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PROD 1.7 Application of PROD 7

Application of PROD 7

ROD 1.7.1R
PROD 1.7.2 R

1A Gibraltar-based firm must also comply with the provisions in PROD 7 (Product governance: funeral plans).

Manufacturing a funeral plan product

PROD 1.7.3G

1The Glossary term ‘manufacture’ includes ‘designing, developing, creating and/or entering into or carrying out a funeral plan contract as provider’ which cover activities prior to the funeral plan product being approved for marketing and distribution, and on a continuing basis after such approval.

PROD 1.7.4R
  1. (1)

    1For the purposes of PROD 7, a funeral plan intermediary is a manufacturer of a funeral plan product where an overall analysis of their activity shows that they have a decision-making role in designing and developing a funeral plan contract for the market.

  2. (2)

    A decision-making role will be assumed, in particular, where a funeral plan intermediary autonomously determines the essential features and main elements of a funeral plan contract, including any of its price, costs, target market or guarantee rights, which are not substantially modified by the funeral plan provider.

  3. (3)

    Personalisation of and adaptation of existing funeral plan products in the context of funeral plan distributions for individual customers, as well as the design of tailor-made contracts at the request of a single customer, are not manufacturing.

Territorial scope

PROD 1.7.5R

1PROD 7 applies to a firm with respect to activities carried on by it, or its appointed representative, in relation to:

  1. (1)

    a funeral plan product; and

  2. (2)

    a subsisting funeral plan.

Interaction of PROD 7 and the RPPD Guide

PROD 1.7.6G

1The RPPD Guide does not apply to a firm to which PROD 7 applies for matters covered by, and where the firm has complied with, PROD 7.