CRED 11.1 Introduction

The Conduct of Business sourcebook (COB) sets out rules and guidance for firms on how they should conduct their business with their customers.

1. (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. (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 General provisions module of the Handbook (GEN) contains rules and guidance in GEN 4 (Statutory status disclosure) relating to disclosure of statutory status. These are summarised in CRED 11.3 (Statutory status disclosure).

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).

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:

1. (1)

   is normally provided for remuneration;

2. (2)

   is provided at a distance;

3. (3)

   is so provided by means of electronic equipment for the processing (including digital compression) and storage of data; and

4. (4)

   is so provided at the individual request of a recipient of the service.

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).

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.