H2: ICOBS - created from Mind Map

ICOBS 1: Application

ICOBS 2: General matters

ICOBS 3: Distance comms

ICOBS 4: Info about firms, services, remuneration

ICOBS 5: Id'ing client needs & advising

ICOBS 6: Product info

ICOBS 7: Cancellation

ICOBS 8: Claims handling

- since 2008 - different rules for different product types; gen. insurance, pure protection, PPI

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General standardsICOBS rules reflect principles-focused & risk-based approach from FCA.Rules distinguish between consumers & commercial customers (who get less protection).  Also vary according to sales with and without advice.  Rules apply to renewals & new bus.Intermediary must supply initial disclosure doc (IDD) & Terms of Business (ToB) before offering advice & detailing services offered & authorisation status.Intermediary must then obtain details of client's circumstances & needs, inc. extg policies, & give client a statement of needs together with reasons for recommendations (demands & needs statement).For non-advised sales, intermediary must gather sufficient info to ensure client is eligible to claim benefit & brief demands & need statement must be supplied.Recommendations must be suitable & duty of disclosure of material facts & its importance must be explained.

Cancellation notice must be sent for all life policies & life annuities except: traded life policies life policies for 6mths or less policies where customer at time of signing app. is habitually resident in EEA state other than UK, or outside EEA and not present in UK pure protection contracts effected by trustees of an occ. pensions scheme, an employer or partnership to secure benefits for employees or partners policies issued to corporate bodies Cancellation period for gen ins. is 14 days, and 30 days for pure protection contracts & PPI.  Usually sent within 14 days after conclusion of contract, electronically or by post.No cancellation rights for travel or similar short-term policies lasting less than 1 month, or policies where performance has already been completed.Renewal terms must be given in 'good time' - usually 21 days.  Intermediary must inform client if acting for insurer, manage any conflicts of interest, and act with due skill, care & diligence.

Clients must be given guidance on claims procedure, claims must be handled fairly & promptly.  Insurer must not reasonably reject a claim.  Cannot refuse claim on non-disclosure where client could not reasonably be expected to have known, except in cases of fraud.

H2: ICOBS

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