COBS 15.1 Application
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)
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
2 - (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
Definitions
4In this section:
- (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:
- (i)
benefits under a non-occupational pension scheme; or
- (ii)
(for transfers from a non-occupational pension scheme) benefits under a defined contribution occupational pension scheme;
- (i)
- (b)
“non-occupational pension scheme” means a stakeholder pension scheme, a personal pension scheme or a deferred annuity contract; and
- (c)
“pension scheme” means an occupational pension scheme or a non-occupational pension scheme.