Related provisions for MCOB 7B.1.5
Table of modified cross-references to other rules:
This table belongs to MCOB 9.6.1R.
Subject |
Rule or guidance |
Reference in rule or guidance |
To be read as a reference to: |
Application |
MCOB 7.1.4R |
MCOB 7.6.7R - MCOB 7.6.33G as modified by MCOB 9.8.5R - 9.8.9R |
|
Application |
MCOB 7.1.5R |
||
Information in more than one document |
MCOB 7.3.3R |
MCOB 7 |
|
Frequency of statements |
MCOB 7.5.6G |
MCOB 7.5.3R(2) |
MCOB 9.8.1R(2) |
Annual statement - additional content |
MCOB 7.5.9G |
MCOB 7.5.3R(2)(b) |
MCOB 9.8.1R |
Further advances |
MCOB 7.6.7R |
MCOB 5 |
MCOB 9.4 |
Further advances |
MCOB 7.6.10G |
MCOB 7.6.9R(10 |
MCOB 9.8.5R(1) |
Further advances |
MCOB 7.6.10G |
MCOB 5.6.34 |
MCOB 9.4.114R |
Further advances |
MCOB 7.6.11G |
MCOB 7.6.9R(3) and (4) |
MCOB 9.8.5R(3) |
Further advances |
MCOB 7.6.11G(2) |
MCOB 5.6.40R |
MCOB 9.4.37R |
Further advances |
MCOB 7.6.12G |
MCOB 7.6.9R(3) |
MCOB 9.8.5R(3) |
Further advances |
MCOB 7.6.13R |
MCOB 5.6.25R(2)(a) |
MCOB 9.4.24R(4)(a) |
Further advances |
MCOB 7.6.13R |
MCOB 7.6.9R(3)(b) |
MCOB 9.8.5R(3)(b) |
Further advances |
MCOB 7.6.14R |
MCOB 5 |
MCOB 9 |
Rate switches |
MCOB 7.6.20R |
MCOB 5 |
MCOB 9 |
Rate switches |
MCOB 7.6.20R |
MCOB 5 |
MCOB 9 |
Addition or removal of party to contract |
MCOB 7.6.22R |
MCOB 5 |
MCOB 9 |
Addition or removal of party to contract |
MCOB 7.6.25R |
MCOB 5 |
MCOB 9 |
Changes to payments |
MCOB 7.6.29R |
MCOB 7.6.28R |
|
Changes to payments |
MCOB 7.6.30R |
MCOB 7.6.28R |
MCOB 9.8.9R or MCOB 9.8.10R |
Use of illustrations |
MCOB 7.6.31R |
MCOB 7.6.28R |
|
Use of illustrations |
MCOB 7.6.31R |
MCOB 5 |
MCOB 9 |
Use of illustrations |
MCOB 7.6.32R |
MCOB 7.6.28R |
|
Use of illustrations |
MCOB 7.6.32R |
||
Simultaneous requests |
MCOB 7.6.33G |
||
Simultaneous requests |
MCOB 7.6.33G |
MCOB 5 |
MCOB 9 |
- (1)
Before a pure protection contract is concluded, a firm must communicate, at least,1 the information in the table below to the customer.1
1 - (2)
The information must be provided in a clear and accurate manner, in writing, and in an official language of the State of the commitment or in another language if the policyholder so requests and the law of the State of the commitment so permits or the policyholder is free to choose the applicable law.1
1
Information to be communicated before conclusion |
|
(1) |
The name of the insurance undertaking and its legal form. |
(2) |
The name of the EEA State in which the head office and, where appropriate, the agency or branch1 concluding the contract is situated. 1 |
(3) |
The address of the head office and, where appropriate, of the agency or branch concluding the contract. |
1(3a) |
A concrete reference to the firm'sSFCR allowing the policyholder easy access to this information. |
(4)* |
Definition of each benefit and each option. |
(5)* |
Term of the contract. |
(6)* |
Means of terminating the contract. |
(7)* |
Means of payment of premiums and duration of payments. |
(8)* |
Information on the premiums for each benefit, both main benefits and supplementary benefits, where appropriate. |
(9)*1 |
Arrangements for application of the cancellation period. |
(10) |
General information on the tax arrangements applicable to the type of policy. |
(11) |
The arrangements for handling complaints concerning contracts by policyholders, lives assured or beneficiaries1 under contracts including, where appropriate, the existence of a complaints body (usually the Financial Ombudsman Service), without prejudice to the right to take legal proceedings. 1 |
(12) |
The law applicable to the contract where the parties do not have a free choice or, where the parties are free to choose the law applicable, the law the firm1 proposes to choose. 1 |
Note: The rule on mid-term changes applies to items marked with an asterisk (see ICOBS 6.3.3 R). |
[Note: article 185 of the Solvency II Directive1]
1Where an OPS firm conducts OPS activity and is obliged to provide a periodic statement, the periodic statement must contain the information in the table below.
Information to be included in a periodic statement provided by an OPS firm conducting OPS activity |
|
(1) |
Investment objectives |
A statement of any investment objectives governing the mandate of the portfolio of the occupational pension scheme as at the closing and starting date of the periodic statement. |
|
(2) |
Details of any asset loaned or charged |
(a) a summary of any investments that were, at the closing date, lent to a third party and any investments that were at that date charged to secure borrowings made on behalf of the portfolio; and (b) the aggregate of any interest payments made and income received during the account period in respect of loans or borrowings made during that period and a comparison with the previous period. |
|
(3) |
Transactions and changes in composition |
(a) a summary of the transactions entered into for the portfolio during the period and a comparison with the previous period; (b) the aggregate of money and a summary of all investments transferred into and out of the portfolio during the period; and (c) the aggregate of any interest payments, dividends and other benefits received by the firm for the portfolio during that period and a comparison with the previous period. |
|
(4) |
Charges and remuneration |
If not previously advised in writing, a statement for the period of account: (a) of the aggregate charges of the firm and its associates; and (b) of any remuneration received by the firm or its associates or both from a third party in respect of the transactions entered into, or any other services provided, for the portfolio. |
|
(5) |
Movement in value of portfolio |
A statement of the difference between the value of the portfolio at the closing date of the period of account and its value at the starting date, having regard, during the period of account, to: (a) the aggregate of assets received from the occupational pension scheme and added to the portfolio; (b) the aggregate of the value of assets transferred, or of amounts paid, to the client; (c) the aggregate income received on behalf of the client in respect of the portfolio; and (d) the aggregate of realised and unrealised profits or gains and losses attributable to the assets comprised in the portfolio. |