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 20.1 Application

COBS 20.1.1RRP

1This chapter applies to a firm carrying on with-profits business, except to the extent modified in the following rules.

COBS 20.1.2RRP
  1. (1)

    The section on the process for reattribution (COBS 20.2.42 R to COBS 20.2.52 G):

    1. (a)

      applies to a firm that is proposing to make a reattribution of its inherited estate;

    2. (b)

      but not if, and to the extent that, it would require the firm to breach, or would prevent the firm from complying with, an order made by a court of competent jurisdiction.

  2. (2)

    If a firm proposes to seek an order from a court of competent jurisdiction that would allow or require it to act in a way that is contrary to the rules on reattribution (COBS 20.2.42 R to COBS 20.2.52 G) (through, or because of, the exception in (1)(b)), the firm must:

    1. (a)

      tell the appropriate regulator that that is what it proposes to do;

    2. (b)

      seek the order at the earliest opportunity; and

    3. (c)

      if it wishes to take a step that would be contrary to those rules in anticipation of such an order, secure a waiver before it does so.

COBS 20.1.3RRP

[deleted]6

COBS 20.1.4RRP

The following do not apply to a non-directive friendly society:

  1. (1)

    COBS 20.3 (Principles and Practices of Financial Management);

    3
  2. (2)

    COBS 20.4 (Communications with with-profits policyholders); and3

  3. (3)

    COBS 20.5 (With-profits governance).3

COBS 20.1.5RRP

This chapter does not apply to with-profits business that consists of effecting or carrying out Holloway sickness policies.