How is Oracle changing on 1 July 2019? | RL360 Adviser

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How is Oracle changing on 1 July 2019?

With the final phase of the Isle of Man Conduct of Business Code (COB) coming into effect on 1 July, we look ahead to the changes we are making to Oracle, our investment bond for lump sum investors, to be in line with the new regulations.

Enhancements to Oracle

We have 2 variants of Oracle – a life assurance version, and a capital redemption version. 


Commission sacrifice is now a standard option. 


We’ve also lowered the currency equivalent ratios we apply for all currencies (except Euro and Australian Dollars) and now use the following formulas: GBP1 / EUR1.2 / CHF1.3 / USD1.4 / AUD1.8 / HKD10 / JPY155. 


This means that the minimum premium for a Oracle reduces for USD, CHF, HKD and JPY plans – for example to USD28,000 now, where previously it was USD32,000. 


It also effectively reduces fee charges for USD, CHF, HKD and JPY plans compared to the current version of Oracle.


Personalised Key Information Document (KID)


One of the key pillars of the COB code is the introduction of a personalised KID. The KID describes the main features of an Oracle plan, who the product is aimed at and highlights all the fees and charges. The amount of commission you receive will also be shown in percentage terms. 


COB rules state the KID document must be signed by the plan owner and submitted as part of the application process. To make life as easy as possible, we have designed the KID to be produced as part of the Illustration process. So once the KID is printed out, the plan owner will need to sign it, and you’ll send it to us as with the completed application form and signed illustration. If you make any changes to the terms of the plan after the application and KID have been sent to us, we would require you to produce a new, signed KID and re-submit it.


Brand new literature

We have changed all Oracle literature. This is not only the look and feel of the materials as they move into the new RL360 brand style, but also the range of literature that will be available. There will be separate Capital Redemption and Life Assurance versions of each of the following pre-sales items: 


  • Product Guide
  • Application Form for individuals
  • Terms and Conditions
  • Application Form for Corporate Trustee (only available as a PDF)
  • Application Form for Company & Individual Trustee (only available as a PDF)


There is no longer a requirement for a Key Features document, as these details are covered off in the KID which will be automatically produced as part of the illustration. 


In addition there will be sales aids and servicing forms. Details for these will follow. 


You can request printed copies from your local RL360 sales office. All PDFs will be available on our dedicated adviser website from 1 July.


Oracle illustration system

The existing illustration system will be updated for 1 July to include the personalised KID. We will send you details of how to access the updated illustration system before 1 July.


New version of the Oracle tablet and mobile app

The tablet and mobile app is on course to be available for Oracle from 1 July. The app is being updated to reflect the various COB requirements (for example the need for the signed KID). 


We will provide full details on how to update the app once it is available.


Acceptance of current version Oracle applications

New business applications for Oracle written on the current, pre-1 July 2019 basis, will be issued up until 31 December 2019 so long as the application was: 


  • signed before 1 July 2019. No applications dated after 30 June will be issued without an updated KID that includes commission disclosure
  • submitted and received by RL360 before 1 August 2019


Topping up an Oracle plan

Top ups on post 1 July plans (that is, COB compliant plans) will be available from day one on the updated illustration system (and then on the new illustration to be launched in Q3). 


Top-ups to existing Oracle plans written before 1 July 2019 will also be available on the existing (and then new) Oracle illustration system. Advisers will need to enter the premiums paid to date and the date the policy commenced and the system calculates the relevant FX rates basis to use. The system generates a KID for the top-up which includes commission disclosed in percentage terms 


The Isle of Man COB code will set the regulatory benchmark for other jurisdictions to follow. We believe the Code will bring about better outcomes and even greater protection for your clients. It’s also an opportunity for you to write even better and more persistent business. 


We have also just published a COB explainer video. You can view the video at 


If you have any further queries, please contact

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