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COB 3.8 Form and content of financial promotions

Application

COB 3.8.1R

This section applies as follows:

  1. (1)

    COB 3.8.2 R to COB 3.8.20 G apply to a firm which communicates or approves a non-real time financial promotion;

  2. (2)

    COB 3.8.21 G to COB 3.8.25 G apply to a firm which communicates a real time financial promotion.

Non-real time financial promotions: name and contact point

COB 3.8.2R

A non-real time financial promotion must contain the name of the firm or the name of its appointed representative and either an address of the firm or a contact point from which an address is available.4

COB 3.8.3G
  1. (1)

    For the purposes of COB 3.8.2 R, the name may be a trading name or shortened version of the legal name of the firm (although other legislation, for example, the Companies Act 1985, may require a firm to include information not required by this rule).

  2. (2)

    The type of contact point envisaged for a firm by COB 3.8.2 R is: an e-mail address, or telephone or facsimile number, where a person can contact the firm for its address.

  3. (3)

    Except for a direct offer financial promotion (see COB 3.9.6 R) a firm is not required in a financial promotion which it communicates or approves to name the FSA as its regulator. However, to comply with COB 3.8.4 R, if the firm chooses to name the FSA as its regulator and the financial promotion refers to matters not regulated by the FSA, it should also make clear that those matters are not regulated by the FSA.

Non-real time financial promotions: clear, fair and not misleading; comparisons; restriction of information on compensation

COB 3.8.4R
  1. (1)

    A firm must be able to show that it has taken reasonable steps to ensure that a non-real time financial promotion is clear, fair and not misleading.

  2. (2)

    A non-real time financial promotion which includes a comparison or contrast must:

    1. (a)

      compare investments or services meeting the same needs or which are intended for the same purpose;

    2. (b)

      objectively compare one or more material, relevant, verifiable and representative features of those investments or services, which may include price;

    3. (c)

      not create confusion in the market place between the firm itself (or the person whose financial promotion it approves) and a competitor or between the firm's trademarks, trade names, other distinguishing marks, investments or services (or those of the person whose financial promotion it approves) and those of a competitor;

    4. (d)

      not discredit or denigrate the trademarks, trade names, other distinguishing marks, investments, services, activities or circumstances of a competitor;

    5. (e)

      not take unfair advantage of the reputation of a trademark, trade name or other distinguishing marks of a competitor;

    6. (f)

      not present investments or services as imitations or replicas of investments or services bearing a protected trademark or trade name; and

    7. (g)

      indicate in a clear and unequivocal way in any comparison referring to a special offer the date on which the offer ends or, where appropriate, that the special offer is subject to the availability of the investments and services, and, where the special offer has not yet begun, the date of the start of the period during which the special price or other specific conditions shall apply.

  3. (3)

    6If a non-real time financial promotion includes any information about the protection available under the compensation scheme or any other compensation scheme established in another EEA State or otherwise, it must restrict this to factual references to the scheme (an example of a factual reference is set out in COB 5.5.11 G).

COB 3.8.5E
  1. (1)

    A firm should take reasonable steps to ensure that, for a non-real time financial promotion:

    1. (a)

      its promotional purpose is not in any way disguised or misrepresented;

    2. (b)

      any statement of fact, promise or prediction is clear, fair and not misleading and discloses any relevant assumptions;

    3. (c)

      any statement of opinion is honestly held and, unless consent is impracticable, given with the consent of the person concerned;

    4. (d)

      the facts on which any comparison or contrast is made are verified, or, alternatively, that relevant assumptions are disclosed and that the comparison or contrast is presented in a fair and balanced way, which is not misleading and includes all factors which are relevant to the comparison or contrast.

    5. (e)

      it does not contain any false indications, in particular as to:

      1. (i)

        the firm's independence;

      2. (ii)

        the firm's resources and scale of activities; or

      3. (iii)

        the scarcity of any investment or service;

    6. (f)

      the design, content or format does not disguise, obscure or diminish the significance of any statement, warning or other matter which the financial promotion is required by this chapter to contain;

    7. (g)

      it does not include any reference to approval by the FSA or any government body, unless such approval has been obtained in writing from the FSA or that body (see also GEN 1.2 (Referring to approval by the FSA));

    8. (h)

      it does not omit any matters the omission of which causes the financial promotion not to be clear, fair and not misleading; and

    9. (i)

      the accuracy of all material statements of fact in it can be substantiated.

