On launching the App on the device (iPhone) from Xcode the following error is displayed an fails to launch the application on the device.

Error from debugger: Error launching remote program: security policy error


The iPhone Developer Profiles expire after 3 months of issue, so check your Provisioning profiles associated with the App on the iPhone, they must have expired. So delete those profile and install the new provision profile and re-run. This time it should work fine.