Related provisions for COBS 14.3.7
1 - 10 of 10 items.
1A firm that sells:(1) a packaged product to a retail client, must provide a key features document and a key features illustration2 to that client (unless the packaged product is a unit in a UCITS scheme,7simplified prospectus scheme or an EEA UCITS scheme which is a recognised scheme);77(2) a life policy to a client, must provide the Solvency II Directive information13 to that client;1313(3) the variation of a life policy or personal pension scheme to a retail client, must provide
(1) 7This rule applies to an authorised fund manager of a UCITS scheme that is either an authorised unit trust, authorised contractual scheme12 or an ICVC, and an ICVC that is a UCITS scheme.(2) An authorised fund manager and an ICVC in (1) that sells units in a UCITS scheme directly, or through another natural or legal person who acts on its behalf and under its full and unconditional responsibility, must ensure that investors are provided with the key investor information document
(1) A firm that personally recommends that a retail client holds a particular asset in a SIPP must provide that client with sufficient information for the client to be able to make an informed decision about whether to buy or invest.(2) This rule does not apply if the asset is described in COBS 14.2.1 R.
A firm is not required to provide:(1) a document, if the firm produces the product and the rules in this section require another firm to provide the document;(2) a key features document or key features illustration2, if another person is required to provide the distance marketing information by the rules of another EEA State; (3) the Solvency II Directive information,13 if another person is required to provide that information by the rules of another EEA State;13(4) a simplified
A firm is not required to provide a key features document or a key features illustration2for: (1) a key features scheme if it provides a simplified prospectus instead;(2) a life policy if:13(a) the firm is operating from an establishment in another EEA State and the sale is by distance contract; or(b) the client is habitually resident outside the United Kingdom and the sale is not by distance contract.(3) a traded life policy.[Note: in respect of (2), articles 4(1) and 16 of the
A firm is not required to provide a key features document or a key features illustration2, if:(1) the client is buying or investing in response to a direct offer financial promotion without receiving a personal recommendation to buy or invest; and(2) the firm provides materially the same information in some other way.
A firm is not required to provide a , a key features illustration2 or a simplified prospectus for a key features scheme or simplified prospectus scheme if:(1) the client is habitually resident outside the EEA and not present in the EEA when the relevant application is signed; or(2) the purchase is by a discretionary investment manager on behalf of a retail client; or(3) the sale is arranged or personally recommended by an investment manager and the client has agreed that a key
7For the purposes of the provision rules in relation to a key investor information document, a firm: (1) may satisfy the requirement to provide the document to the investor by providing it to a person who has written authority to make investment decisions on that investor’s behalf; and(2) is not required to consider as a new transaction:(a) a subscription to units in a UCITS scheme or an EEA UCITS scheme in which the client already holds units; or(b) a series of connected transactions
7(1) Although a firm is not always required to provide a simplified prospectus to a client (COBS 14.2.9 R), the obligation to offer the prospectus to the client (COBS 14.2.1R (5)) remains.7(2) The FCA would regard a decision to subscribe to a regular monthly savings plan as a single investment decision for the purpose of COBS 14.2.9AR (2)(a). However, a subsequent decision by the client to increase the amount of the regular contributions to be invested in units of a particular
A firm may provide a single document, which describes more than one key features scheme or7simplified prospectus scheme, or any combination of those schemes, if:77(1) the schemes are offered through a platform service;88(2) the document clearly describes the difference between the relevant schemes; and(3) (in the case of a simplified prospectus scheme) the firm also offers a copy7 of the relevant prospectus7 to the client.7
If there is no initial service agreement but the successive operations or separate operations of the same nature performed over time are performed between the same contractual parties, the rules in this section only apply:(1) when the first operation is performed; and(2) if no operation of the same nature is performed for more than a year, when the next operation is performed (the next operation being deemed to be the first in a new series of operations).
