ICOBS Flashcards
What does ICOBS 1 cover?
Application.
Explains the scope of the ICOBS, including who the rules apply to.
What does ICOBS 2 cover?
General Matters.
- Communication to clients and financial promotion. These must be fair and not misleading
- Record-keeping
- Exclusion of liability and reliance on others
What does ICOBS 3 cover?
Distance communications
- Mirrors (and enhances) the Distance Marketing Directive
- A firm must provide a consumer with the distance marketing information in good time before the conclusion of a distance contract
What does ICOBS 4 cover?
Information about the firm, its services and remuneration.
- Its name and address
- The fact it is included in the FCA register
- Whether or not it has a holding representing 10% of the voting rights or capital in a given insurance undertaking
What does ICOBS 5 cover?
Identifying client needs and advising
- A firm must take reasonable care to ensure the suitability of its advice for any customer who is entitled to rely on its judgement
What does ICOBS 6 cover?
Product Information
- The responsibilities of insurers and intermediaries are outlined
- The rules and responsibilities are split between general insurance contracts and pure protection contracts
What does ICOBS 7 cover?
Cancellation
A consumer has a right to cancel without penalty and without giving any reason within:
- 30 days for a pure protection contract
- 14 days for any other contract of insurance of distance contract
What does ICOBS 8 cover?
Claims handling
- An insurer must handle claims promptly and fairly and provide reasonable guidance to help a policyholder make a claim and give appropriate information on its progress
- An insurer must not unreasonably reject a claim