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BCOBS 6.4 Obligations on cancellation

Firm's obligation

BCOBS 6.4.1R

The firm must, without undue delay and within 30 calendar days, return to the banking customer any sums it has received from him except for any amount that the banking customer may be required to pay under BCOBS 6.3.2 R. This period begins from the day on which the firm receives the notification of cancellation.

[Note: article 7(1), (2) and (3) of the Distance Marketing Directive in relation to distance contracts]

Banking customer's obligation

BCOBS 6.4.2R

The firm is entitled to receive from the banking customer any sums or property he has received from the firm without any undue delay and no later than within 30 calendar days. This period begins from the day on which the banking customer dispatches the notification of cancellation.

[Note: article 7(5) of the Distance Marketing Directive in relation to distance contracts]

BCOBS 6.4.3R

Any sums payable under this section on cancellation of a contract are owed as simple contract debts and may be set off against each other.