When the rules in this section require a firm to:(1) offer a simplified prospectus to a client, that prospectus must be offered free of charge before the conclusion of the contract; or7(2) provide a key features document, a simplified prospectus, or any other document or information to a client, the document or information must be provided free of charge and in good time before the firm carries on the relevant business; or77(3) provide a key investor information document or EEA
7(1) A firm may provide a document, or the information required to be provided by the rules in this section, in a durable medium immediately after the conclusion of a distance contract, if the contract has been concluded at a client's request using a means of distance communication that does not enable the document or information to be provided in that form in good time before the client is bound by the contract.7(2) The exception in (1) does not apply in relation to the provision
7(1) Where the rules in this section require a document or information to be provided, in the case of a voice telephony communication, a firm must:77(a) if the client gives explicit consent to receiving only limited information, provide the abbreviated distance marketing disclosure information () orally to the client;7(b) if the client does not give explicit consent to only receiving limited information, and the parties wish to proceed by voice telephony communication, provide
If a firm provides a client with a key investor information document or EEA key investor information document3 that meets the requirements of articles 78 and 793 of the UCITS Directive (see COLL 4.7 (Key investor information and marketing communications)) and the KII Regulation,3 it will have provided appropriate information for the purpose of the requirement to disclose information on:33(1) designated investments and investment strategies (COBS 2.2.1R (1)(b)); and(2) costs and
A key investor information document and EEA key investor information document provide3 sufficient information in relation to the costs and associated charges in respect of the UCITS3 itself. However, a firm distributing units3 in a UCITS3 should also inform a client about all of the other costs and associated charges related to the provision of its services in relation to units in the UCITS.333333 [Note: recital 55 to the MiFID implementing Directive]
A key features document must:(1) include enough information about the nature and complexity of the product, how it works, any limitations or minimum standards that apply and the material benefits and risks of buying or investing for a retail client to be able to make an informed decision about whether to proceed; and(2) explain:(a) the arrangements for handling complaints about the product;(b) that compensation might be available from the FSCS if the firm cannot meet its liabilities
TableA key features document for a packaged product must:(1)Include the title: ‘key features of the [name of product]’;(2)describe the product in the order of the following headings, and by giving the following information under those headings:HeadingInformation to be given‘Its aims’A brief description of the product’s aims‘Your commitment’ or ‘Your investment’What a retail client is committing to or investing in and any consequences of failing to maintain the commitment or investment‘Risks’The
3A key features document for a short-term money market fund, a money market fund or a qualifying money market fund must include a statement identifying it as such a fund and a statement that the authorised fund's investment objectives and policies will meet the conditions of the definition of short-term money market fund, money market fund or qualifying money market fund, as appropriate.
4A key features document for a feeder NURS must include:(1) a statement identifying it as such a scheme;(2) information specific to the feeder NURS and its qualifying master scheme which enables investors to understand the qualifying master scheme's key particulars; and(3) a description and explanation of any material differences between the risk profile of the feeder NURS and that of the qualifying master scheme.
1 A key features illustration must include appropriate charges information, information about any interest that will be paid to clients on money held within a personal pension scheme bank account5 and, if it is a packaged product which is not a financial instrument:(1) must include a standardised deterministic projection;(2) the projection and charges information must be consistent with each other so that:66(a) the same intermediate growth rate and assumptions about regular contributions
(1) If a firm sells or arranges the sale of a packaged product to a retail client, and subsequently if the retail client requests it, the firm must disclose to the client in cash terms:2(a) any commission receivable by it or any of its associates in connection with the transaction; (b) if the firm is also the product provider, any commission or commission equivalent payable in connection with the transaction; and (c) if the firm or any of its associates is in the same immediate
A single document prepared for more than one key features scheme or3simplified prospectus scheme may combine more than one key features document, simplified prospectus or EEA simplified prospectus or any combination of them, if the schemes are offered through a platform service4 and the document clearly describes the difference between the schemes.34
A key features document and a key features illustration2must also:(1) (if it is a key features document) 2be produced and presented to at least the same quality and standard as the sales or marketing material used to promote the relevant product;(2) (if it is a key features document) 2display the firm's brand at least as prominently as any other;(3) (if it is a key features document or a key features illustration which does not form an integral part of the key features document)
(1) A firm must ensure that a marketing communication that comprises an invitation to purchase units in a UCITS scheme or EEA UCITS scheme and that contains specific information about the scheme:(a) makes no statement that contradicts or diminishes the significance of the information contained in the prospectus and the key investor information document or EEA key investor information document for the scheme;(b) indicates that a prospectus exists for the scheme and that the key
A firm must ensure that a marketing communication (other than a key investor information document or EEA key investor information document) relating to a feeder UCITS contains a statement that the feeder UCITS permanently invests at least 85% in value of its assets in units of its master UCITS.[Note: article 63(4) of the UCITS Directive]
1Each of the exemptions listed below applies only if the retail client is of the type described for the exemption and provided any additional conditions for the exemption are met.TitleType of retail clientAdditional conditionsCertified high net worth investor(a) An individual who meets the requirements set out in COBS 4.12.6R; or(b) an individual in an EEA State other than the UK who meets requirements which are broadly equivalent to those set out in COBS 4.12.6R; or(c) a person