  2. (2)
    1. (a)

      Compliance with COB 3.8.5 E (1) may be relied on as tending to show compliance with COB 3.8.4 R (1).

    2. (b)

      Contravention of COB 3.8.5 E (1) may be relied on as tending to show contravention of COB 3.8.4 R (1).

Non-real time financial promotions: guidance for deposits, general insurance and pure protection policies

COB 3.8.6G

When designing non-real time financial promotions relating to deposits, general insurance contracts or pure protection contracts with a view to complying with the general requirements of COB 3.8.4 R, firms may find it helpful to take account of:

  1. (1)

    (for deposits) the British Bankers' Association/Building Societies Association Code of Conduct for the Advertising of Interest Bearing Accounts;

  2. (2)

    (for general insurance contracts) the General Insurance Standards Council Code;

  3. (3)

    (for pure protection contracts) the ABI Life Insurance (Non-Investment Business) Selling Code of Practice.

Non-real time financial promotions: guidance on clear, fair and not misleading

COB 3.8.7G
  1. (1)

    It cannot be assumed that recipients necessarily have an understanding of the investment or service being promoted. The use of terms that are ambiguous, or the targeting of an audience which is unlikely to understand the promotion, are matters which are relevant to an assessment of whether the promotion is 'clear, fair and not misleading'.8 If a non-real time financial promotion is specially designed for a targeted collection of recipients who are reasonably believed to have particular knowledge of the investment or service being promoted, this fact should be made clear.

  2. (2)
    1. (a)

      Except in relation to life policies providing guaranteed benefits, or deposits, the description of an investment as 'guaranteed' should only be used where there is a legally enforceable arrangement with a third party to meet the claim in full. In such cases sufficient details about the guarantor and the guarantee should be provided before a person enters into a transaction relating to the investment to enable him to make a fair assessment of the value of the guarantee.

    2. (b)

      Where the investment is in units of an authorised fund the guarantee should be given by a third party other than the authorised fund manager or the depositary. Firms should note that COB 6.5.40 R (3)(m) requires specific information to be included in the key features of an authorised fund in respect of any guarantee or other arrangement intended to result in a particular capital or income return from a holding of units or shares in that authorised fund and in respect of any investment objective of giving protection to the capital value or income return from such a holding. CIS 3.5.2 R 26 requires similar information to be contained in the prospectus of an authorised fund. CIS 2.7.2 Gcontains guidance on when the name of an authorised fund should not include the word "guaranteed".

    3. (c)

      A guarantee to the directors of a company that issues an EIS share is not a guarantee to a person invested in the relevant Enterprise Investment Scheme.

  3. (3)

    The use of any of the following may mean that a non-real time financial promotion does not meet the general requirement of COB 3.8.4 R (1) of being clear, fair and not misleading:

    1. (a)

      a statement such as 'no initial charges' or 'no entry or redemption charges' where the bid price is not the same as the offer price (for example there is a spread), unless the statement is suitably qualified with information about the additional costs of investment;

    2. (b)

      the phrase 'frozen pensions', which implies that the pension fund will not remain invested and the pension benefits may not be subject to the possibility of an upward revaluation and will not be upgraded in circumstances where this is not the case (the phrase 'preserved pensions' is recommended as an alternative);

    3. (c)

      a statement of the amount of authorised share capital of a company without the amount of the issued share capital;

    4. (d)

      a statement of the amount of a company's total assets without the amount of its liabilities, or the amount of a company's total costs, or income or turnover, without making clear the period to which the statement relates;

    5. (e)

      an implication that the assets of a whole group can be drawn on by a subsidiary when this is not the case;

    6. (f)

      a comparison of the performance or the likely performance of an investment in units in a regulated collective investment scheme with an investment in units in an unregulated collective investment scheme.

  4. (4)

    In relation to quotations of opinion:

    1. (a)

      where only part of an opinion is quoted, it should nevertheless be a fair representation;

    2. (b)

      any connection between the holder of the opinion and the firm should be made clear.

  5. (5)

    Firms should note that the "return" on an investment is the gain or profit; it does not include the original capital invested.

