Related provisions for COBS 11.4.4

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COBS 15.2.1RRP

A consumer has a right to cancel any of the following contracts with a firm:

Cancellable contract

Cancellation period

Supplementary provisions

Life and pensions:

• a life policy (including a pension annuity, a pension policy or within a wrapper)

• a contract to join a personal pension scheme or a stakeholder pension scheme

• a pension contract

• a contract for a pension transfer8

• a contract to vary an existing personal pension scheme or stakeholder pension scheme by exercising, for the first time, an option to make income withdrawals6

30 calendar days

For a life policy effected when opening or transferring a wrapper, the 30 calendar day right to cancel applies to the entire arrangement

For a contract to buy a unit in a regulated collective investment scheme within a pension wrapper, the cancellation right for 'non-life/pensions (advised but not at a distance)' below may apply

Exemptions may apply (see COBS 15 Annex 1 )

6Lifetime ISAs (advised but not at a distance):

6• a non-distance contract to open or transfer a lifetime ISA

30 calendar days

These rights arise only following a personal recommendation of the contract (by the firm or any other person).

Exemptions may apply (see COBS 15 Annex 1)

Cash deposit ISAs:

• a contract for a cash deposit ISA

14 calendar days

Exemptions may apply (see COBS 15 Annex 1 )

Non-life/pensions (advised but not at a distance): a non-distance contract:6

• to buy a unit in a regulated collective investment scheme (including within a wrapper or pension wrapper)

• to open or transfer a child trust fund (CTF)

• to open or transfer an ISA (other than a lifetime ISA)6

• for an Enterprise Investment Scheme

2

14 calendar days

These rights arise only following a personal recommendation of the contract (by the firm or any other person).2

For a unit bought when opening or transferring a wrapper or pension wrapper, the 14 calendar day right to cancel applies to the entire arrangement.2

Exemptions may apply (see COBS 15 Annex 1 ).2

Non-life/pensions (at a distance): a distance contract, relating to:6

• accepting deposits

• designated investment business

• issuing electronic money3

14 calendar days

Exemptions may apply (see COBS 15 Annex 1 )

[Note: article186 of the Solvency II Directive and5 article 6(1) of the Distance Marketing Directive]

5
COBS 15.2.2GRP
(1) If the same transaction attracts more than one right to cancel, the firm should apply the longest cancellation period applicable.(2) A firm may provide longer or additional cancellation rights voluntarily, but if it does these should be on terms at least as favourable to the consumer as those in this chapter, unless the differences are clearly explained.(3) If the right to cancel applies to a wrapper or pension wrapper and underlying investments, the firm may give the consumer
COBS 15.2.3RRP
The cancellation period begins:(1) either from the day of the conclusion of the contract, except in respect of contracts relating to life policies where the time limit will begin from the time when the consumer is informed that the contract has been concluded; or(2) from the day on which the consumer receives the contractual terms and conditions and any other pre-contractual information required under this sourcebook or the PRIIPs Regulation7, if that is later than the date referred
COBS 15.2.4GRP
If a firm does not give a consumer the required information about the right to cancel and other matters, the contract remains cancellable and the consumer will not be liable for any shortfall.
COBS 15.2.5RRP
(1) The firm must disclose to the consumer:(a) in good time before or, if that is not possible, immediately after the consumer is bound by a contract that attracts a right to cancel or withdraw; and(b) in a durable medium;the existence of the right to cancel or withdraw, its duration and the conditions for exercising it including information on the amount which the consumer may be required to pay, the consequences of not exercising it and practical instructions for exercising
COBS 20.3.1RRP
(1) A firm must:(a) establish and maintain the PPFM according to which its with-profits business is conducted (or, if appropriate, separate PPFM for each with-profits fund); and(b) retain a record of each version of its PPFM for five years.(2) A firm'swith-profits principles must:(a) be enduring statements of the standards it adopts in managing with-profits funds; and(b) describe the business model it uses to meet its duties to with-profits policyholders and to respond to longer-term
COBS 20.3.4RRP
A firm'sPPFM must cover the issues set out in the table in COBS 20.3.6 R.
COBS 20.3.5RRP
A firm'sPPFM must cover any matter that has, or it is reasonably foreseeable may have, a significant impact on the firm's management of with-profits funds, including but not limited to:(1) any requirements or constraints that apply as a result of previous dealings, including previous business transfer schemes;3(2) the nature and extent of any shareholder or other3 commitment to support the with-profits fund; and3(3) the precise terms and conditions of support asset arrangements,
COBS 20.3.6RRP

