Related provisions for COBS 19.7.12

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COBS 19.7.1RRP
In this section:(1) “payment out of uncrystallised funds” is an uncrystallised funds pension lump sum within the meaning of paragraph 4A of Schedule 29 of the Finance Act 2004;(2) “pension decumulation product” is a product used to access pension savings and includes a facility to enable a retail client to make a payment out of uncrystallised funds, a drawdown pension or pension annuity;(3) “pension savings” is the proceeds of the client'spersonal pension scheme, stakeholder pension
COBS 19.7.4GRP
(1) The purpose of this section is to ensure that a firm, which is communicating with a retail client about a pension decumulation product, gives appropriate retirement risk warnings at the point when the retail client has decided how to access their pension savings. (2) If the retail client has not yet decided what to do the firm should consider whether it is required to signpost the pensions guidance under COBS 19.4.5R (signposting pensions guidance).
COBS 19.7.9RRP
Based on how the retail client wants to access their pension savings, at step 2 the firm must ask the client questions to identify whether any risk factors are present.
COBS 19.7.10RRP
A firm must prepare the questions required by COBS 19.7.9 R before taking the steps for the first time, and must keep the questions up to date.
COBS 19.7.13RRP
At step 3, a firm must give the retail client appropriate retirement risk warnings in response to the client's answers to the firm's questions.
COBS 19.7.14RRP
A firm must prepare the retirement risk warnings required by COBS 19.7.13 R in good time before taking the steps for the first time, and must keep them up to date.
COBS 19.7.15GRP
If after considering the retail client's answers it is unclear whether a risk factor is present, a firm should give the client the appropriate retirement risk warning.
COBS 19.7.16RRP
When communicating the signpost and retirement risk warnings, the firm must do so clearly and prominently.
COBS 19.7.17RRP
Whatever the means of communication, the firm must ensure that the retail client cannot progress to the next stage of the sale unless the relevant signpost or retirement risk warning has been communicated to the client.
COBS 19.7.19RRP
Firms must record whether the retail client has received:(1) the retirement risk warnings at step 3 of the process specified in this section;(2) regulated advice; and(3) pensions guidance.