Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

COBS 15.1 Application

COBS 15.1.1GRP

1This chapter is relevant to a firm that enters into a contract cancellable under this chapter. In summary, this means it is relevant to:

  1. (1)

    most providers of retail financial products that are based on designated investments; and

  2. (2)

    firms that enter into distance contracts with consumers that relate to designated investment business; and3

  3. (3)

    firms that enter into distance contracts the making or performance of which by the firm constitutes, or is part of, the activity of issuing electronic money.3


COBS 15.1.2R

4In this section:

  1. (a)

    “pension transfer” means a transaction, resulting from the decision of a retail client who is an individual to require a transfer payment of benefits from a pension scheme to:

    1. (i)

      benefits under a non-occupational pension scheme; or

    2. (ii)

      (for transfers from a non-occupational pension scheme) benefits under a defined contribution occupational pension scheme;

  2. (b)

    “non-occupational pension scheme” means a stakeholder pension scheme, a personal pension scheme or a deferred annuity contract; and

  3. (c)

    “pension scheme” means an occupational pension scheme or a non-occupational pension scheme.