Related provisions for COBS 19.7.9B

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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:3(a) explains the nature and purpose of pensions guidance to the retail client;3(b) encourages the retail client to receive pensions guidance; and3(c) gives appropriate retirement risk warnings,3at 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,2 the firm
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, except where COBS 19.7.9AR applies2.
COBS 19.7.9ARRP
2If the value of the retail client’s pension savings is £10,000 or less and there are no safeguarded benefits, the firm:(1) is not required to ask questions to identify whether any risk factors are present; and(2) must prepare appropriate retirement risk warnings based on the risk factors relevant to each pension decumulation product it offers to enable retail clients to access their pension savings.
COBS 19.7.9CRRP
2If, to complete step 2, a firm relies on information gathered prior to the client’s decision to access their pension savings, the firm must be satisfied that this information is relevant, accurate and up-to-date before giving the risk warnings at step 3.
COBS 19.7.13RRP
At step 3:2(1) if the value of the retail client's pension savings is £10,000 or less and there are no safeguarded benefits, based on how the retail client wants to access their pension savings, a firm must give the client the appropriate retirement risk warnings prepared under COBS 19.7.9AR(2); and 2(2) in all other cases, a firm must give the retail client appropriate retirement risk warnings in response to the client's answers to the firm's questions.2
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.