MCOB 3.5 General
Topics covered in this chapter
MCOB 3 includes some provisions which are applicable to all types of qualifying credit promotion and others which apply only to specific types. MCOB 3.5.2 G has been provided to help locate the areas of particular relevance to types of qualifying credit promotion.
This table belongs to MCOB 3.5.1 G
Areas of particular relevance to types of qualifying credit promotion |
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(1) |
Provisions applying to all qualifying credit promotions |
Application - who? |
MCOB 3.1 |
Application - what? |
MCOB 3.2 |
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Application - where? |
MCOB 3.3 |
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Purpose |
MCOB 3.4 |
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General |
MCOB 3.5 |
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(2) |
Provisions applying only to non-real time qualifying credit promotions |
Form and content of non-real time qualifying credit promotions |
MCOB 3.6 |
Confirmation of compliance |
MCOB 3.9 |
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Records |
MCOB 3.10 |
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(3) |
Provisions applying only to real time qualifying credit promotions |
Unsolicited real time qualifying credit promotions |
MCOB 3.7 |
Form and content of real time qualifying credit promotions |
MCOB 3.8 |
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(4) |
Provisions applying only to certain types of qualifying credit promotions |
Communication and approval of qualifying credit promotions for an overseas or unauthorised person |
MCOB 3.11 |
The Internet and other electronic media |
MCOB 3.12 |
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Other regulations and guidelines
A firm communicating a qualifying credit promotion may also be subject to other regulations and guidelines, outside the remit of the FSA, such as:
- (1)
the codes issued from time to time by the Advertising Standards Authority, the Independent Television Commission and the Radio Authority;
- (2)
regulations of any overseas regulator (where relevant) if the firm intends to market from the United Kingdom into any other country;
- (3)
the Privacy and Electronic Communications (EC Directive) Regulations 2003
- (4)
the Timeshare Act 1992, as amended by the Timeshare Regulations 1997 (SI 1997/1081); and
- (5)
the Consumer Protection Act 1987, or Consumer Protection (Northern Ireland) Order 1987 (SI 1987/2049 (N.I 20)).
'Real time' and 'non-real time' qualifying credit promotions
This chapter draws a distinction between real time and non-real time qualifying credit promotions. Guidance on the meaning of those expressions, which are based upon article 7 of the Financial Promotion Order, is contained in AUTH App 1.10.2 G (Real time v. non-real time promotions).
- (1)
A'real time qualifying credit promotion' is a qualifying credit promotion which is communicated in the course of a personal visit, telephone conversation or other interactive dialogue.
- (2)
A'non-real time qualifying credit promotion' is a qualifying credit promotion that is not a real time qualifying credit promotion. It includes a qualifying credit promotion made by letter, e-mail or contained in a newspaper, journal, magazine, other periodical publication, website, television or radio programme, or teletext service.
- (3)
The following are to be regarded as indications that a qualifying credit promotion is a non-real time qualifying credit promotion:
- (a)
the qualifying credit promotion is communicated to more than one person in identical terms (save for details of the recipient's identity);
- (b)
the qualifying credit promotion is communicated by way of a system which in the normal course constitutes or creates a record of the communication which is available to the recipient to refer to at a later time; and
- (c)
the qualifying credit promotion is communicated by way of a system which in the normal course does not enable or require the recipient to respond immediately to it.
- (a)
Meaning of 'made', 'directed at' and 'recipient' in MCOB 3
(In accordance with article 6 of the Financial Promotion Order (Interpretation: communications)) any reference in this chapter to:
- (1)
a communication being made to another person is a reference to a communication being addressed, whether verbally or in legible form, to a particular person or persons (for example, where it is contained in a telephone call or letter);
- (2)
a communication being directed at persons is a reference to a communication being addressed to persons generally (for example where it is contained in a television broadcast or website); and
- (3)
a 'recipient' of a communication is the person to whom the communication is made or, in the case of a non-real time qualifying credit promotion which is directed at persons generally, any person who reads or hears the communication.