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Information about the firm

Private customers must be given set information about the firm. That includes details such as,

Unless the customer has already been provided with these and the details have not changed, then the customer needs to be provided with the details.

Charges and commissions

These are now covered in the ‘fees and commissions statement.   Firms must make certain that commissions and charges are not excessive compared to levels charged by others in the market place.   The firm must advise the customer of the commissions or any other payments it or an associate receives on that business.

Before selling a packaged life insurance product to a private customer the firm must advise any remuneration it pays or is paid to its employees or agents, and any remuneration of commission received by the firm.   These details are now included in the fees and commission statement.

For remuneration to employees and agents a firm must place a proper value on any benefits or services provided as well as cash. These benefits include cars, loans, pensions and any support services that could not be provided under the rules by the firm to an IFA.

Product disclosure

These rules in the COB set out the information that must be provided to a client in respect of the product being sold.

Key features

Product providers (life offices) must produce a key features document for each of the products is provides.   This can be in hard copy or soft copy, so long as the soft copy is able to be printed off by the client.   The key features document must be provided to the private customer before the application form is completed.   The product provider is not responsible for this where an IFA is concerned.

These rules apply to sales or variations of existing life policies post 1 st January 1995 where the premium increase is more than 25%.

There are special rules for occupational pension schemes; self invested personal pensions, pension income withdrawals, cash ISAs, traded life policies and stakeholder pensions.