COBS Sch 5 Rights of action for damages

1The table below sets out the rules in COBS contravention of which by an authorised person may be actionable under section 138D of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 138D (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A "Yes" in the column headed "Removed" indicates that the FCA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given.

Right of action under section 138D

Chapter/ Appendix

Section/Annex

Paragraph

For private person?

Removed?

For other person?

All rules in COBS with the status letter "E"

No

No

No

Any rule in COBS which prohibits an authorised person from seeking to make provision excluding or restricting any duty or liability

Yes

No

Yes

Any other person

Any rule in COBS which is directed at ensuring that transactions in designated investments are not effected with the benefit of unpublished information that, if made public, would be likely to affect the price of that designated investment

Yes

No

Yes

Any other person

The fair, clear and not misleading rule

Yes

In part (Note 1)

No

All other rules in COBS

Yes

No

No

Notes

1. COBS 4.2.6R provides that if, in relation to a particular communication or financial promotion, a firm takes reasonable steps to ensure it complies with the fair, clear and not misleading rule, a contravention of that rule does not give rise to a right of action under section 138D of the Act.