What Is Fca Icobs?

Insurance Conduct of Business Sourcebook (ICOBS)

What does the acronym Icobs stand for?

ICOBS. Insurance: Conduct of Business Sourcebook.

What are the two types of clients that Icobs apply to?

In this sourcebook, customers are either consumers or commercial customers. A consumer is any natural person who is acting for purposes which are outside his trade or profession. A commercial customer is a customer who is not a consumer.

What is Icobs 6B?

ICOBS 6B.2.35 R 01/01/2022. An insurance intermediary that carries out insurance distribution activities at renewal and which either: (1) forgoes commission in whole or in part when selling to new business customers; or. (2)

When was Icobs introduced?

6 January 2008
Background to ICOBS
On 6 January 2008, the Financial Conduct Authority’s (FCA) predecessor, the Financial Services authority (FSA) brought into force the ICOBS Insurance: Conduct of Business sourcebook (ICOBS), which replaced Insurance: Conduct of Business Sourcebook (ICOB).

What are Icobs rules?

ICOBS includes many record keeping provisions, including those on where the firm has decided to comply with COBS rules instead where it deals in pure protection policies, determinations of eligibility of customers to claim benefits within a packaged bank account and the products’ suitability.

What product types do Icobs regulations apply to?

COBS will apply to a firm if its activities consist of long-term insurance business in relation to life policies or designated investment business. ICOBS will apply to a firm in relation to its general insurance business and pure protection insurance business (also referred to as ‘non-investment insurance’).

What are the 4 major types categories of customers?

4 Customer Personality Types & How To Handle Them

• The Analytical. People who possess this personality look for facts and figures in a sales presentation.
• The Amiable. The Amiable are respectful, sociable, and trustworthy.
• The Expressive.
• The Driver.

What are the five basic types of customers?

5 types of customers

• New customers.
• Impulse customers.
• Angry customers.
• Insistent customers.
• Loyal customers.

What are the 6 TCF principles?

The six outcomes of TCF are.

• 1 Culture and Governance. Clients are confident that they are dealing with firms where the fair treatment of customers is central to the firm culture.
• 2 Product Design.
• 3 Clear Communication.
• 4 Suitable Advice.
• 5 Performance and Standards.
• 6 Claims, Complaints and Changes.

What is the inducement rule within Icobs?

An inducement is a benefit offered to a firm, or any person acting on its behalf, with a view to that firm, or that person, adopting a particular course of action. This can include, but is not limited to, cash, cash equivalents, commission, goods, hospitality or training programmes.

Does an insurance broker need an SMF16?

The Required Functions SMF16 and SMF17 are only required under SM&CR if they are currently required for your Firm by specific Handbook rules. For most solo-regulated Firms in the insurance market these functions are not required.

What is the wording of the Icobs rule known as the customer’s best interests rule?

The customer’s best interests rule
A firm must act honestly, fairly and professionally in accordance with the best interests of its customer.

What are the responsibilities of an approved person?

You must act with integrity. You must act with due care, skill and diligence. You must pay due regard to the interests of customers and treat them fairly. You must observe proper standards of market conduct.

What are the FCA prod rules?

PROD 1.1 Application and purpose

• (1) meet the needs of one or more identifiable target markets;
• (2) are sold to clients in the target markets by appropriate distribution channels; and.
• (3) deliver appropriate client outcomes.

How long does the FCA recommend that we keep records for?

five years
General requirements
A common platform firmmust retain all records kept by it under this chapter in relation to its MiFID business for a period of at least five years.

Do you need to be FCA regulated to sell insurance?

You need authorisation from the Financial Conduct Authority (FCA) to advise on, arrange or sell general insurance products. You need authorisation even if this is only a small part of your business.

Who does FCA consumer duty apply to?

It applies to the regulated activities and ancillary activities of all firms authorised under FSMA, the Payment Services Regulations 2017 and E-money Regulations 2011, in relation to products and services affecting prospective and actual retail customers.

When did FCA take over consumer credit?

2014
Since taking over regulation of consumer credit in 2014, we have worked with industry and other stakeholders to raise standards and improve outcomes for consumers in these markets.

What are the 4 S’s of customer service?

I mentioned in a previous TOW years ago about the 4 S’s of Expectation Management – Key guiding principles to effectively set and manage customer expectations – Simple, Specific, Supporting Documentation, and Summarizing.

What are the 4p of customer service?

Promptness, Politeness, Professionalism and Personalization: these 4 characteristics are the key ingredients to any successful service interaction, and when you think about it, they are the basics you expect to receive as a consumer.