BCOBS TP 1 Transitional Provisions

1(1)

(2)

(3)

(4)

(5)

(6)

Materials to which the transitional provision applies

Transitional provision

Transitional provisions: dates in force

Handbook provisions: coming into force

1

BCOBS

R

Expired4

51A

BCOBS 2A.1.1R(1) to (3)

R

A firm need not comply with BCOBS 2A.1.1R(1) to (3) in relation to an automatic renewal of an agreement for an optional additional product which was entered into on or before 31 March 2016 provided:

From 1 April 2016

On 1 April 2016

(1)

the automatic renewal of the agreement is on substantially the same terms. The phrase “on substantially the same terms” is to be interpreted in the same way as in BCOBS 2A.1.1R(11)(b) and (c);

(2)

on the occasion of the first automatic renewal on or after 1 April 2016, the firm takes reasonable steps to ensure that the banking customer is informed:

(a)

that the renewal of the agreement is optional;

(b)

that the banking customer may elect not to renew the agreement; and

(c)

of the effect of the non-renewal of the agreement, if any, on the retail banking service; and

(3)

the procedure to be used by banking customers for electing not to renew the agreement pays due regard to the interests of those banking customers and treats them fairly.

61B

BCOBS 2.2A, BCOBS 2 Annex 1R and, BCOBS 4.1.2G(2A)

R

This provision applies where a firm has in its possession, as at the date the Banking: Conduct of Business Sourcebook (Amendment No 4) Instrument 2015 is made, a stock of direct offer financial promotions on paper or a stock of pre-sale material on paper that incorporate a summary box that meets the standards in the ‘Industry Guidance for FCA Banking Conduct of Business Sourcebook’ of September 2013, confirmed by the FCA in accordance with PS07/16, as it stood as at 3 December 2015.

1 December 2016 to 31 May 2017

1 December 2016

61C

BCOBS 2.2A, BCOBS 2 Annex 1R and BCOBS 4.1.2G(2A)

R

Where BCOBS TP 1B applies, until 31 May 2017, the direct offer financial promotion or pre-sale material referred to in 1B may be treated by the firm as including a summary box in the form set out in BCOBS 2 Annex 1R that complies with the rules in BCOBS 2.2A.

1 December 2016 to 31 May 2017

1 December 2016

2

BCOBS 4.1.1 R

R

Expired4

3

BCOBS 4.1.1 R

G

Expired4

4

BCOBS 4.1.1 R

R

Expired4

5

BCOBS 5.1.13 R

R

Expired4

26

BCOBS 4.1.1 R

R

Expired4

37

BCOBS 4.2.2 G4

R

Expired4