The rules in this section do not apply to:
contracts that were effected before 1 July 1994, and under which linked benefits were permitted to be determined before that date;
contracts effected by an EEA insurer that are linked long-term contracts only because the policyholder is eligible to participate in an excess of assets representing the whole or a particular part of the long-term insurance fund over the liabilities, or a particular part of the liabilities, of the insurer as determined by the law of the EEA state in which the head office of the insurer is situated;
contracts to manage the investments of pension funds that are not combined with contracts of insurance covering either conservation of capital or payment of a minimum interest, provided that benefits under those contracts must not be determined wholly or partly by reference to the value of, or income from, or fluctuations in the value of, derivative contracts other than permitted derivatives contracts;
contracts effected before 30 June 1995, to the extent that they provide for benefits to be determined by reference to a collective investment scheme that was a listed security immediately before 1 July 1994; and
contracts linked to permitted units that were effected before 1 February 1992, except to the extent that they relate to acts or omissions on or after that date.
In considering what action to take in response to written notification of a failure to meet the requirements of this section, the FSA will have regard to the extent to which the relevant circumstances are exceptional and temporary and to any other reasons for the failure.
wholly or partly, or directly or indirectly, by reference to fluctuations in any index other than an approved index;
wholly or partly by reference to the value of, or the income from, or fluctuations in the value of, property other than any of the following:
income from (a) to (g) above;