Table: Issues to be covered in PPFM

Subject

Issues

(1)

Amount payable under a with-profits policy

(a)

Methods used to guide determination of the amount that is appropriate to pay individual with-profits policyholders, including:

(i)

the aims of the methods and approximations used;

(ii)

how the current methods, including any relevant historical assumptions used and any systems maintained to deliver results of particular methods, are documented; and

(iii)

the procedures for changing the current method or any assumptions or parameters relevant to a particular method.

(b)

Approach to setting bonus rates.

(c)

Approach to smoothing maturity payments and surrender payments, including:

(i)

the smoothing policy applied to each type of with-profits policy;

(ii)

the limits (if any) applied to the total cost of, or excess from, smoothing; and

(iii)

any limits applied to any changes in the level of maturity payments between one period to another.

(2)

Investment strategy

Significant aspects of the firm's investment strategy for its with-profits business or, if different, any with-profits fund, including:

(a)

the degree of matching to be maintained between assets relevant to with-profits business and liabilities to with-profits policyholders and other creditors;

(b)

the firm's approach to assets of different credit or liquidity quality and different volatility of market values;

(c)

the presence among the assets relevant to with-profits business of any assets that would not normally be traded because of their importance to the firm, and the justification for holding such assets; and

(d)

the firm's controls on using new asset or liability instruments and the nature of any approval required before new instruments are used.

(3)

Business risk

The exposure of the with-profits business to business risks (new and existing), including the firm's:

(a)

procedures for deciding if the with-profits business may undertake a particular business risk;

(b)

arrangements for reviewing and setting a limit on the scale of such risks; and

(c)

procedures for reflecting the profits or losses of such business risks in the amounts payable under with-profits policies.

(4)

Charges and expenses

(a)

The way in which the firm applies charges and apportions expenses to its with-profits business, including, if material, any interaction with connected firms.

(b)

The cost apportionment principles that will determine which costs are, or may be, charged to a with-profits fund and which costs are, or may be, charged to the other parts of its business of its shareholders.

(5)

Management of inherited estate

Management of any inherited estate and the uses to which the firm may put that inherited estate.

(6)

Volumes of new business and arrangements on stopping taking new business

If a firm'swith-profits fund is accepting new with-profits business, its practice for review of the limits on the quantity and type of new business and the actions that the firm would take if it ceased to take on new business of any significant amount.

(7)

Equity between the with-profits fund and any shareholders

The way in which the interests of with-profits policyholders are, or may be, affected by the interests of any shareholders of the firm.
COBS 20.3.7GRP
The table in COBS 20.3.8 G sets out guidance on how various information relevant to some of the issues covered in a firm'sPPFM (COBS 20.3.6 R) might be split between with-profits principles and with-profits practices. This is an example of the matters a firm should address in its with-profits principles and with-profits practices and is not exhaustive. A firm should consider carefully the scope and content of its PPFM as appropriate.
COBS 20.3.8GRP

Table: Guidance on with-profits principles and practices

Reference to PPFM issues (COBS 20.3.6R)

With-profits principles

With-profits practices

(1) Amount payable under a with-profits policy

General

(a) Circumstances under which any historical assumptions or parameters, relevant to methods used to determine the amount payable, may be changed;

General

(e) For each major class of with-profits policy, methods establishing the main assumptions or parameters that decide the output of methods that determine the amount payable;

(f) Degree of approximation allowed when assumptions or parameters are applied across generations of with-profits policyholders or across different types or classes of with-profits policies;

(g) Formality with which the methods, parameters or assumptions used are documented;

(h) Target range, or target ranges, that have been set for maturity payments;

(i) Factors likely to be regarded as relevant to address policyholders' interests or security when determining excess surplus; and

Investment return, expenses or charges and tax

(j) How investment return, expenses or charges and tax are brought into account and how the impact of those items is determined on the amount payable. In particular:

  • any distinctions made in recognising the investment return from a subset of the total assets of a with-profits fund;
  • whether expenses are apportioned between all the policies in a with-profits fund or apportioned in some other way;
  • the relationship between the liability to tax attributed to a with-profits fund and the tax that the firm imputes to determine the amount payable;
  • impact on the amount payable of any attributed liability to tax of a with-profits fund as a result of the firm making a transfer to shareholders; and
  • how any other items are brought into account.

