Related provisions for COBS 20.3.5

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COBS 20.2.20RRP
If, on a distribution, a firm incurs a tax liability on a transfer to shareholders, it must not attribute that tax liability to a with-profits fund, unless:(1) the firm can show that attributing the tax liability to that with-profits fund is consistent with its established practice;(2) that established practice is explained in the firm's PPFM; and(3) that liability is not charged to asset shares.
COBS 20.2.34ARRP
(1) 5A Solvency II firm must ensure that, in relation to any arrangements where assets outside a with-profits fund provide or may provide support to it, both the following requirements are met: (a) the precise terms and conditions on which those support asset arrangements operate and assets may become available, including whether and when they are repayable: (i) are adequately documented in the firm's records; and(ii) if the firm is required to produce a PPFM, are set out clearly
(1) Where the firm:(a) identifies particular assets as forming a distinct part of its with-profits fund; and(b) restricts participation in the profits or other experience of that distinct part of the fund to a particular category of with-profits policies; then, provided that:(c) such identification and restriction is consistent with the considerations in (3), and(d) the firm treats each affected category of with-profits policyholder fairly, having regard to those considerations;each
COBS 20.1A.13RRP
A firm, other than a non-directive friendly society,2 which is subject to contractual terms providing for payments under a capital instrument included in that insurer's own funds2, must:(1) manage any with-profits fund so that discretionary benefits under a with-profits policy are calculated and paid, disregarding, insofar as is necessary for its customers to be treated fairly, any requirements in such contractual terms whether or not they are absolute, contingent or at the discretion
COBS 20.4.1RRP
A firm must:(1) on request, provide its PPFM, or the PPFM applicable to specified with-profits funds:(a) free of charge to its with-profits policyholders; or(b) for a reasonable charge to any person who is not its with-profits policyholder; and(2) if the firm publishes its PPFM on its website, prominently signpost its location there.
COBS 20.4.2RRP
A firm must send its with-profits policyholders who are affected by any change in its PPFM, written notice, setting out any:(1) proposed changes to the with-profits principles, three months in advance of the effective date; and(2) changes to the with-profits practices, within a reasonable time.
COBS 20.4.4RRP
In relation to any with-profits policyholder where the state of the commitment is2 the United Kingdom, an EEA insurer must:2(1) provide the information necessary to enable that policyholder properly to understand the insurer's commitment under the policy;2(2) ensure that the information provided is not narrower in scope or less detailed in content than the information required to be provided in the PPFM produced by a firm subject to COBS 20.3;2 and2(3) send the policyholder who
COBS 20.4.7RRP
A firm must produce an annual report to its with-profits policyholders, which must:(1) state whether, throughout the financial year to which the report relates, the firm believes it has complied with its obligations relating to its PPFM and setting out its reasons for that belief;(2) address all significant relevant issues, including the way in which the firm has:(a) exercised, or failed to exercise, any discretion that it has in the conduct of its with-profits business; and(b)
COBS 20.5.3RRP
A firm must ensure that the terms of reference contain, as a minimum, terms having the following effect:(1) the role of the with-profits committee or advisory arrangement is, as relevant, to assess, report on, and provide clear advice and, where appropriate, recommendations to the firm'sgoverning body on:(a) the way in which each with-profits fund is managed by the firm and, if a PPFM is required, whether this is properly reflected in the PPFM;(b) if applicable, whether the firm
COBS 20.5.8GRP
In complying with the rule on systems and controls in relation to compliance, financial crime and money laundering (SYSC 3.2.6 R), a firm should maintain governance arrangements designed to ensure that it complies with, maintains and records, any applicable PPFM. These arrangements should:(1) be appropriate to the scale, nature and complexity of the firm'swith-profits business; and(2) include the approval of the firm'sPPFM by its governing body.
COBS 20.3.1RRP
(1) A firm must:(a) establish and maintain the PPFM according to which its with-profits business is conducted (or, if appropriate, separate PPFM for each with-profits fund); and(b) retain a record of each version of its PPFM for five years.(2) A firm'swith-profits principles must:(a) be enduring statements of the standards it adopts in managing with-profits funds; and(b) describe the business model it uses to meet its duties to with-profits policyholders and to respond to longer-term
COBS 20.3.6RRP
Table: Issues to be covered in PPFMSubjectIssues(1)Amount payable under a with-profits policy(a)Methods used to guide determination of the amount that is appropriate to pay individual with-profits policyholders, including:(i)the aims of the methods and approximations used;(ii)how the current methods, including any relevant historical assumptions used and any systems maintained to deliver results of particular methods, are documented; and(iii)the procedures for changing the current
COBS 20.3.8GRP
Table: Guidance on with-profits principles and practicesReference to PPFM issues (COBS 20.3.6R)With-profits principlesWith-profits practices(1) Amount payable under a with-profits policyGeneral(a) Circumstances under which any historical assumptions or parameters, relevant to methods used to determine the amount payable, may be changed;General(e) For each major class of with-profits policy, methods establishing the main assumptions or parameters that decide the output of methods
COBS 20.1.4RRP
The following do not apply to a non-directive friendly society:(1) COBS 20.3 (Principles and Practices of Financial Management);3(2) COBS 20.4 (Communications with with-profits policyholders); and3(3) COBS 20.5 (With-profits governance).3