Category: Compliance & AML · Reviewed by Al Jabbar, Broker · Specialist Risks · Last reviewed June 2026
The ICOBS chapter specifying what product information firms must provide to consumers — including the Insurance Product Information Document (IPID), the policy summary, and supporting documentation — in good time before contract conclusion.
ICOBS 6 sets the product information rules for non-investment insurance. The cornerstone is the Insurance Product Information Document (IPID) — a short, standardised disclosure summarising the product’s main features, exclusions and conditions. ICOBS 6 sits alongside ICOBS 6A on product value and renewals.
FCA Handbook, ICOBS 6 (product information) and ICOBS 6A (product value, renewals). Made under FSMA sections 137A and 138, implementing UK retained IDD Article 20(5)–(8) (the IPID) and the FCA’s general insurance pricing remedies under PS21/5.
For non-investment insurance sold to consumers, the IPID must be provided in good time before conclusion. The IPID is a two-page standardised document on white paper, free of marketing, prepared by the manufacturer in accordance with Commission Implementing Regulation (EU) 2017/1469 (as retained). The full policy wording or evidence of cover must follow. Renewal communications must include previous premium where the policy has been renewed at least once before (the auto-renewal disclosure), and prices must reflect the equivalent new-business price under the PS21/5 pricing remedies.
For pure protection products the IPID is replaced by analogous disclosure. For large commercial risks the IPID is not mandatory; substantive disclosure on cover, exclusions and limits is still required. For mid-term adjustments, the documentation of changes must be promptly provided.
A residential landlord taking out a new policy receives the manufacturer’s IPID, the full policy wording, a Demands and Needs Statement, the Terms of Business, and the certificate of insurance from the insurer. At renewal, the previous premium is shown alongside the new premium and the equivalent new-business price.
FCA Handbook, ICOBS 6 and ICOBS 6A. Financial Services and Markets Act 2000, sections 137A and 138. UK retained Insurance Distribution Directive (Directive (EU) 2016/97), Article 20(5)–(8). UK retained Commission Implementing Regulation (EU) 2017/1469 (standardised IPID format). FCA Policy Statement PS21/5 (General insurance pricing practices).
By Matt Bartlett, Director, on 2026-06-11.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-11. Apex Insurance Brokers Limited, FCA FRN 724952, Companies House 07014570. Not regulated advice — consult your broker on your specific position.
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