GEN 4.2 Purpose
The purpose of this chapter is to build upon 8Principle 7 (Communications with clients), which requires a firm to pay due regard to the information needs of its clients. This chapter requires the provision of appropriate minimum information about the identity of the regulator that authorised a firm. It also governs the way in which a firm may describe its regulation by the FSA.8 This assists in the achievement of the regulatory objectives of consumer protection, public awareness and market confidence.
888PRIN 1.1.3 G, states that in applying the Principles with respect to accepting deposits and issuing electronic money, the FSA will proceed only in a prudential context. That limitation does not apply to this chapter.
There are other pre-contract information requirements outside this chapter, including:
- (1)
for financial promotions, inthe financial promotion rules;5
5 - (2)
for designated investment business, inCOBS 8 (Client agreements), COBS 5 (Distance Communications), COBS 6 (Information about the firm, its services and remuneration), COBS 13 and 14 (which relate to product information)5 and CASS (Client assets);
5 - (3)
for non-investment insurance contracts3, distance communication requirements in ICOBS 3, initial disclosure requirements in ICOBS 4, disclosures relating to client needs and advice in ICOBS 5 and product information requirements in ICOBS 6;
3377 - (4)
for electronic commerce activities carried on from an establishment in the United Kingdom, in COBS 5.2, ICOBS 3.2 7and MCOB 2.8;6 and1
67 - (5)
for regulated mortgage contracts and home purchase plans, initial disclosure requirements 4in MCOB 44, pre-application disclosure requirements in MCOB 5,4 and disclosure at the offer stage in MCOB 64;4 and12
44 - (6)
for equity release transactions, initial disclosure requirements in MCOB 8.4, pre-application disclosure requirements in MCOB 9.4 and disclosure at the offer stage in MCOB 9.5
44