Related provisions for COBS 4.6.8

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COBS 20.2.58GRP
When a firm tells its with-profits policyholders that it has ceased to effect new contracts of insurance in a with-profits fund, it should also explain:(1) why it has done so;(2) what changes it has made, or proposes to make, to the fund's investment strategy (if any);(3) how closure may affect with-profits policyholders (including any reasonably foreseeable effect on future bonus prospects);(4) the options available to with-profits policyholders and an indication of the potential
COBS 9.6.5RRP
When a firm first has contact with a retail client with a view to giving basic advice on a stakeholder product, it must give the retail client:1(1) the basic advice initial disclosure information (COBS 9 Annex 1), in a durable medium, together with an explanation of that information, unless:1(a) it has already done so and the basic advice initial disclosure information is likely still to be accurate and appropriate; or1(b) the contact is not face to face and is using a means of
COBS 9.6.6GRP
[deleted]4
COBS 9.6.6AGRP
3A firm will meet the requirements in respect of its obligation to provide written disclosure in the rules on describing the breadth of advice (COBS 6.2B.33R5) by providing its basic advice initial disclosure information (in COBS 9 Annex 1 R).
COBS 9.6.7RRP
[deleted]42221
COBS 9.6.12RRP
1A firm must only recommend a stakeholder product to a retail client if:(1) it has taken reasonable steps to assess the client's answers to the scripted questions and any other facts, circumstances or information disclosed by the client during the sales process;(2) (unless the relevant product is a deposit-based stakeholder product) having done so, it has reasonable grounds for believing that the stakeholder product is suitable for the client; and(3) the firm reasonably believes
COBS 9.6.15RRP
1Notwithstanding COBS 9.6.14R (2) a firm may provide the summary sheet (COBS 9.6.14R (2)) as soon as reasonably practicable after the conclusion of the contract if the client asks it to do so, or the contract will be concluded using a means of distance communication that does not enable the provision of the summary sheet in a durable medium before the conclusion of the contract, but only if the firm:(1) reads the summary sheet to the client before it concludes the contract; and(2)
COBS 11.2.22RRP
A firm must provide appropriate information to its clients on its order execution policy.4
COBS 6.1A.24RRP
(1) A firm must agree with and disclose to a retail client the total adviser charge payable to it or any of its associates by a retail client.(2) A disclosure under (1) must:(a) be in cash terms (or convert non-cash terms into illustrative cash equivalents);(b) be as early as practicable;(c) be in a durable medium or through a website (if it does not constitute a durable medium) if the website conditions are satisfied; and(d) if there are payments over a period of time, include
COBS 14.3.2RRP
A firm must provide a client with a general description of the nature and risks of designated investments, taking into account, in particular, the client's categorisation as a retail client or a professional client. That description must:(1) explain the nature of the specific type of designated investment concerned, as well as the risks particular to that specific type of designated investment, in sufficient detail to enable the client to take investment decisions on an informed
COBS 14.3.4RRP
Where the risks associated with a designated investment composed of two or more different designated investments or services are likely to be greater than the risks associated with any of the components, a firm must provide an adequate description of the components of that designated investment and the way in which its interaction increases the risks.8
COBS 14.3.5RRP
In the case of a designated investment that incorporates a guarantee by a third party, the information about the guarantee must include sufficient detail about the guarantor and the guarantee to enable the retail client to make a fair assessment of the guarantee.8
COBS 14.3.6GRP
[deleted]8
COBS 14.3.7AGRP
4Examples of information a firm should provide to explain the specific nature and risks of a P2P agreement include:(1) expected and actual default rates in line with the requirements in COBS 4.6 on past and future performance;(2) a summary of the assumptions used in determining expected future default rates;(3) a description of how loan risk is assessed, including a description of the criteria that must be met by the borrower before the operator of the electronic system in relation
COBS 14.3.10RRP
A firm must notify a client in good time about any material change to the information provided under the rules in this section which is relevant to a service that the firm is providing to that client. That notification must be given in a durable medium if the information to which it relates is given in a durable medium.8
COBS 14.2.1RRP
1A firm that sells:(1) a non-PRIIP packaged product17 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 regulated collective investment scheme17);777(2) a life policy to a client, must provide:20131313(a) the Solvency II Directive information to that client;20(b) a client with objective and relevant information about the policy:20(i) in a comprehensible form to allow the client to
COBS 14.2.3RRP
(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.
