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  1. Point in time
    2014-07-22

COBS 10.3 Warning the client

COBS 10.3.1RRP
  1. (1)

    If a firm considers, on the basis of the information received to enable it to assess appropriateness, that the product or service is not appropriate to the client, the firm must warn the client.

  2. (2)

    This warning may be provided in a standardised format.

[Note: article 19(5) of MiFID]

COBS 10.3.2RRP
  1. (1)

    If the client elects not to provide the information to enable the firm to assess appropriateness, or if he provides insufficient information regarding his knowledge and experience, the firm must warn the client that such a decision will not allow the firm to determine whether the service or product envisaged is appropriate for him.

  2. (2)

    This warning may be provided in a standardised format.

[Note: article 19(5) of MiFID]

COBS 10.3.3GRP

If a client asks a firm to go ahead with a transaction, despite being given a warning by the firm, it is for the firm to consider whether to do so having regard to the circumstances.