The summary box must contain, in the sequence of rows set out in the table in BCOBS 2 Annex 1R:
In the case of a direct offer financial promotion communicated by voice telephony:
this rule (except for this paragraph) does not apply; and
the firm must provide each of the items of information described in the second column in the table in BCOBS 2 Annex 1R (except for the information in the row that includes the heading “What would the estimated balance be after [x] months based on a £[x] deposit?”) orally in clear, easily understandable language during the telephone communication.
The firm must present the summary box in clear, easily understandable language and in a prominent way.
In the case of a direct offer financial promotion communicated in an electronic medium which is constrained by space, a firm may amend the form of the summary box where to do so would make the presentation of the information clearer in that particular electronic medium.
Where more than one rate of interest may apply to a savings account, the summary box must show each rate of interest with equal prominence. In particular, the lowest rate of interest that may apply to the savings account must not be given any less prominence in the summary box than the other rate or rates of interest shown in the summary box.
The summary box must not include any information other than the information described in the table in BCOBS 2 Annex 1R.
The summary box may relate to more than one savings account provided that the information in relation to each respective account is presented in a separate column in the summary box and is clearly distinguishable from information in relation to other accounts.
The requirement under BCOBS 2.2A.1R is to include the rate or rates of interest that apply to the savings account in the summary box itself. It is not, therefore, permissible to simply refer in the summary box to a separate webpage or document where the rate or rates of interest can be found.
Where the rate of interest that applies to a savings account may change depending on the period that has elapsed since it was opened or on whether certain conditions are met, a firm should incorporate the table set out in BCOBS 2 Annex 2G in the row of the summary box that includes the heading “What is the interest rate?” unless it would be misleading to do so.
The effect of BCOBS 2.2A.1R(1) is that the summary box must be incorporated in the direct offer financial promotion itself. It is not sufficient, for example, to include in a direct offer financial promotion that appears on a website a link to a separate page containing the summary box. BCOBS 2.2A.1R(2) provides a limited exception to this where a direct offer financial promotion is on paper, in which case the summary box may accompany the direct offer financial promotion as a separate document.
A firm may wish to include a statement in close proximity to the summary box that the information provided in it is a summary of the key features of the savings account and is not intended to be a substitute for reading the terms and conditions that apply to the account.