ICOBS 6A.3 Cross-selling

When offering a non-insurance ancillary product or service as part of a package or the same agreement with an insurance product, a firm must:

1. (1)

   inform the customer whether it is possible to buy the different components separately and, if so must provide the customer with an adequate description of:

   1. (a)

      the different components;

   2. (b)

      where applicable, any way in which the risk or insurance coverage resulting from the agreement or package differs from that associated with the components taken separately; and

2. (2)

   provide the customer with separate evidence of the costs and charges of each component.

[Note: articles 24(1) and (2) of the IDD]

When offering an insurance product ancillary to and as part of a package or in the same agreement with a non-insurance product or service, a firm must offer the customer the option of buying the non-insurance goods or services separately.

ICOBS 6A.3.2R does not apply where the non-insurance product or service is any of the following:

1. (1)

   investment services or activities;

2. (2)

   a credit agreement as defined in point 3 of article 4 of the MCD which is:

   1. (i)

      an MCD credit agreement; or

   2. (ii)

      an exempt MCD credit agreement; or

   3. (iii)

      a CBTL credit agreement; or

   4. (iv)

      a credit agreement referred to in articles 72G(3B) and (4) of the Regulated Activities Order;

3. (3)

   a payment account as defined in regulation 2(1) of the Payment Accounts Regulations.

[Note: article 24(3) of the IDD]

This section does not prevent the distribution of insurance products which provide coverage for various types of risks (multi-risk insurance policies).

[Note: article 24(5) of the IDD]