BCOBS 2.1 Purpose and Application: Who and what?

BCOBS 2.1.1G

1Principle 6 requires a firm to pay due regard to the interests of its customers and treat them fairly. Principle 7 requires a firm to 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 chapter reinforces these requirements by requiring a firm to pay regard to the information needs of banking customers when communicating with, or making a financial promotion to, them and to communicate information in a way that is clear, fair and not misleading.

BCOBS 2.1.2R

In addition to the general application rule (BCOBS 1.1.1 R), this chapter applies to the communication, or approval for communication, to a person in the United Kingdom of a financial promotion of a retail banking service unless it can lawfully be communicated by an unauthorised person without approval.

BCOBS 2.1.3R

This chapter applies to a firm:

  1. (1)

    communicating with a banking customer in relation to accepting deposits;

  2. (2)

    communicating a financial promotion that is not an excluded communication; or

  3. (3)

    approving a financial promotion.