FSA Insurance Rules ICOB Sourcebook
FSA Insurance Rules
Conduct of Business Sourcebook (Insurance) - sometimes known as ICOB
The Conduct of Business FSA Insurance Rules are applicable to all regulated firms in terms of their activities in non-investment insurance contracts. They do not apply to designated investment business, mortgages or home finance activities. These are detailed separately.
The FSA Insurance Rules contained within the Conduct of Business sourcebook are Business Standards and having a full understanding of them and what your obligations are, are therefore essential.
Having documented and updated FSA Insurance Rules procedures for your firm can assist in demonstrating FSA compliance.
We have produced a set of FSA Insurance Rules procedures detailing the requirements of the Conduct of Business sourcebook, including examples of what information should be included for your firm. These FSA Insurance Rules procedures contain the following information:
- Client classification
- Distance contracts
- Communications with clients
- Charging
- Financial promotions
- Advising and selling
- Suitability
- Disclosure
We have also produced separate documents to enhance the FSA Insurance Rules procedures. These can be used either in association with the FSA Insurance Rules procedures or on a stand-alone basis.
This suite of documents and FSA Insurance Rules procedures will help you understand what is required but also demonstrate externally you are taking FSA compliance seriously by researching and understanding your obligations in this area.
Record keeping and FSA notification events are also included to help you, where they are relevant.
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