1In relation to an instalment reversion plan, a firm must provide the customer with a statement at least once a year (or, in relation to the first statement, within the first 13 months of the plan term):
Where a tied product is operated separately from the instalment reversion plan, for example where the premiums on a tied insurance product are not combined with amounts released under the instalment reversion plan, the statement relating to the tied product may be provided in a separate communication.
The statement must contain:
information at the date the statement is issued on:
if the amount to be received by the customer under the instalment reversion plan is linked to the performance of another investment, the amount to be received (or estimated amount likely to be received) by the customer;
If the tariff of charges has changed since the last annual statement was sent to the customer (or, where it is the first statement, since the customer entered into the instalment reversion plan) and a firm has not already sent a revised tariff of charges, it must include one with the annual statement.