COB 7.6 COB 7.6 Disclosure of Costs and Remuneration
COB 7.6.1 COB 7.6.1
Insurer, Insurance Intermediaryor Insurance Managermust provide details of the costs of each Contractof Insuranceor Insurance Intermediationservice or Insurance Managementservice offered to a Client.
COB 7.6.1 Guidance1 The disclosure required by this Rule should include any premiums, fees, charges or taxes payable by the
Client, whether or not these are payable to the Authorised Firm.2 The disclosure should be made in terms readily understandable by the Client, taking into account the knowledge held by that Clientin relation to the type of insurance in question.
Insureror Insurance Intermediarymust, where any premium is payable through a Credit Facilitymade available to a Retail Client, disclose any interest, profit rate or charges payable by the Clientfor using that facility.
Insurer, Insurance Intermediaryor Insurance Managermust ensure that it does not impose any new costs, fees or charges without first disclosing the amount and the purpose of those charges to the Client.
COB 7.6.4(1) An
Insurer, Insurance Intermediaryor Insurance Managermust, on the request of any Client, disclose to that Clientall commissions and other economic benefits accruing to the Authorised Firmor any member of the same Groupfrom:(a) any Insurance Intermediationbusiness;(b) any Insurance Managementbusiness; or(c) any other business connected to or related to the provision of such business;transacted by the Authorised Firm on behalf of that Client.(2) The requirement to disclose the information under (1) does not apply where an Insurance Intermediaryacts solely on behalf of a single insurer, and this fact has been disclosed to the Client.