1. For the purposes of Article 17(2) of Regulation (EU) No 1286/2014, the FCA shall assess the relevance of all factors and criteria listed in paragraph 2, and take into consideration all relevant factor(s) and criteria in determining when the marketing, distribution or sale of certain insurance-based investment products or a type of financial activity or practice creates a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of the whole or part of the financial system within the United Kingdom.

For the purposes of the first subparagraph, the FCA may determine the existence of a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of whole or part of the financial system within the United Kingdom based on one or more of those factors and criteria.

2. The factors and criteria to be assessed by the FCA to determine whether there is a significant investor protection concern or a threat to the orderly functioning and integrity of financial markets or to the stability of whole or part of the financial system within the United Kingdom shall include the following:

(a) the degree of complexity of the insurance-based investment product or type of financial activity or practice of an insurance or reinsurance undertaking, taking into account, in particular:

- the type of the underlying assets and the degree of transparency of the underlying assets,