Related provisions for MCOB 3A.2.2
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(1) A firm must ensure that a financial promotion addressed to a client is clearly identifiable as such.[Note: article 24(3)4 of MiFID, article 17(2) of the IDD5 and article 77 of the UCITS Directive]3(2) If2 a financial promotion relates to a2firm'sMiFID, equivalent third country or optional exemption business4, this rule does not apply to the extent that the2financial promotion is a third party prospectus.2(3) If2 a financial promotion relates2 to a 2 firm's business that is
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 (for contracts entered into before 1 October 2015) or the CRA2and may find material on the FCA website concerning the FCA consumer protection powers useful.
(1) MCOB 5 amplifies Principle 6 and Principle 7.1(2) The purpose of MCOB 5 is to ensure that, before a customer submits an application for a particular home finance transaction1, he is supplied with information that makes clear:1(a) (in relation to a regulated mortgage contract) its features, any linked deposits, any linked borrowing and any tied products; and11(b) the price that the customer will be required to pay under that home finance transaction, 1to enable the customer
(1) 2This chapter amplifies Principle 6 (Customers' interests), Principle 7 (Communications with clients) and Principle 9 (Customers: relationships of trust). (2) The purpose of this chapter is to ensure that: (a) customers are adequately informed about the nature of the service they may receive from a firm in relation to equity release transactions. In particular firms need to make clear to customers the range of equity release transactions available from them and the basis of
1A firm that sells, or (where relevant) gives effect to22:(1) a non-PRIIP packaged product17 to a retail client, must provide a key features document and a key features illustration2 to that client (unless the packaged product is a unit in a regulated collective investment scheme17);777(2) a life policy to a client, must provide:20131313(a) the Solvency II Directive information to that client;20(b) a client with objective and relevant information about the policy:20(i) in a comprehensible
A firm is not required to provide a key features document or17 a key features illustration17 if:2(1) the client is habitually resident outside the United Kingdom21 and not present in the United Kingdom21 when the relevant application is signed; or(2) the purchase is by a discretionary investment manager on behalf of a retail client; or(3) the sale is arranged or personally recommended by an investment manager and the client has agreed that a key features document is not required.17(4)
(1) Subject to (2) and (3), this section applies to a firm in relation to:(a) the provision of information in relation to its designated investment business; and(b) the communication or approval of a financial promotion;where such information or financial promotion is addressed to, or disseminated in such a way that it is likely to be received by, a retail client.(2) This section does not apply to a firm communicating in relation to its MiFID, equivalent third country or optional
(1) Firms are reminded that, in the light of the rules and guidance in SYSC, they should have adequate systems and controls in place to ensure that the disclosure they make to a customer about their service reflects the service the customer is actually offered.(2) Firms are also reminded that Principle 7 (Communications with clients) and MCOB 3A.2.1R (Fair, clear2 and not misleading communications) are also relevant to how they describe their services, including in any business
(1) The purpose of this section is to ensure that a firm, which is communicating with a retail client about a pension decumulation product:3(a) explains the nature and purpose of pensions guidance to the retail client;3(b) encourages the retail client to receive pensions guidance; and3(c) gives appropriate retirement risk warnings,3at the point when the retail client has decided how to access their pension savings.(2) If the retail client has not yet decided what to do,2 the firm
(1) This section amplifies Principles 6 and 7, but does not exhaust or restrict what they require. A firm will, in any event, need to ensure that its sales processes are consistent with the Principles and other rules.3(2) An example of a behaviour by a firm that is likely to contravene Principle 6 and may contravene other Principles is for a firm to actively discourage a retail client from receiving pensions guidance, for example by:3(a) indicating in any way that receiving pensions
An EEA UCITS management company that manages a UCITS scheme must comply with the rules of the FCAHandbook which relate to the constitution and functioning of the UCITS scheme (the fund application rules), as follows:(1) the setting up and authorisation of the UCITS scheme (COLL 1 (Introduction), COLL 2 (Authorised fund applications), COLL 3 (Constitution), COLL 6.5 (Appointment and replacement of the authorised fund manager and the depositary), COLL 6.6 (Powers and duties of
16This chapter builds upon Principle 7 (Communications with clients), which requires a firm to pay due regard to the information needs of its clients. This assists in the achievement of the statutory objectives, including the FCA's strategic objective of ensuring that relevant markets function well and the consumer protection and integrity objectives.
(1) In accordance with Principle 7 (communications with clients) if a firm at its own initiative re-categorises a client in accordance with this section, it should notify that client of its new category under this section.(2) If the firm already has an agreement with the client, it should also consider any contractual requirements concerning the amendment of that agreement.
Principle 7 (Communications with clients) requires that 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. This means, for example, that a firm should avoid giving any customer a false impression about the availability of a regulated mortgage contract, home reversion plan1 or regulated sale and rent back agreement2, such as describing it as a 'special offer' not available after
(1) 8The effect of COLL 6.8.1R(3) and COLL 6.8.2R(4) is that when the accounting reference date of a sub-fund falls less than 6 months after the beginning of the first annual accounting period of that sub-fund, that period may be extended until the subsequent accounting reference date.(2) When the annual accounting period of a scheme is extended under COLL 6.8.2R(4) or COLL 6.8.2R(6), resulting in a longer than usual period before the publication of reports to unitholders, the
4A firm should ensure that when it makes any communication with a retail client concerned with the client’s options to access their pension savings it has regard to the fair, clear and not misleading rule, the client’s best interests rule and Principles 6 and 7. In particular a firm5 should:(1) refer to the contents of the MoneyHelper7 fact sheet to identify what information might assist the client to understand their options;(2) consider whether it needs to include or refer to
The Principles for Businesses (PRIN) apply as a whole to firms with respect to credit-related regulated activities and ancillary activities in relation to credit-related regulated activities (see PRIN 3). In carrying on their activities, firms should pay particular attention to their obligations under: (1) Principle 1 (a firm must conduct its business with integrity);(2) Principle 2 (a firm must conduct its business with due skill, care and diligence);(3) Principle 3 (a firm must
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