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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.

insurance-based investment product

    160a contract of insurance which offers a maturity or surrender value and where that maturity or surrender value is wholly or partially exposed, directly or indirectly, to market fluctuations, and does not include:

      1. (a) non-life insurance products as listed in Annex I to Directive 2009/138/EC (Classes of non-life insurance);
      1. (b) life insurance contracts where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or disability;
      1. (c) pension products which, under national law, are recognised as having the primary purpose of providing the investor with an income in retirement, and which entitle the investor to certain benefits;
      1. (d) officially recognised occupational pension schemes falling under the scope of the UK provisions which implemented166 Directive 2003/41/EC or UK provisions which implemented166 Directive 2009/138/EC;
      1. (e) individual pension products for which a financial contribution from the employer is required by national law and where the employer or the employee has no choice as to the pension product or provider.

    [Note: article 2(1)(17) of the IDD]