Bonus rates

(b) General aims in setting bonus rates and the constraints to which the firm may be subject in changing economic circumstances;

(c) How the range of with-profits policies or generations of with-profits policies over which the firm believes a single bonus rate would be appropriate is determined and the circumstances under which it believes a new bonus series would be necessary; and

Bonus rates

(k) Current approach to setting bonus rates, including the weight given to recent economic experience. For final bonus rates, the description should include any distinctions made between with-profits policies that remain in force until contractual dates, or dates on which no market value reduction applies (for example, maturity or retirement dates) and policies that are surrendered or transferred at other dates;

(l) Frequency at which bonus rates are re-set or expected to be re-set and the circumstances under which changes in the economic environment would cause the time between re-setting to change;

(m) Maximum amount by which annual bonuses would alter if annual bonus rates were reset;

(n) Approach to setting any interim bonus rates before the next declaration of annual bonus rates;

(o) Relationship or interaction between final bonus rates and any market value reductions, if both can apply at the same time;

(p) How final bonus rates influence the value of with-profits policies that have formulaic surrender or transfer bases (for example, older conventional policies rather than unitised policies); and

Smoothing

(d) Statement as to whether smoothing is intended to be neutral over time.

Smoothing

(q) Any differences in approach for:

(2) Investment strategy

(a) How the types, classes or mix of assets are determined; and

(b) Strategy in respect of derivatives and other instruments.

(c) Whether and to what extent there is hypothecation of assets;

(d) Period between formal reviews of investment strategy;

(e) Approach to investment in different asset classes, and assets of different credit or liquidity quality, including assets not normally traded; and

(f) Details of any external support available to the with-profits fund and how this affects the investment strategy.

(3) Business risk

(a) Where a firm explicitly excludes business risk from a class of with-profits policies but there are residual risks, clarification where these risks such as guarantee and smoothing costs are borne; and

(b) Define where compensation costs from a business risk would be borne.

(c) Current limits which apply to the taking on of business risk; and

(d) Whether and to what extent particular generations of with-profits policyholders or classes of with-profits policies bear or might bear particular business risks, including for example, crystallised or contingent guarantees to other classes of policyholders or whether the out-turn from all business risk is pooled across all with-profits policies.

(4) Charges and expenses

(a) Factors that would drive any change to the basis on which the firm applies charges to or apportions its actual expenses amongst with-profits policies, or exercises any discretion to apply charges to particular with-profits policies.

(b) Charges currently applied and the expenses currently apportioned to major classes of with-profits policies;

(c) Relationship between the firm's actual charges and expenses, as applied to determine the amounts payable under with-profits policies, and the charges and expenses borne by the with-profits fund;

(d) Circumstances under which expenses will be charged to the with-profits fund at an amount other than cost, and the reasons why; and

(e) Interval for reviewing any arrangements for out-sourced services, including those provided by connected parties, giving a broad indication of the terms for termination.

(5) Management of inherited estate

(a) Preferred size or scale of inherited estate and implications for the values of the with profits policies; and

(b) Any existing division of the inherited estate between with-profits funds; and

(c) Any constraints on the freedom to deal with the inherited estate as a result of previous dealings.

(d) How the inherited estate is used, for example, in meeting costs;

(e) Whether the investment strategy for the inherited estate differs from the rest of the with-profits fund; and

(f) Any current guidelines in place as to the size or scale of the inherited estate or as to how and over what time period the inherited estate would be managed, if it becomes too large or too small.

(6) Equity between the with-profits fund and any shareholders

(a) Arrangements for, and any changes to, profit sharing between shareholders and with-profits policyholders.

