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. Principles 6 and 7 also apply to an electronic money institution, an EEA authorised electronic money institution, a payment institution, a registered account information service provider and an EEA registered account information service provider with respect to provision of payment services and the issuance of electronic money.3 This chapter reinforces these requirements by requiring a firm and these other providers3 to pay regard to the information needs of banking customers, payment service customers and electronic money customers3 when communicating with, or making a financial promotion or a payment service or electronic money promotion3 to, them and to communicate information in a way that is clear, fair and not misleading.
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.
3This chapter applies to a provider:
2In accordance with BCOBS 1 Annex 1 paragraph 1.1R, BCOBS 2 does not apply to a MiFID investment firm, a third country investment firm or a MiFID optional exemption firm in relation to the sale of structured deposits. A MiFID investment firm, a third country investment firm or a MiFID optional exemption firm is subject to the rules specified in COBS 1.1.1AR(2) in relation to the sale of structured deposits.