COBS 14.2.4RRP
When a firm provides a document or information in accordance with the rules in this section, it must not do anything that might reasonably cause a retail client to be mistaken about the identity of the firm that has produced, or will produce, the product.
COBS 14.2.5RRP
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.1713(4) [deleted]17[Note:
COBS 14.2.16RRP
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
COBS 14.2.17RRP
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
COBS 16.6.2RRP
4(1) The policyholder must be informed if during the term of a life policy entered into on or after 1 July 1994 there is any change in the following information:4(a) the policy conditions;4(b) the name of the insurer, its legal form or the address of its head office and, where appropriate, of the agency or branch which concluded the contract; and4(c) the information in (8) to (13) of COBS 13 Annex 1 (The Solvency II Directive information) in the event of a change in the policy
COBS 16.6.3RRP
If a life policy entered into on or after 1 July 1994 provides for the payment of bonuses and the amounts of bonuses are unspecified, the long-term insurer must, in every calendar year except the first, either:(1) notify the policyholder in writing of the amount of any bonus which has become payable under the contract, and which has not previously been notified under this rule; or(2) give the policyholder in writing sufficient information to enable him to determine the amount
COBS 16.6.3ARRP
4If a firm provides figures, on or after 1 January 2016, about the potential future development of bonuses under a with-profits policy it must inform the policyholder annually in writing of any differences between the actual bonuses payable to date and the figures previously provided.[Note: article 185(5) of the Solvency II Directive]
COBS 16.6.4RRP
(1) When a firm provides information in accordance with this section, it must provide the information in a durable medium, unless (2) applies.(2) If the contract is being made by telephone, the firm may give the information orally to the customer. If the customer enters into the contract, a written version of the required information must be sent to the customer within five business days of the contract being entered into.
COBS 16.6.5RRP
Where a life policy is effected jointly, the information required by this section may be sent to the first named client.
COBS 16.6.6RRP
A firm must make an adequate record of information provided to a customer under this section and retain that record for a minimum period after the information is provided of five years.
COBS 16.6.7RRP
1At each anniversary of the date on which a long-term care insurance contract which is based on single premium investment bonds was entered into, the insurer must:(1) provide the retail client with a table based on the format of COBS 13 Annex 3 2.2R containing at least the current fund value and projected future policy values (as in column "What you might get back"); (2) where it is the case, inform the retail client of the possibility that future policy values may be insufficient
COBS 16.6.8RRP
1At intervals no longer than 12 months from the date of an election by a retail client to make income withdrawals or one-off, ad-hoc or regular uncrystallised funds pension lump sumpayments6, the relevant operator of a personal pension scheme or stakeholder pension scheme3must:53(1) provide the retail client with such information as is necessary for3 the retail client to review the election, including where relevant the information required by COBS 13 Annex 2 2.9R3; and3(2) inform
COBS 16.6.9GRP
5The information provided to the retail client in COBS 16.6.8R(1) is likely to be sufficient for the client to review the election if it contains at least one of the following:(1) the information required by COBS 13 Annex 2 2.9R (Additional requirements: drawdown pensions and regular uncrystallised funds pension lump sum payments); or(2) the effect of any significant one-off withdrawals or payments since the previous information was provided; or(3) (where regular income is being
COBS 2.3.2RRP
A firm will satisfy the disclosure obligation under this section if it:(1) discloses the essential arrangements relating to the fee, commission or non-monetary benefit in summary form;(2) undertakes to the client that further details will be disclosed on request; and(3) honours the undertaking in (2).[Note:12article 29(2) of the UCITS implementing Directive]7
COBS 2.3.11GRP
(1) 1If a firm enters into an arrangement with another firm under which it makes or receives a payment of commission in relation to the sale of a packaged product that is increased in excess of the amount disclosed to the client, the firm is likely to have breached the rules on disclosure of charges, remuneration and commission (see COBS 6.4) and, where applicable, the rule on inducements in COBS 2.3.1R (2)(b), unless the increase is attributable to an increase in the premiums
COBS 2.3.17RRP
(1) A firm must make a record of the information disclosed to the client in accordance with COBS 2.3.1R (2)(b)4 and must keep that record for at least five years from the date on which it was given.4(2) A firm must also 4make a record of each benefit given to another firm which does not have to be disclosed to the client4in accordance with COBS 2.3.1R (2)(b)(ii),4 and must keep that record for at least five years from the date on which it was given.1412
COBS 6.1.1RRP
(1) 1This section applies to a firm that carries on designated investment business, other than MiFID, equivalent third country or optional exemption business or insurance distribution activities7,6 for 6 a retail client.(2) [deleted]6