(b) Current basis on which profit between with-profits policyholders and shareholders is divided; and

(c) Whether the pricing of any policies being written, and particular policies open to new business, appear to be significantly and systematically reducing the inherited estate if the shareholder transfer is taken into account.
COBS 13.5.1RRP
1A firm that communicates a projection for an in-force packaged product which is not a financial instrument:(1) must include a standardised deterministic projection; (2) may also include a stochastic projection2 except that the most prominent projection must be a standardised deterministic projection; and2must follow the projectionrules in COBS 13 Annex 2.
COBS 13.5.2RRP
222(1) 5A firm that communicates a projection for a packaged product which falls within (2) must ensure that the projection is either a standardised deterministic projection or a stochastic projection in accordance with COBS 13 Annex 2.(2) This rule applies to a packaged product which is:(a) not a financial instrument or an in-force packaged product; and(b) either: (i) a non-PRIIPpackaged product for which a key features illustration is not required to be provided; or(ii) a PRIIP
COBS 13.5.3RRP
A firm that communicates a projection of benefits for a packaged product which is not a financial instrument, as part of a combined projection where other benefits being projected include those for a financial instrument or structured deposit, is not required to comply with the projection rules in COBS 13.4, COBS 13.5 and COBS 13 Annex 2 to the extent that the combined projection4 complies with the future performance requirements in either:4(1) 4article 44(6) of the MiFID Org
COBS 13.5.4GRP
The general requirement that communications be fair, clear and not misleading will nevertheless mean that a firm that elects to comply with the future performance rule in COBS 4.6.7 R, or, if applicable, the requirement in article 44(6) of the MiFID Org Regulation (see COBS 4.5A.14EU),4 will need to explain how the combined projection differs from other information that has been or could be provided to the client, including a projection provided under the projectionrules in COBS
COBS 13.2.1GRP
1When a firm prepares documents or information in accordance with this chapter, the firm should consider the rules on providing product information (COBS 14). Those rules require a firm to provide the product information in a durable medium or via a website that meets the website conditions (if the website is not a durable medium). [Note: article 29(4) of the MiFID implementing Directive]
COBS 13.2.1AGRP
3When a firm prepares documents or information for a life policy, personal pension or stakeholder pension in accordance with this chapter, the firm should: (1) consider the rules on communicating with clients (COBS 4). Those rules require a firm to ensure that a communication is fair, clear and not misleading. In particular, a firm should:(a) take into account its target market's understanding of financial services when preparing documents and information;(b) present information
COBS 13.2.2RRP
A key features document and a key features illustration2must also:(1) (if it is a key features document) 2be produced and presented to at least the same quality and standard as the sales or marketing material used to promote the relevant product;(2) (if it is a key features document) 2display the firm's brand at least as prominently as any other;(3) (if it is a key features document or a key features illustration which does not form an integral part of the key features document)
COBS 13.2.3GRP
The Solvency II Directive information4 can be included in one or more of5 a key features document, a key features illustration, (where permitted by the PRIIPs Regulation) a key information document5 or any other document.42
COBS 13.2.4RRP
The documents and information prepared in accordance with the rules in this chapter must not include anything that might reasonably cause a retail client to be mistaken about the identity of the firm that produced, or will produce, the product.
COBS 13.1.1RRP
1A firm must prepare:2(1) a key features document for each non-PRIIP packaged product8, cash-deposit ISA, cash-only lifetime ISA7 and cash-deposit CTF it produces2; and2(2) a key features illustration for each non-PRIIP packaged product8 it produces;2in good time before 2those documents have to be provided.
COBS 13.1.2RRP
A firm must prepare the Solvency II Directive information6 for each life policy it effects:6(1) in a clear and accurate manner and in writing; and6(2) in an official language of the State of the commitment, or in another language if the policyholder so requests and the law of the State of the commitment so permits or the policyholder is free to choose the law applicable;6in good time before that information has to be provided. [Note: article 185(1) and (6) of the Solvency II
COBS 13.1.3RRP
A firm is not required to prepare:(1) a document, if another firm has agreed to prepare it; or(2) a key features document for:(a) a unit in a regulated collective investment scheme8; or 3(b) [deleted]833(c) [deleted]8(d) a stakeholder pension scheme, or personal pension scheme that is not a personal pension policy, if the information appears with due prominence in another document; or(e) an interest in an investment trust savings scheme; or8(3) 2 a key features illustration:32(a)
COBS 13.1.4RRP
[deleted]83344
COBS 3.8.1RRP
A firm must implement appropriate written internal policies and procedures to categorise its clients. [Note: fourth paragraph of section II.2 of annex II to MiFID]
COBS 3.8.2RRP
