COBS 4.15 Promotion of OFR recognised schemes

1. (1)

   1Subject to (2), this section applies to a firm in relation to the communication or approval of a financial promotion relating to an OFR recognised scheme.

2. (2)

   This section does not apply to the extent that the financial promotion is an excluded communication.

1A firm must not communicate or approve a financial promotion relating to an OFR recognised scheme unless the financial promotion clearly states that:

1. (1)

   the scheme is authorised overseas, but not in the United Kingdom;

2. (2)

   (subject to COBS 4.15.3R) the Financial Ombudsman Service is unlikely to be able to consider complaints related to the scheme, its operator or its depositary;

3. (3)

   any claims for losses relating to the operator and the depositary of the scheme are unlikely to be covered under the compensation scheme; and

4. (4)

   a prospective investor should consider getting financial advice before deciding to invest and should see the prospectus of the scheme for more information.

To the extent that the Financial Ombudsman Service is likely to be able to consider a complaint relating to the operator or the depositary of a particular recognised scheme, the financial promotion must contain a clear statement to that effect, and to that extent only COBS 4.15.2R(2) does not apply.1