COB 2.5 Exclusion of liability

1. (1)

   This section applies to a firm that conducts designated investment business.12

2. (2)

   This section also applies to a firm which enters into a distance contracts to accept deposit with a retail customer.12

A firm must not, in any written or oral communication in connection with designated investment business, seek to exclude or restrict, or to rely on any exclusion or restriction of, any duty or liability it may have to a customer (which for these purposes includes a retail customer) under the regulatory system.12

A firm must not, in any written or oral communication to a private customer in connection with designated investment business, seek to exclude or restrict, or to rely on any exclusion or restriction of, any duty or liability not referred to in COB 2.5.3 R unless it is reasonable for it to do so.2

1A firm must not, in any written or oral communication to a retail customer in connection with a distance contract to accept deposits with a retail customer , seek to exclude or restrict, or to rely on any exclusion or restriction of, any duty or liability it may have to a retail customer under COB.2