(1) A firm must make a record of the form of each notice provided and each agreement entered into under this chapter. This record must be made at the time that standard form is first used and retained for the relevant period after the firm ceases to carry on business with clients who were provided with that form.(2) A firm must make a record in relation to each client of:(a) the categorisation established for the client under this chapter, including sufficient information to support
COBS 3.8.3GRP
If a firm provides the same form of notice to more than one client, it need not maintain a separate copy of it for each client, provided it keeps evidence of despatch of the notice to each client.
COBS 14.4.10RRP
If an intermediate Unitholder receives a reasonable request from an authorised fund manager for information relating to the beneficial owners of the units of a scheme that it operates which the authorised fund manager reasonably needs for the purposes of liquidity management, the intermediate Unitholder must provide that information to the authorised fund manager as soon as is reasonably practicable.
COBS 14.4.11GRP
Examples of information which may be reasonably requested by an authorised fund manager include:(1) a breakdown of the total number of units held by the intermediate Unitholder in each scheme to indicate the number of units attributable to individual beneficial owners; and(2) information about the types of distribution channel which have been used to sell the units to the relevant beneficial owners.
COBS 14.4.12GRP
In determining whether a request from an authorised fund manager is reasonable, an intermediate Unitholder may take into account the frequency with which such requests have been received from that authorised fund manager.
COBS 9.5.1GRP
A3firm to which SYSC 9 applies 3is required to keep orderly records of its business and internal organisation (see SYSC 9, General rules on record-keeping). Other firms are 3 required to take reasonable care to establish and maintain such systems and controls as are appropriate to their 3business (see SYSC 3, Systems and controls). The records may be expected to reflect the different effect of the rules in this chapter depending on whether the client is a retail client or a professional
COBS 9.5.2RRP
A1firm must retain its records relating to suitability for a minimum of the following periods:(1) if relating to a pension transfer, pension conversion, 4pension opt-out or FSAVC, indefinitely;(2) if relating to a life policy, personal pension scheme, stakeholder pension scheme or6 benefits in a defined contribution occupational pension scheme (unless otherwise falling in (1) above),6 five years; and225(3) [deleted]5(4) in any other case, three years.
COBS 9.5.3RRP
A firm need not retain its records relating to suitability if the client does not proceed with the recommendation5
COBS 10.3.1RRP
(1) If a firm considers, on the basis of the information received to enable it to assess appropriateness, that the product or service is not appropriate to the client, the firm must warn the client.(2) This warning may be provided in a standardised format.1
COBS 10.3.2RRP
(1) If the client elects not to provide the information to enable the firm to assess appropriateness, or if he provides insufficient information regarding his knowledge and experience, the firm must warn the client that such a decision will not allow the firm to determine whether the service or product envisaged is appropriate for him.(2) This warning may be provided in a standardised format.1
COBS 10.3.3GRP
If a client asks a firm to go ahead with a transaction, despite being given a warning by the firm, it is for the firm to consider whether to do so having regard to the circumstances.
COBS 6.1G.1RRP
1If a client requests a firm (F) to transfer the title to a retail investment product which is held by F directly, or indirectly through a third party, on that client's behalf to another person (P), and F may lawfully transfer the title to that retail investment product to P, F must execute the client's request within a reasonable time and in an efficient manner.
COBS 6.1G.2RRP
A firm acting as a registrar should carry out a request by F for the re-registration of ownership of a retail investment product to P within a reasonable time.
COBS 12.1.1GRP
1The purpose of this chapter is to:2(1) 2set out specific requirements 2relating to the production and dissemination of investment research and non-independent research; and(2) 3provide guidance on matters in the 3Market Abuse Regulation relating to the disclosures to be made in, and about, 3investment recommendations.2333
COBS 12.1.2RRP
This chapter applies 2to a firm.2(1) 2[deleted](2) 2[deleted]
COBS 12.1.3GRP
The EEA territorial scope rule modifies the general rule of application to the extent necessary to be compatible with European law (see paragraph 1.1 of Part 2 of COBS 1 Annex 1). This means that COBS 12.24 also applies4 to passported activities carried on by a UKMiFID investment firm from a branch in another EEA state, but does4 not apply to the United Kingdombranch of an EEAMiFID investment firm in relation to its MiFID business.
COBS 17.1.1RRP
1When an insurer or managing agent receives a claim under a long-term care insurance contract, it must respond promptly by providing the policyholder, or the person acting on the policyholder's behalf, with:(1) a claim form (if it requires one to be completed);(2) a summary of its claims handling procedure; and(3) appropriate information about the medical criteria that must be met, and any waiting periods that apply, under the terms of the policy.
COBS 17.1.2RRP
As soon as reasonably practicable after receipt of a claim, the insurer or managing agent must tell the policyholder, or the person acting on the policyholder's behalf:(1) (for each part of the claim it accepts), whether the claim will be settled by paying the policyholder, providing goods or services to the policyholder or paying another person to provide those goods or services; and(2) (for each part of the claim it rejects), why the claim has been rejected and whether any future
