Insurance conduct of business—general matters and information requirements

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Insurance conduct of business—general matters and information requirements
  • Implementation of the Insurance: Conduct of Business Sourcebook (ICOBS)
  • General matters
  • Client categorisation
  • Financial promotions and other communications
  • Inducements and conflicts of interest
  • Acting honestly, fairly and professionally, exclusion of liability, conditions and warranties
  • Information Requirements
  • Information about the insurance intermediary and/or the insurer
  • Information about the scope of services provided by a firm
  • More...

Insurance conduct of business—general matters and information requirements

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Implementation of the Insurance: Conduct of Business Sourcebook (ICOBS)

On 6 January 2008, the Financial Conduct Authority's (FCA) predecessor, the Financial Services Authority (FSA) brought into force the Insurance: Conduct of Business Sourcebook (ICOBS), which replaced the existing Insurance: Conduct of Business Sourcebook (ICOB). The principal change introduced by ICOBS was to move away from a prescriptive rule-based way of supervising firms to more principles-based or outcome-focused methodology. This meant that pre-existing rules in ICOB were simplified where the FSA felt that specific customer protection was not required.

Although the rules in ICOBS are of a higher-level that those previously contained in ICOB (therefore resulting in more flexibility in the way that insurance firms can satisfy their requirements), the FSA made it clear in a press release on 18 December 2007 that it would require the same standards of conduct as were more expressly required under

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