COBS 6.1.4RRP
A firm must provide a client6 with the following general information, if relevant:(1) the name and address of the firm, and the contact details necessary to enable a client to communicate effectively with the firm;(2) [deleted]6(3) the methods of communication to be used between the firm and the client including, where relevant, those for the sending and reception of orders;(4) a statement of the fact that the firm is authorised and the name of the competent authority that has
COBS 6.1.7RRP
(1) A firm that holds designated investments or client money for a client6 subject to the custody chapter or the client money chapter must provide that client with the following information:444(a) if applicable,(i) that the designated investments or client money of that client may be held by a third party on behalf of the firm;(ii) the responsibility of the firm under the applicable national law for any acts or omissions of the third party; and(iii) the consequences for the client
COBS 6.1.11RRP
(1) A firm must provide a client with the information required by this section in good time before the provision of designated investment business6 unless otherwise provided by this rule.(2) A firm may instead provide that information immediately after starting to provide designated investment business6 if:(a) the firm was unable to comply with (1) because, at the request of the client, the agreement was concluded using a means of distance communication2 which prevented the firm
COBS 6.1.14RRP
(1) A firm must notify a client in good time about any material change to the information provided under this section which is relevant to a service that the firm is providing to that client.(2) A firm must provide this notification in a durable medium if the information to which it relates was given in a durable medium.6
COBS 6.1.15GRP
(1) A firm need not treat each of several transactions in respect of the same type of financial instrument as a new or different service and so does not need to comply with the disclosure rules in this chapter in relation to each transaction.6(2) But a firm should ensure that the client has received all relevant information in relation to a subsequent transaction, such as details of product charges that differ from those disclosed in respect of a previous transaction.
COBS 6.1D.11RRP
A firm must, in good time, provide an employee with sufficient information on the total consultancy charge payable by the employee.
COBS 6.1D.12GRP
To comply with COBS 6.1D.11R, a firm's disclosure should be in cash terms (or convert non-cash terms into illustrative cash equivalents) and should:(1) include information as to the period over which the consultancy charge is payable;(2) provide information on the implications for the employee if the employee leaves the employer’s service or their contributions to the group personal pension scheme or group stakeholder pension scheme are cancelled before the consultancy charge
COBS 6.1D.13GRP
A firm may provide the disclosure in COBS 6.1D.11R at the same time as it provides a key features document.
COBS 6.1C.16RRP
A firm must disclose its charging structure to an employer in writing, in good time before giving advice, or providing services, to the employer in connection with a group personal pension scheme or group stakeholder pension scheme.
COBS 4.6.1RRP
(1) Subject to (2) and (3), this section applies to a firm in relation to:1(a) [deleted]61222(b) the communication or approval of a financial promotion,61where such information or financial promotion is addressed to, or disseminated in such a way that it is likely to be received by, a retail client.1(2) This section does not apply to a firm communicating in relation to its MiFID, equivalent third country or optional exemption business633(3) This6 section does not apply in relation
COBS 4.6.2RRP
A firm must ensure that information that contains an indication of past performance of relevant business, a relevant investment or a financial index, satisfies the following conditions:(1) that indication is not the most prominent feature of the communication;(2) the information includes appropriate performance information which covers the6 preceding five years, or the whole period for which the investment has been offered, the financial index has been established, or the service
COBS 4.6.3GRP
The obligations relating to describing performance should be interpreted in the light of their purpose and in a way that is appropriate and proportionate taking into account the means of communication and the information the communication is intended to convey. For example, a periodic statement in relation to managing investments that is sent in accordance with the rules on reporting information to clients (see COBS 16) may include past performance as its most prominent featu
COBS 4.6.6RRP
A firm must ensure that information that contains an indication of simulated past performance of relevant business, a relevant investment or a financial index, satisfies the following conditions:(1) it relates to an investment or a financial index;(2) the simulated past performance is based on the actual past performance of one or more investments or financial indices which are the same as, substantially the same as,6 or underlie, the investment concerned;(3) in respect of the
COBS 4.6.9RRP
(1) 1A firm that communicates to a client a projection for a packaged product which is not a financial instrument2must ensure that the projection complies with the projectionsrules in COBS 13.4, COBS 13.5 and COBS 13 Annex 2.2(2) A firm must not communicate a projection for a highly volatile product to a client unless the product is a financial instrument.