COBS 17.1.3RRP
An insurer and a managing agent must not unreasonably reject a claim.2
COBS 3.2.1RRP
(1) A person to whom a firm provides, intends to provide or has provided:(a) a service in the course of carrying on a regulated activity; or(b) in the case of MiFID or equivalent third country business, an ancillary service,is a "client" of that firm.4(2) A "client" includes a potential client.(3) In relation to the financial promotion rules, a person to whom a financial promotion is or is likely to be communicated is a "client" of a firm that communicates or approves it.(4) A
COBS 3.2.2GRP
1(1) A corporate finance contact or a venture capital contact is not a client under the first limb of the general definition. This is because a firm does not provide a service to such a contact. However, it will be a client under the third limb of the general definition for the purposes of the financial promotion rules if the firmcommunicates or approves a financial promotion that is or is likely to be communicated to such a contact. 1(2) Communicating or approving a financial
COBS 3.2.3RRP
(1) If a firm provides services to a person that is acting as an agent, the identity of its client will be determined in accordance with the rule on agents as clients (see COBS 2.4.3 R).(2) In relation to a firm establishing, operating or winding up a personal pension scheme or a stakeholder pension scheme, a member or beneficiary of that scheme is a client of the firm.(3) If a firm that does not fall within (2) provides services to a person that is acting as the trustee of a
COBS 4.13.1RRP
(1) 1This section applies to a firm in relation to a communication to a client, including an excluded communication, that is a marketing communication within the meaning of the UCITS Directive.(2) This section does not apply to:(a) image advertising; or(b) the instrument constituting the fund2, the prospectus, the key investor information3 or the periodic reports and accounts of either a UCITS scheme or an EEA UCITS scheme.2[Note: recital (58) of the UCITS Directive]
COBS 4.13.2RRP
(1) A firm must ensure that a marketing communication that comprises an invitation to purchase units in a UCITS scheme or EEA UCITS scheme and that contains specific information about the scheme:(a) makes no statement that contradicts or diminishes the significance of the information contained in the prospectus and the key investor information document or EEA key investor information document for the scheme;(b) indicates that a prospectus exists for the scheme and that the key
COBS 4.13.3RRP
A firm must ensure that a marketing communication (other than a key investor information document or EEA key investor information document) relating to a feeder UCITS contains a statement that the feeder UCITS permanently invests at least 85% in value of its assets in units of its master UCITS.[Note: article 63(4) of the UCITS Directive]
COBS 18.11.1RRP
1COBS applies to an authorised professional firm, except that its application in relation to non-mainstream regulated activities and financial promotion is modified as set out below.
COBS 18.11.2RRP
COBS does not apply to an authorised professional firm with respect to its non-mainstream regulated activities, except that:(1) the fair, clear and not misleading rule applies;(2) the financial promotion rules apply as modified below;(3) the rules in the following parts of COBS which implement the IDD apply in relation to insurance distribution activities:3(a) COBS 2.1.1R, COBS 2.2A and COBS 2.3A (Conduct of business obligations);3(b) COBS 4 (Communicating with clients, including
COBS 18.11.3RRP
The financial promotion rules do not apply to an authorised professional firm in relation to the communication of a financial promotion if:(1) the firm's main business is the practice of its profession (see IPRU(INV) 2.1.2R(3));(2) the financial promotion is made for the purposes of and incidental to the promotion or provision by the firm of its professional services or its non-mainstream regulated activities; and(3) the financial promotion is not communicated on behalf of another
COBS 18.11.4GRP
The rules on approvingfinancial promotions continue to apply.
COBS 10.4.1RRP
(1) A firm is not required to ask its client to provide information or assess appropriateness if:(a) the service only consists of execution and/or the reception and transmission of client orders, with or without ancillary services, it relates to particular financial instruments and is provided at the initiative of the client;(b) the client has been clearly informed (whether the warning is given in a standardised format or not) that in the provision of this service the firm is
COBS 10.4.2RRP
If a client engages in a course of dealings involving a specific type of product or service through the services of a firm, the firm is not required to make a new assessment on the occasion of each separate transaction. A firm complies with the rules in this chapter provided that it makes the necessary appropriateness assessment before beginning that service.1
COBS 10.4.3RRP
[deleted]1
COBS 6.1F.-1RRP
This section does not apply if the retail client is outside the United Kingdom.
COBS 6.1F.1RRP
1A firm which:2(1) arranges for retail clients to buy retail investment products or makes personal recommendations to retail clients in relation to retail investment products; and22(2) uses a platform service for that purpose;must take reasonable steps to ensure that it uses a platform service which presents its retail investment products without bias.
COBS 18.3.1RRP

