No. Any policies not issued by 31 March 2018 will automatically default to a “LIF” policy and will be subject to LIF “Upfront 2018” commission and clawback rules. Remember also that, from 1 April 2018, P105 will only be available for Level commission structure – if you selected P105 on your client’s policy and the policy is not issued by 31 March 2018, it will automatically default to P100 (unless the commission structure is Level). This means your client’s premium will be automatically adjusted, together with your commission. You can see if this has been applied to a policy via the information section on the Proposals in Progress report on the Adviser Site.
Reminder: If your client’s policy was grandfathered under LIF or was submitted before 1 January 2018 and issued before 1 April 2018, any increases or additions to that policy will also be grandfathered.