex 2 and in accordance with the Notes.
A firm may include at the end of an initial disclosure document information the firm is required by COBS or by the rule on disclosing a tied agent's capacity (SUP 12.6.13 R) and which is not in the template for the initial disclosure document if the information would be sufficiently prominent. For example, a firm may wish to use the initial disclosure document the parts of the rule on information about the firm and its services (COBS 6.1.4 R) that would not otherwise be satisfied
(1) In accordance with the rule on information disclosure before providing services (COBS 2.2.1 R), if a firm's initial contact with a retail client with a view to providing a personal recommendation on packaged products is by telephone then the following information should be provided before proceeding further:(a) the name of the firm and, if the call is initiated by or on behalf of a firm, the commercial purpose of the call;(b) whether the firm offers packaged product from the
A firm must take reasonable steps to ensure that its representatives when making contact with an employee with a view to giving a personal recommendation on his employer's group personal pension scheme or stakeholder pension scheme, inform the employer:(1) that the firm will be providing a personal recommendation on group personal pension schemes and/or stakeholder pension schemes provided by the employer;(2) whether the employee will be provided with a personal recommendation