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COBS 15.3 Exercising a right to cancel

Notice of exercise

COBS 15.3.1RRP

If a consumer exercises his right to cancel he must, before the expiry of the relevant deadline, notify this following the practical instructions given to him. The deadline shall be deemed to have been observed if the notification, if in a durable medium available and accessible to the recipient, is dispatched before the deadline expires.

[Note: article 6 (6) of the Distance Marketing Directive]

COBS 15.3.2RRP

A consumer need not give any reason for exercising his right to cancel.

[Note: article 6(1) of the Distance Marketing Directive]

COBS 15.3.3GRP

The firm should accept any indication that the consumer wishes to cancel as long as it satisfies the conditions for notification. In the event of any dispute, unless there is clear written evidence to the contrary, the firm should treat the date cited by the consumer as the date when the notification was dispatched.

Record keeping

COBS 15.3.4RRP

The firm must make adequate records concerning the exercise of a right to cancel or withdraw and retain them:

  1. (1)

    indefinitely in relation to a pension transfer2, pension opt-out or FSAVC;

  2. (2)

    for at least five years in relation to a life policy, pension contract, personal pension scheme,1 stakeholder pension scheme or lifetime ISA1; and

  3. (3)

    for at least three years in any other case.