  6. (6)

    A firm which offers general insurance contracts, providing benefits for the policyholder's care in the event of the policyholder's disability or incapacity, should avoid using terms which state expressly or imply that the policy will be available for the policyholder to claim on in the long-term, that is, for any period beyond the expiry of the policy. So a general insurance contract should not be promoted as being capable of providing long-term care insurance for the policyholder in the long-term, and expressions such as "long-term care" and "lifetime care" should generally be avoided in relation to general insurance contracts. If a general insurance contract provides benefits over the long-term in the event of a claim being made, a firm should make clear that the long-term aspect relates only to the availability of benefits in the event of a claim, not to the duration of the policy itself.1510

Specific non-real time financial promotions: general requirements

COB 3.8.8R

A specific non-real time financial promotion must;

  1. (1)

    include a fair and adequate description of:

    1. (a)

      the nature of the investment or service;

    2. (b)

      the commitment required;

    3. (c)

      the risks involved; and

  2. (2)

    if it relates to an investment or service of a person other than the firm, contain the name of that person, in addition to the name and address or contact point of the firm or its appointed representative (see COB 3.8.2 R).4

COB 3.8.9G
  1. (1)

    A specific non-real time financial promotion should give a fair and balanced indication of the requirements in COB 3.8.8 R (1)(a) to (c), to meet COB 3.8.4 R (1).

  2. (2)

    The details of the commitment which is required by COB 3.8.8 R (1)(b) will depend on the nature of the investment being promoted. This could be, for example, the minimum amount which can be invested, minimum or maximum period of investment or, where it is the case, the fact that it could be some time before a person may see a return on his investment. Where an investor's capital would be tied up for more than one month following the last fixed payment due to be made under the contract, this should be made clear in any financial promotion for that product.9

  3. (3)

    In giving a fair and adequate explanation of the investment or service being promoted firms should avoid:

    1. (a)

      accentuating the potential benefits of an investment without also giving a fair indication of the risks;

    2. (b)

      failing to describe any benefits under a life policy which are not fixed;

    3. (c)

      drawing attention to favourable tax treatment without stating that this might not continue in the future; and 8

    4. (d)

      8drawing attention to an investment or service's past performance, or placing emphasis on past performance, relative to other information given about the product in the financial promotion.

    5. (e)

      using prominent headline rates of return where these rates are unrealistic and unlikely to be obtained by most investors.9

  4. (4)

    Guidance on the application of COB 3.8.4 R to the internet and other electronic media is provided in COB 3.14.

  5. (5)

    To assist firms' compliance with COB 3.8.4 R (1) and COB 3.8.8 R(1) in relation to a specific non-real time financial promotion further guidance is given in COB 3 Annex 4 G.9

  6. (6)

    7If the financial promotion relates to securities, or to an investment trust savings scheme for dealing in securities, in respect of which the conditions in (a), (b) and (c) are satisfied, then the firm should ensure that the risks associated with the relevant investment approaches in (b) are properly explained. The conditions are that:

    1. (a)

      the securities are

      1. (i)

        listed in the United Kingdom under Chapter 21 of the listing rules (Investment entities); or

      2. (ii)

        issued by an investment trust and listed in an EEA State other than the United Kingdom;

    2. (b)

      the issuer of the securities in (a):

      1. (i)

        uses or proposes to use gearing as an investment strategy; or

      2. (ii)

        invests or proposes to invest in securities that satisfy the conditions in (a) and the issuer of such securities uses or proposes to use gearing as an investment strategy; and

    3. (c)

      the securities are likely to be subject to fluctuations in value which are significant compared with the likely fluctuations in value of the underlying investments.

  7. (7)

    In giving a fair and adequate explanation of the risk involved, firms should, where relevent:

    1. (a)

      have regard to the provisions in COB 5.4.12 E and COB 5.4.13 G; and

    2. (b)

      identify where there is a possibility of loss of initial capital invested and disclose this as one of the main points in the specific non-real time financial promotion.9

  8. (8)

    Firms are reminded that, when communicating or approving a financial promotion relating to a structured capital-at-risk product, COB 8.2.1 R and COB 8.2.4 R(2) apply.9

Specific non-real time financial promotions: non-packaged products

COB 3.8.10R

A specific non-real time financial promotion relating to a designated investment other than a packaged product must, when it is the case, and if it is known, disclose if the firm or its associate:

  1. (1)

    has or may have a position or holding in the investment concerned or in a related investment; or

  2. (2)

    has or may have a material interest in any investment concerned, and the nature and extent of that interest; or

  3. (3)

    is or may be the only market maker where the financial promotion is for a security (excluding units in a collective investment scheme); or

  4. (4)

    is or may be providing, or has or may have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment.

