CRED 11.1 Introduction
Conduct of business1
- (1)
The rules and guidance set out in COB mainly apply to designated investment businesses and, as stated in COB 1.3.2 G (2), have limited application to deposits.3
- (2)
The only parts of COB that set out rules and guidance on deposits, other than for a cash deposit ISA, are those relating tofinancial promotion in COB 3 and those relating to distance contracts for accepting deposits in COB 2.6 (General provisions related to distance contracts), COB 6.7 (Cancellation and withdrawal), COB 6.4.25 R (Entering into a distance contract for accepting deposits). Guidance on the way in which those requirements apply to credit unions is set out in CRED 11.4 (Entering into a distance contract for accepting deposits).31
21The FSA logo is a registered mark, is subject to copyright and is the property of the FSA. Credit unions are permitted to use the FSA logo in limited circumstances. Any credit union which wishes to use the FSA logo should refer to GEN 5 (FSA logo).
Electronic commerce activities1
1The E-CommerceDirective sourcebook (ECO) contains rules and guidance applicable to a credit union which carries on an electronic commerce activity; that is, a credit union which accepts deposits, or carries on certain other activities, by way of an information society service. An information society service is, generally speaking and subject to certain exclusions, a service that:
1In particular, a credit union which carries on an electronic commerce activity needs to be aware of the minimum information requirements in ECO 3.2 (Minimum information requirements).
4 CTF providers
4A credit union which acts as a CTF provider needs to be aware of the requirements relating to CTFs in COB, in particular COB Chapters 3,4,5,6 and 8, and SUP 15, where relevant, IPRU(INV) Chapter 8 and PRU 9.