PERG 6.4 Limitations of this guidance

Although what appears below is the FCA's approach, it cannot state what the law is, as that is a matter for the courts. Accordingly, this guidance is not a substitute for adequate legal advice on any transaction.

The list of principles and factors is not closed and this guidance by no means covers all types of insurance-like business.

The FCA will consider each case on its facts and on its merits.

In some cases transactions with the same commercial purpose or economic effect may be classified differently, ie some as insurance and some as non-insurance.