Related provisions for MCOB 2.6A.13A

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PRIN 4.1.2GRP
Under PRIN 3.3.1 R, the territorial application of a number of Principles to a UK MiFID investment firm is extended to the extent that another applicable rule which is relevant to an activity has a wider territorial scope. Under PRIN 3.1.1 R, the territorial application of a number of Principles to an EEAMiFID investment firm is narrowed to the extent that responsibility for the matter in question is reserved to the firm'sHome State regulator. These modifications are relevant
PRIN 4.1.4GRP
(1) Certain requirements under MiFID are disapplied for:(a) eligible counterparty business;(b) transactions concluded under the rules governing a multilateral trading facility between its members or participants or between the multilateral trading facility and its members or participants in relation to the use of the multilateral trading facility;(c) transactions concluded on a regulated market between its members or participants.(2) Under PRIN 3.1.6 R, these disapplications may
COBS 2.1.1RRP
(1) 1A firm must act honestly, fairly and professionally in accordance with the best interests of its client (the client's best interests rule).(2) This rule applies in relation to designated investment business carried on:(a) for a retail client; and(b) in relation to MiFID or equivalent third country business, for any other client.(3) For a management company, this rule applies in relation to any UCITS scheme or EEA UCITS scheme the firm manages.23[Note: article 19(1) of MiFID
COBS 2.1.3GRP
(1) In order to comply with the client's best interests rule, a firm should not, in any communication to a retail client relating to designated investment business:(a) seek to exclude or restrict; or(b) rely on any exclusion or restriction of;any duty or liability it may have to a client other than under the regulatory system, unless it is honest, fair and professional for it to do so.(2) The general law, including the Unfair Terms Regulations, also limits the scope for a firm
MCOB 2.3.1GRP
The purpose of MCOB 2.3 is to ensure, in accordance with Principles 1, 6 and 8,2 that a firm does not conduct business under arrangements that might give rise to a conflict with its duty to customers or to unfair treatment of them. 2
MCOB 2.3.4GRP
The purpose of MCOB 2.3.2 R(2) is to prevent the requirement in MCOB 2.3.2 R(1) being circumvented by an inducement being given or received by an unregulated associate. There may be circumstances, however, where a firm is able to demonstrate that it could not reasonably have knowledge of an associate giving or receiving an inducement. It should not, however, direct business to another person on the instruction of an associate if this is likely to conflict with the interests of
CONC 8.2.2GRP
(1) One aspect of conducting a firm's business with due skill, care and diligence under Principle 2 is that a firm should ensure that it gives appropriate advice to customers residing in the different countries of the UK. Failure to pay proper regard to the differences in options for debt solutions available to those customers and to the differences in enforcement actions and procedures is likely to contravene Principle 2 and may contravene other Principles. [Note: paragraph 3.23d
CONC 8.2.5RRP
A firm's communications to lenders (or to lenders' representatives) on behalf of its customers must be transparent so as to ensure a firm'scustomer's interests are not adversely affected. [Note: paragraph 2.5 of DMG]
COBS 20.2.2RRP
Neither Principle 6 (Customers' interests) nor the rules on treating with-profits policyholders fairly (COBS 20.2) relieve a firm of its obligation to deliver each policyholder's contractual entitlement.
COBS 20.2.22ERP
(1) If a with-profits fund has an excess surplus, and to retain that surplus would be a breach of Principle 6 (Customers' interests), the firm should make a distribution from that with-profits fund.22(2) Compliance with (1) may be relied on as tending to establish compliance with Principle 6 (Customers' interests).(3) Contravention of (1) may be relied on as tending to establish a contravention of Principle 6 (Customers' interests).
DEPP 4.2.1GRP
If FCA2 staff recommend that action be taken and they consider that the decision falls within the responsibility of a senior staff committee:2(1) in general the FCA2 staff's recommendation will go before the senior staff committee;2(2) in urgent statutory notice cases for which a senior staff committee is responsible, the decision to give the statutory notice may be taken by the chairman or, if he is unavailable, a deputy chairman of the senior staff committee, and, if it is practicable,
MCOB 6.2.1GRP
(1) MCOB 6 amplifies Principle 6 and Principle 7. The purpose of MCOB 6 is to ensure that a customer receives a clear offer document to enable him to check the features and price of thehome finance transaction1 before he enters into it. The offer document should include an updated and suitably adapted illustration (for a regulated mortgage contract) or financial information statement (for a home purchase plan)1 so that the customer can compare it with the one1 he received before
DEPP 3.4.3GRP
In an exceptionally urgent case the decision to give a supervisory notice may be taken by a member of the FCA's1 executive of at least director of division level if:1(1) FCA1 staff consider that the action should be taken before a recommendation to the Chairman or a Deputy Chairman of the RDC can be made; and1(2) an urgent decision on the proposed action is necessary to protect the interests of consumers.
PRIN 3.3.1RRP

Territorial application of the Principles

Principle

Territorial application

Principles1, 2 and 3

in a prudential context, apply with respect to activities wherever they are carried on; otherwise, apply with respect to activities carried on from an establishment maintained by the firm (or its appointed representative) in the United Kingdom unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case the Principle applies with that wider scope in relation to the activity described in that rule.

