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Status: You are viewing the version of the handbook as on 2019-04-01.

CMCOB Sch 3 Rights of action for damages

CMCOB Sch 3.1G

1The table below sets out the rules in CMCOB contravention of which by an authorised person may be actionable under section 138D of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

CMCOB Sch 3.2G

1If a “Yes” appears in the column headed “For private person?”, the rule may be actionable by a “private person” under section 138D (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A “Yes” in the column headed “Removed” indicates that the FCA has removed the right of action under section 138D(2) of the Act. If so, a reference to the rule in which it is removed is also given.

CMCOB Sch 3.3G

1The column headed “For other person?” indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given.

Right of action under section 138D

Chapter / Appendix

Section/ Annex

Paragraph

For private person?

Removed?

For other person?

The clear, fair and not misleading rule in CMCOB 3.2.3 R

Yes

In part (Note 1)

No

The prudential rules for firms carrying on regulated claims management activity in CMCOB 7.2 and 7.3

No

Yes, CMCOB 7.1.2R

No

All other rules in CMCOB

Yes

No

No

Note: CMCOB 3.2.3R provides that if, in relation to a particular communication or financial promotion, a firm takes reasonable steps to ensure it complies with the fair, clear and not misleading rule, a contravention of that rule does not give rise to a right of action under section 138D of the Act.