How RL360's savings plans are changing on 1 July 2019

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How our savings plans are 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 our regular savings plans to be in line with the new regulations.

Changes to the product range

In January 2019 we launched our new savings product, Regular Savings Plan (RSP). RSP was designed to meet the requirements of COB and so will continue (with one slight change detailed below) after 1 July. 


On 30 June 2019 we will be retiring our other savings plans, Quantum and Paragon. These 2 products will not be available from 1 July.


How is RSP changing?

One of the key pillars of the COB code is the introduction of a personalised Key Information Document (KID). The KID describes the main features of an RSP plan, who the product is aimed at and highlights all the fees and charges. From 1 July, the KID must show the amount of commission you receive, 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. 


Those of you who have been recommending RSP to your clients since January will be aware that RSP already includes a personalised KID that is generated as part of the illustration. Currently the KID does not disclose the amount of commission you receive for recommending RSP. After 1 July the KID will show the commission you will receive in percentage terms. 


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. 


You can continue using the existing RSP literature.


RSP illustration system

The RSP illustration system is being updated to include a KID that discloses commission in percentage terms. We will send you details of how to access the updated illustration system before 1 July.


New version of the RSP tablet and mobile app

The tablet and mobile app is on course to be available for RSP from 1 July. The app is being updated to reflect the various COB requirements. 


Quantum will be removed from the product choice options, but Quantum applications that were started before 1 July will still be available and can be issued if they meet the acceptance criteria described below. 


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


Acceptance of current version RSP applications


New business applications for RSP written on the current, pre-1 July 2019 basis, will be issued up until 30 September 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 RSP plan


Top ups will also require an illustration and KID to be submitted along with the top up form. Access to the top up illustrations will be available later in July. Until then, if you wish to top-up an RSP plan, please contact your RL360 Account Manager. 


The Desktop version of the illustration system cannot be used for top-ups. 


Top-ups made after 1 July on RSP plans taken out before 1 July will generate a KID for the top-up which includes commission disclosed in percentage terms.


Quantum and Paragon

Quantum (and Quantum Malaysia) and Paragon will be withdrawn on 30 June. 


New business applications for Quantum and Paragon written on the current, pre-1 July 2019 basis, will be issued up until 30 September 2019 so long as the application was: 


  • signed before 1 July 2019. No applications dated after 30 June will be accepted
  • submitted and received by RL360 before 1 August 2019


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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+44 (0) 1624 681 681 |

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+852 3929 4333 |


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+971 (0) 4 378 2700 |


+27 (0) 11452 7310 |


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