Principle 4

applies with respect to activities wherever they are carried on.

Principle5

if the activities have, or might reasonably be regarded as likely to have, a negative effect on confidence in the UK financial system4, applies with respect to activities wherever they are carried on; otherwise, applies with respect to activities carried on from an establishment maintained by the firm (or its appointed representative) in the United Kingdom.

4

Principles 6, 7, 8, 9 and 10

Principle 8, in a prudential context, applies with respect to activities wherever they are carried on; otherwise apply with respect to activities carried on from an establishment maintained by the firm (or its appointed representative) in the United Kingdom unless another applicable rule which is relevant to the activity has a wider territorial scope, in which case the Principle applies with that wider scope in relation to the activity described in that rule.

Principle11

applies with respect to activities wherever they are carried on.2
SYSC 13.2.4AGRP
1Operational risk can, amongst other things, lead to unfair treatment of consumers or lead to financial crime. A firm should consider all operational risk events that may affect these matters in establishing and maintaining its systems and controls.
ICOBS 2.3.1GRP
(1) Principle 8 requires a firm to manage conflicts of interest fairly, both between itself and its customers and between a customer and another client. This principle extends to soliciting or accepting inducements where this would conflict with a firm's duties to its customers. A firm that offers such inducements should consider whether doing so conflicts with its obligations under Principles 1 and 6 to act with integrity and treat customers fairly.(2) An inducement is a benefit
MCOB 13.2.1GRP
This chapter amplifies Principle 6 1in respect of the information and service provided to customers who have payment difficulties or face a sale shortfall1.111
MCOB 7.2.1GRP
(1) This chapter amplifies Principle 6 and Principle 7. 2(1A) 2This chapter requires information to be supplied to customers at the start of a2regulated mortgage contract to enable them to check that the regulated mortgage contract has been set up in accordance with their requirements and to notify them of the first and subsequent payments.2(2) Where a firm provides services to a customer in relation to a further advance, rate switch, or addition or removal of a party to a regulated
MCOB 12.7.1GRP
1The FCA believes that Principle 7 requires charges imposed by a firm on customers to be transparent and that imposing unfair or excessive charges is inconsistent with Principle 6. Note: A firm should also have regard to its obligations under the Unfair Terms Regulations.and may find material on the FCA website concerning the FCA consumer protection powers useful.
MCOB 2.5A.1RRP
1A firm must act honestly, fairly and professionally in accordance with the best interests of its customer.
CONC 7.7.1GRP
When levying charges for debt recovery on customers in default or arrears difficulties firms should consider their obligation under Principle 6 to pay due regard to the interests of customers and treat them fairly.[Note: paragraphs 3.1 and 3.10 of DCG]
MCOB 4.2.1GRP
(1) This chapter amplifies Principle 6 (Customers' interests), Principle 7 (Communications with clients) and Principle 9 (Customers: relationships of trust). 1(2) The purpose of this chapter is to ensure that:(a) customers are adequately informed about the range2 of home finance transactions available from firms and the basis of their remuneration;21212(b) where advice is given, it is suitable for the customer.2(c) 2the firm provides advice whenever it makes a sale during which
PRIN 2.1.1RRP

The Principles

1 Integrity

A firm must conduct its business with integrity.

2 Skill, care and diligence

A firm must conduct its business with due skill, care and diligence.

3 Management and control

A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.

4 Financial prudence

A firm must maintain adequate financial resources.

5 Market conduct

A firm must observe proper standards of market conduct.

6 Customers' interests

A firm must pay due regard to the interests of its customers and treat them fairly.

7 Communications with clients

A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.

8 Conflicts of interest

A firm must manage conflicts of interest fairly, both between itself and its customers and between a customer and another client.

9 Customers: relationships of trust

A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.

10 Clients' assets

A firm must arrange adequate protection for clients' assets when it is responsible for them.

11 Relations with regulators

A firm must deal with its regulators in an open and cooperative way, and must disclose to the appropriate regulator appropriately anything relating to the firm of which that regulator would reasonably expect notice.
CONC 5.4.2RRP
(1) In giving explanations or advice, or in making recommendations, a firm must pay due regard to the customer's needs and circumstances. (2) In complying with (1) a firm must pay due regard to whether the credit product is affordable and whether there are any factors that the firm knows, or reasonably ought to know, that may make the product unsuitable for that customer. [Note: paragraphs 4.32 to 4.36 of CBG]
CONC 7.8.1RRP
A firm dealing with a customer who is resident in a different jurisdiction to the jurisdiction of the firm's place of business must ensure that it takes appropriate account of any differences in law and court procedure that may have a significant impact on the customer's rights.[Note: paragraph 2.3 of DCG]