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COBS 1.3 Insurance distribution

References in COBS to the IDD Regulation

COBS 1.3.1 G
  1. (1)

    1This sourcebook contains a number of provisions which transpose the IDD.

  2. (2)

    In order to help firms which are subject to the requirements of the IDD to understand the full extent of those requirements, this sourcebook also reproduces a number of provisions of the directly applicable IDD Regulation, marked with the status letters “EU”. The authentic provisions of the IDD Regulation are directly applicable to firms carrying on insurance distribution in relation to insurance-based investment products.

  3. (3)

    This sourcebook does not reproduce the IDD Regulation in its entirety. A firm to which provisions of the IDD Regulation applies should refer to the electronic version of the Official Journal of the European Union for:

    1. (a)

      the authentic version of the applicable articles of the IDD Regulation; and

    2. (b)

      a comprehensive statement of its obligations under the IDD Regulation.

COBS 1.3.2 G

1In some cases, this sourcebook applies provisions of the IDD Regulation to firms as if those provisions were rules.

COBS 1.3.3 R
  1. (1)

    1Where this sourcebook applies provisions of the IDD Regulation as if they were rules, (2) applies to enable firms to correctly interpret and understand the application of those provisions.

  2. (2)

    In this sourcebook, a word or phrase found in a provision marked “EU” and referred to in column (1) of the table below has the meaning indicated in the corresponding row of column (2) of the table.

  3. (1)



    personal recommendation

    “article 20(1) of Directive (EU) 2016/97”

    COBS 9A.2.3AR or COBS 7.3.4R

    “article 30(1) of Directive (EU) 2016/97”

    COBS 9A.2.1R and COBS 9A.2.16R

    “article 30(2) of Directive (EU) 2016/97”

    COBS 10A.2.1R and COBS 10A.2.2R

    “article 30(3)(a) (ii) of Directive (EU) 2016/97

    COBS 10A.4.1R(2A)

    “article 14(1) of this Regulation”

    COBS 9A.3.3AEU

    “article 185 of Directive 2009/138/EC”

    relevant rules in COBS 13, COBS 14 and COBS 16.6 which are followed by a “Note:” referring to article 185 of Solvency II

    “competent authority”


    “customer” and “potential customer”


    “Directive (EU) 2016/97”


    “durable medium”

    durable medium

    “financial instrument”

    financial instrument and (if the context requires) designated investment and structured deposit

    “insurance-based investment product”

    insurance-based investment product

    “insurance distribution”

    insurance distribution activities

    “insurance intermediary” and “intermediary”

    insurance intermediary

    “insurance product”

    life policy

    “insurance undertaking” and “undertaking”




  4. (3)

    In this sourcebook, where a reproduced provision of an article of the IDD Regulation refers to another part of the IDD Regulation, that other provision must also be read with reference to the table in (2).

COBS 1.3.4 G

1 Firms to which provisions of the IDD Regulation are applied as if they were rules should use the text of any preamble to the relevant provision marked “EU” to assist in interpreting any such references or cross-references.

Interpretation – “in good time”

COBS 1.3.5 G
  1. (1)

    1Certain provisions in this sourcebook which implement IDD require firms to provide clients with information “in good time”. There are also other provisions in this sourcebook which require information to be provided “in good time”, for example, COBS 6.1ZA.19AR.

  2. (2)

    In determining what constitutes the provision of information “in good time”, a firm should take into account, having regard to the urgency of the situation, the client’s need for sufficient time to read and understand the information before taking an investment decision.

  3. (3)

    A client is likely to require more time to review information given on a complex or unfamiliar product or service, or a product or service a client has no experience with, than a client considering a simpler or more familiar product or service, or where the client has relevant prior experience.