Context
The FCA has published a further Consultation in relation to its ‘targeted support’ proposals first announced in Consultation Paper CP25/17. These proposals relate to the ‘advice gap’ and, from an insurance distribution perspective, only relate to investment-based insurance products and life insurance.
Key points to note and next actions
- FCA plans to make amendments to a small number of areas of ICOBS, and has clarified that the insurance distribution targeted support requirements set out in COBS 9B do not relate to non-investment insurance products.
- The table at ICOBS 1 Annex 1, within Part 2, will have an additional Rule added at 6.1 R, and the associated Guidance at a new 6.2 G is proposed as “(2) The provision of targeted support is subject to specific requirements in COBS 9B. Non-investment insurance contracts are beyond the scope of those rules.”.