The provisions of COBS in the table do not apply in respect of any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBS

Description

36.1A

Adviser charging and remuneration

36.1B

Retail investment product provider requirements relating to adviser charging and remuneration

COBS 6.2B6

3

Describing advice services

4

4

6.4

Disclosure of charges, remuneration and commission

9.4

Suitability reports

9.6

Special rules for providing basic advice on a stakeholder product

6

6

6

2

6

COBS 16.3.76

Guidance on contingent liability transaction

16.5

Quotations for surrender values

16.6

Life insurance contracts - communications to clients

16 Annex 1 R (1) 14

Information to be provided in accordance with COBS 16.2.1 R and 16.3
COBS 18.3.2GRP

The provisions of COBS in the table are unlikely to be relevant to any corporate finance business carried on by a firm which is MiFID or equivalent third country business:

COBS

Description

5

Distance communications, except in relation to distance contracts concluded with consumers

7

Insurance distribution8

13

Preparing product information

14.2

Providing product information

15

Cancellation, except cancellation and withdrawal rights in relation to distance contracts concluded with consumers

17

Claims handling for long-term care insurance

18.1

Trustee firms' regime

18.2

Energy market activity and oil market activity

18.4

Stock lending activity

19

Pensions - supplementary provisions

20

With-profits
COBS 18.3.4GRP
COBS 15 (Cancellation) is likely to be of limited application to corporate finance business. Distance contracts concluded with consumers in the course of corporate finance business will be exempt from COBS 15 if the price of the financial service is dependent on fluctuations in the financial market outside the firm's control.
COBS 18.4.1RRP

The provisions of COBS in the table do not apply in relation to any stock lending activity carried on by a firm3:

COBS

Subject

16.1A

Adviser charging and remuneration

16.1B

Retail investment product provider requirements relating to adviser charging and remuneration

COBS 6.2B3

1

Describing advice services

2

2

6.4

Disclosure of charges, remuneration and commission

9.4

Suitability reports

9.6

Special rules for providing basic advice on a stakeholder product

3

3

COBS 16A.4.53

Guidance on contingent liability transaction

16.5

Quotations for surrender values

16.6

Life insurance contracts - communications to clients

16 Annex 1 R (1) 14

Information to be provided in accordance with COBS 16.2.1 R and 16.3
COBS 18.4.2GRP

The provisions of COBS in the table are unlikely to be relevant in relation to any stock lending activity carried on by a firm3:

COBS

Description

5

Distance communications, except in relation to distance contracts concluded with consumers

7

Insurance distribution4

13

Preparing product information

14.2

Providing product information

15

Cancellation, except cancellation and withdrawal rights in relation to distance contracts concluded with consumers

17

Claims handling for long-term care insurance

18.1

Trustee firms' regime

18.2

Energy market activity and oil market activity

3

3

19

Pensions - supplementary provisions

20

With-profits