Specific non-real time financial promotions: past performance

COB 3.8.11R

A specific non-real time financial promotion which gives information about the past performance of a specified investment or of a firm must include:8

  1. (1)

    suitable text which states unambiguously, and without reservation, that past performance should not be seen as an indication of future performance:8

    1. (a)

      that is specifically designed for the type of financial promotion concerned and its target audience; and

    2. (b)

      which is presented legibly in the main text of the financial promotion; and

  2. (2)

    information relating to a relevant and sufficient period of past performance to provide a fair and balanced indication of the performance.

  3. 8
COB 3.8.12G
  1. (1)

    The purpose of COB 3.8.11 R is to:

    1. (a)

      prevent an investment being promoted in such a way as to induce a person to believe that any previous periods of favourable performance will necessarily be repeated in the future; and

    2. (b)

      encourage firms to draft warnings which are tailored to fit the design of the financial promotion and the audience to which they are primarily directed; so, for example, text used in a warning included in a specialist magazine may not be appropriate in a financial promotion in the popular press.

  2. (2)

    Any of the following may mean that a specific non-real time financial promotion does not meet the requirement of COB 3.8.4 R (1) of being clear, fair and not misleading:

    1. (a)

      an unfair comparison with the performance of another type of investment;

    2. (b)

      the selection of an inappropriate or irrelevant investment period;

    3. (c)

      the selection of an unreasonably short time period;

    4. (d)

      the selection of inconsistent time periods for a range of funds;

    5. (e)

      a comparison with deposits without an indication in clear terms, and with equal prominence, that the investment does not include the security of capital which is characteristic of a deposit with a bank or building society.

  3. (3)

    Firms need to take special care when presenting euro-based information as new factors should be taken into account in the calculation or comparison of the performance of some products. There may be some techniques of presenting past performance data which can no longer be used if the factoring in of euro conversion produces a misleading result. Guidance cannot deal with all the circumstances in which performance data are used, and it is therefore important for firms to look at the end result and the context in which the information is presented to ensure it does not breach COB 3.8.4 R (1) (clear, fair and not misleading).

  4. (4)

    Information on the past performance of a conventional with-profits contract may be relevant to a unitised contract to give potential policyholders access to information relating to the performance of a contract within the with-profit fund of a product provider. Any differences between the two systems and any factors which reduce the relevance of the past performance of the conventional contract, including differences in bonus policy and the level of charges and expenses, should be clearly explained.

  5. (5)

    8Firms are reminded of the guidance in COB 3.6.4 G (2) about ensuring that specific non-real time financial promotions remain compliant with COB 3. To meet COB 3.8.11 R (2), a specific non-real time financial promotion that contains past performance information and is intended for use over a period of time should make clear:

    1. (a)

      the period of time to which the past performance information relates;

    2. (b)

      where relevant, the fact that this information may not be current; and

    3. (c)

      if (b) applies, an explanation of where up-to-date past performance information may be found.

  6. (6)

    8Where a specific non-real time financial promotion, such as a brochure or a promotion on the Internet, includes past performance information that is presented over a number of pages, the past performance warning required by COB 3.8.11 R (1) should be included on each page on which past performance information is presented.

  7. (7)

    8Information about past performance should normally be based on the actual performance of a fund or funds for the entire period. Where past performance information for the actual fund does not exist, a firm may only include hypothetical past performance information in the promotion if the result will be clear, fair and not misleading. Past performance information that is based entirely on hypothetical past performance information will be acceptable only where it relates to a fund that is not and has not been actively managed, and where prices on the relevant markets are unlikely to have been influenced by the operation of the fund had it been in existence.

  8. (8)

    8In (7), hypothetical past performance information means information that has been constructed about the performance of a fund during a period for which no actual performance information is available, using the terms of the product and historical financial information. This would not include past performance information that is based on the actual performance of a fund (for example, where the pricing structure or other terms surrounding a product change but the underlying fund remains the same; where an existing fund is merging with another; or where a fund is cloned.)

