The FCA are proposing to limit the scope of some of their rules so that the requirements only apply where there is a clear UK connection. The factors to determine application will be the customer’s habitual residence and the state of the risk (this could be the same as the habitual residence or for example in property insurance, the country in which the property is situated.
In ICOBS the proposal is to disapply the rules where both the customer’s habitual residence and the state of the risk are outside of the UK. This will apply . . .
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