COBS 18.5.10ERP
(1) In order to provide adequate information to describe how the fund6 is governed, a small authorised UK AIFM of an unauthorised AIF or a residual CIS operator6 should include in the fund6 documents a provision about each of the items of relevant information set out in the following table (Content of fund6 documents).666(2) Compliance with (1) may be relied on as tending to establish compliance with COBS 18.5.5 R.(3) Contravention of (1) may be relied on as tending to establish
COBS 12.2.1RRP
[deleted]2
COBS 12.2.2GRP
[deleted]2
COBS 12.2.6GRP
[deleted]2
COBS 2.4.4RRP
(1) This rule applies if a firm (F1), in the course of performing MiFID or equivalent third country business, receives an instruction to provide3 an investment or ancillary service on behalf of a client (C) through another firm (F2), if F2 is:(a) a MiFID investment firm or a third country investment firm; or(b) an investment firm that is:(i) a firm or authorised in another EEA State; and(ii) subject to equivalent relevant requirements.(2) F1 may rely upon:(a) any information about
COBS 2.4.6RRP
(1) This rule applies if the applicable4rule on reliance on other investment firms or insurance distributors (COBS 2.4.4 R and COBS 2.4.5AR4) does not apply.(2) A firm will be taken to be in compliance with any rule in this sourcebook that requires it to obtain information to the extent it can show it was reasonable for it to rely on information provided to it in writing by another person.
COBS 2.4.7ERP
(1) In relying on COBS 2.4.6 R, a firm should take reasonable steps to establish that the other person providing written information is not connected with the firm and is competent to provide the information.(2) Compliance with (1) may be relied upon as tending to establish compliance with COBS 2.4.6 R.(3) Contravention of (1) may be relied upon as tending to establish contravention of COBS 2.4.6 R.
COBS 2.4.10RRP
In the case of business that is not MiFID or equivalent third country business, if a rule in COBS or CASS requires information to be sent to a client, a firm need not send that information so long as it takes reasonable steps to establish that it has been or will be supplied by another person.
COBS 4.5.2RRP
A firm must ensure that information:(1) includes the name of the firm;(2) is accurate and always gives a fair and prominent indication of any relevant risks when referencing6 any potential benefits of relevant business or a relevant investment6; (3) is sufficient for, and presented in a way that is likely to be understood by, the average member of the group to whom it is directed, or by whom it is likely to be received;6(4) does not disguise, diminish or obscure important items,
COBS 4.5.3GRP
The name of the firm may be a trading name or shortened version of the legal name of the firm, provided the retail client can identify the firm communicating the information.
COBS 4.5.4GRP
In deciding whether, and how, to communicate information to a particular target audience, a firm should take into account the nature of the product or business, the risks involved, the client's commitment, the likely information needs of the average recipient, and the role of the information in the sales process.
COBS 4.5.5GRP
When communicating information, a firm should consider whether omission of any relevant fact will result in the6 information being insufficient, unclear, unfair or misleading. When considering whether a fact should be included in the communication or omitted from it, a firm should bear in the mind the guidance in COBS 4.2.2G to provide information which is appropriate and proportionate.7
COBS 6.1E.1RRP
(1) 1A2platform service provider must clearly disclose the total platform charge to the retail client32 in a durable medium in good time before the provision of designated investment business.22(2) In the event that it is not possible to make the disclosure in (1) in good time before the provision of designated investment business, the disclosure must be made as soon as practicable thereafter.
COBS 9.4.5RRP
[deleted]8