8Standardised past performance information

COB 3.8.13R
  1. (1)

    8If a firm includes in a specific non-real time financial promotion information referring to the past performance of a packaged product, it must also include:

    1. (a)

      in the case of a scheme, unit-linked life policy or unit-linked stakeholder pension scheme (other than a unitised with-profits life policy or stakeholder pension scheme) past performance information calculated and presented in accordance with COB 3.8.13A R; or

    2. (b)

      in the case of a packaged product which is not within (a) that:

      1. (i)

        does not have a fixed term, the performance over the previous five years (or the whole period if the product has been offered for less than this); or

      2. (ii)

        has a fixed term, the performance over the whole period of the product term;

      ending with the date on which the firm confirms compliance with the rules in this chapter under COB 3.6.1 R (or as near as is reasonably practicable).

  2. (2)

    The information included in accordance with COB 3.8.13 R (1) should be no less prominent than any other past performance information.

  3. (3)

    A specific non-real time financial promotion must not contain any past performance information, including hypothetical past performance information, unless past performance information exists for the previous twelve months (or where COB 3.8.13R(1)(a) applies, for the previous four full quarters).

  4. (4)

    For the purposes of COB 3.8.13 R (1)(a), firms should use single pricing, or (if this is not available) bid to bid prices, unless the firm has reasonable grounds to be satisfied that another basis would better reflect the past performance of the fund.

  5. (5)

    This rule does not apply to a prospectus drawn up in accordance with CIS 3.2.1 R (Drawing up of prospectus) or COLL 4.2.2 R (Publishing the prospectus).11

COB 3.8.13AR

Specimen table of disclosure of discrete past performance.

This table belongs to COB 3.8.13 R.

8

Percentage growth

[Fund name]

Quarter/Year - Quarter/Year pgr%

Quarter/Year - Quarter/Year pgr%

Quarter/Year - Quarter/Year pgr%

Quarter/Year - Quarter/Year pgr%

Quarter/Year - Quarter/Year pgr%

Notes:

1. The table must show performance information for five (or if performance information for fewer than five is available, all) complete 12-month periods, the most recent of which ends with the last full quarter preceding the date on which the firm confirms compliance with the rules in this chapter under COB 3.6.1 R.

2. For products with performance data for less than five 12-month periods, firms should clearly indicate that performance data does not exist for the relevant periods.

3. No allowance must be made for tax recoveries on income for pension contracts, individual savings accounts or PEPs.

4. pgr is the percentage growth rate for the year, where:

pgr = ((P1 - P0)/PO)*100 and rounded to the nearest 0.1%, with exact 0.05% rounded to the nearest even 0.1%; and where P0 is the price at the start of the 12-month period and P1 is the price on the same day in the following 12-month period.

5. The prices must allow for any net distributions to be reinvested.

6. The price at P1 must be adjusted for any charges since the date of P0 which are based on a proportion of the fund and are levied by the cancellation of units.

COB 3.8.14G
  1. (1)

    The information required by COB 3.8.13 R (1)(b) should be given on:

    1. (a)

      an offer to bid basis (which should be stated) where there is an actual return or comparison of performance with other investments; or

    2. (b)

      an offer to offer, bid to bid or offer to bid basis (which should be stated) where there is a comparison of performance with an index or with movements in the price of units; or

    3. (c)

      a single pricing basis with allowance for charges.

  2. (2)

    Where the pricing policy of the investment has changed, the prices used to comply with COB 3.8.13 R should include such adjustments as are necessary to remove any distortions resulting from the pricing method.

  3. (3)

    Where the performance relates to a different investment vehicle, any material differences should be stated in the financial promotion.8

COB 3.8.15R

Information about past performance in a specific non-real time financial promotion must not be presented in such a manner as to suggest that:

  1. (1)

    it constitutes a projection illustrating the possible future value of an investment contract or fund; or

  2. (2)

    similar returns will be achieved in the future.8

COB 3.8.16G

In determining whether COB 3.8.15 R has been satisfied, the FSA will take into account:

  1. (1)

    the way in which the information about past performance has been presented;

  2. (2)

    how it is positioned in the financial promotion; and

  3. (3)

    the wording which accompanies it.

