Compass Friendly Society Limited

Limits on what they may do

• Activities only in respect of long term insurance.

  The firm may only carry on listed activities in respect of the investments specified for the purpose of its long term insurance business.

• Compass must cease, except with the Authority's prior written consent, effecting new contracts of insurance.

  Compass Friendly Society Limited (“Compass”) applies to the Financial Conduct Authority (the “Authority”) under section 55L(5)(a) of the Financial Services and Markets Act 2000 (“the Act”) for the Authority to impose the following requirements (“Requirements”) on Compass’s Part 4A permission, as set out in the terms below. Business Restriction 1.Compass must cease, except with the Authority's prior written consent, effecting new contracts of insurance. For the avoidance of doubt, this Requirement does not prevent Compass from continuing to service existing contracts of insurance, including the collection and investment of ongoing premiums and payment of benefit claims. 2.Compass must provide written confirmation to the Authority that it is in compliance with Requirement 1 from the effective date. Effective Date 3.The Requirement in this application is to take effect immediately on its acceptance by the Authority and notification of such to Compass via email. Publication 4.The Requirement will be published on the Firm’s entry on the Financial Services Register. Definitions 5.Where relevant for interpreting this application, terms have the same meaning as in the Glossary to the FCA Handbook. In this application: i.“Existing contract of insurance” means any insurance policy with Compass in force at the time the Requirement came into force; ii. “New contract of insurance” means any insurance policy with Compass which had not been effected at the time the Requirement came into force; and iii. “Effecting” means offering, pricing and negotiating insurance business, confirmation of cover and issuance of policies.