CRED 11.1 Introduction

1. (1)

   The Banking Conduct of Business sourcebook (BCOBS) sets out rules and guidance for firms on how they should conduct their business with their customers.7

2. (2)

   In particular there are rules and guidance relating to communications with banking customers and financial promotions (BCOBS 2), distance communications (BCOBS 3), information to be communicated to banking customers (BCOBS 4), post sale requirements (BCOBS 5), and cancellation (BCOBS 6).

3. (3)

   Except as provided for in (4), the Conduct of Business sourcebook (COBS) does not apply to accepting deposits.

4. (4)

   COBS 4.6 (Past, simulated past and future performance), COBS 4.7.1 R (Direct offer financial promotions), COBS 4.10 (Systems and controls and approving and communicating financial promotions), COBS 13.1 (Preparing product information) and COBS 14.2 (Providing product information to clients) apply to accepting deposits as set out in those sections.

5. (5)

   BCOBS 5.1.13 R does not apply to credit unions (BCOBS 1.1.5 R).

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).

BCOBS 3.27 (E-Commerce)6 contains rules 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.

4A credit union which acts as a CTF provider needs to be aware of the requirements relating to CTFs in COBS6, in particular COBS 6Chapters 3,4, and 9 Annex 1, 10, 13, 14 and 156 SUP 15, where relevant, IPRU(INV) Chapter 8 and 5MIPRU5.