COB 1.8 Application to electronic media
GEN 2.2.14 R (References to writing) has the effect that electronic media may be used to make communications that are required by the Handbook to be 'in writing' unless a contrary intention appears.
Additional guidance in respect of electronic communication with or for customers
For any electronic communication with a customer, a firm should:
- (1)
have in place appropriate arrangements, including contingency plans, to ensure the secure transmission and receipt of the communication; it should also be able to verify the authenticity and integrity of the communication; the arrangements should be proportionate and take into account the different levels of risk in a firm's business;
- (2)
be able to demonstrate that the customer wishes to communicate using this form of media; and
- (3)
if entering into an agreement, make it clear to the customer that a contractual relationship is created that has legal consequences.
Firms should note that GEN 2.2.14 R does not affect any other legal requirement that may apply in relation to the form or manner of executing a document or agreement.