Paragraph headings, or the positioning of information about past performance and current yields next to each other, can sometimes contribute to an overall impression that past performance and future prospects are linked.8

Specific non-real time financial promotions: projections for life policies or schemes

COB 3.8.17R

A specific non-real time financial promotion relating to a life policy, or a scheme, and which includes a projection must comply with the detailed projection rules in COB 6.6 (Projections).

Specific non-real time financial promotions: projections for EIS shares

COB 3.8.18R

A specific non-real time financial promotion must not contain a projection of the possible investment return on a direct or indirect investment in EIS shares.

Specific non-real time financial promotions: packaged products13

COB 3.8.19R
  1. (1)

    13A firm must not communicate or approve a specific non-real time financial promotion containing or offering advice on packaged products unless the promotion discloses information to show whether the scope of the advice which is given or offered is or will be based upon a selection made from:

    1. (a)

      the whole market (or from the whole of a named sector of the market); or

    2. (b)

      a limited number of product providers; or

    3. (c)

      a single product provider.

  2. (2)

    A firm must not communicate or approve a specific non-real time financial promotion offering packaged productsproduced by a person, A:

    1. (a)

      that holds out any person other than A as the packaged product producer; or

    2. (b)

      that does or says anything which might reasonably lead a private customer to be mistaken as to the identity of the product's producer; or

    3. (c)

      in which the prominence of A's brand is less than that of other brands included in the promotion.2

COB 3.8.20G

Firms are reminded that COB 3.8.19 R does not apply to image advertising (see COB 3.2.5 R (Exemptions) and COB 3.2.7 G (3)(b) (Guidance on the exemptions)).

Real time financial promotions

COB 3.8.21G

A firm should note that COB 3.10.3 R prevents a firm from communicating an unsolicited real time financial promotion other than an exempt financial promotion (which is outside the scope of this chapter) or where one of COB 3.10.3 R (1), COB 3.10.3 R (2) and COB 3.10.3 R (3) applies. Many solicited real time financial promotions will be exempt financial promotions (and, therefore, outside the scope of this chapter). Accordingly, COB 3.8.22 R applies only to solicited real time financial promotions which are not exempt financial promotions and to unsolicited real time financial promotions within COB 3.10.3 R (1).3

COB 3.8.22R

A firm must take reasonable steps to ensure that an individual who makes a real time financial promotion on the firm's behalf:

  1. (1)

    does so in a way which is clear, fair and not misleading;

  2. (2)

    does not make any untrue claims;

  3. (3)

    makes clear the purpose (or purposes) of the financial promotion at the initial point of communication, and identifies himself and the firm which he represents;

  4. (4)

    if the time and method of communication were not previously agreed by the recipient:

    1. (a)

      checks that the recipient wishes him to proceed;

    2. (b)

      terminates the communication if the recipient does not wish him to proceed (but may ask for another appointment);

    3. (c)

      recognises and respects, promptly, the right of the recipient to:

      1. (i)

        end the communication at any time; and

      2. (ii)

        refuse any request for another appointment;

  5. (5)

    gives any recipient with whom he arranges an appointment a contact point;

  6. (6)

    does not communicate with a person:

    1. (a)

      at an unsocial hour, unless the person has previously agreed to such a communication;

    2. (b)

      on an unlisted telephone number, unless the person has previously agreed to such calls on that number;

  7. (7)

    if applicable, acts in conformity with the rules in COB 4.3 (Disclosing information about services, fees and commission - packaged products) and COB 5.1 (Advising on packaged products).13

COB 3.8.23G

In COB 3.8.22 R (6)(a) an unsocial hour usually means on a Sunday or before 9am or after 9pm on any other day. It could also mean other days of the week or other times if the firm knows that a particular recipient would not wish to be called on that day or at that time for reasons of, for example, religious faith or night shift working.

COB 3.8.24G

The requirements of COB 3.8.22 R:

  1. (1)

    apply in respect of all individuals who initiate the communication, including representatives, call centre operators and introducers;13

  2. (2)

    apply to all forms of real time financial promotion, including face to face and telephone financial promotion;

  3. (3)

    but do not prevent, for example, a telephone call centre which has received a call from a person at an hour generally regarded as unsocial, either responding to that call or asking during the call if the person would like details of other investment products.

COB 3.8.25G

SYSC 3.2.20 R (Records) requires a firm to take reasonable care to make and retain certain records. For a telemarketing campaign to which COB 3.8.22 R applies, those records should include copies of any scripts used.