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BCOBS 2.2 The fair, clear and not misleading rule

BCOBS 2.2.1R

A firm must take reasonable steps to ensure that a communication or a financial promotion is fair, clear and not misleading.

BCOBS 2.2.2G

The fair, clear and not misleading rule applies in a way that is appropriate and proportionate taking into account the means of communication and the information that it is intended to convey. So a communication addressed to a banking customer who is not a consumer may not need to include the same information, or be presented in the same way, as a communication addressed to a consumer.

BCOBS 2.2.3G

The rules in SYSC 3 (Systems and Controls) and SYSC 4 (General organisational requirements) require a firm to put in place systems and controls or policies and procedures in order to comply with the rules in COBS 4.6 (Past, simulated past and future performance), COBS 4.7.1 R (Direct offer financial promotions), COBS 4.10 (Systems and controls and approving and communicating financial promotions) and this chapter of BCOBS.

BCOBS 2.2.4G

Section 397 (Misleading statements and practices) of the Act creates a criminal offence relating to certain misleading statements and practices.