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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.

required percentage

    54the required percentage referred to in COBS 20.2.17 R is, for each with-profits fund:

      1. (a) the percentage (if any) required in respect of that fund by:
        1. (i) the firm's articles of association, registered rules or other equivalent instrument; or
        1. (ii) a relevant order made by a court of competent jurisdiction;
      1. (b) if (a) does not apply,106 the percentage that reflects the firm's established practice, if it has one;106
      1. (c) if (a) and (b) do not apply, not less than 90 per cent.