Related provisions for COBS 13.4.4

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

COBS 4.11.1RRP
(1) A firm must make an adequate record of any financial promotion it communicates or approves, other than a financial promotion made in the course of a personal visit, telephone conversation or other interactive dialogue.(2) For a telemarketing campaign, a firm must make an adequate record of copies of any scripts used.(3) A firm must retain the record in relation to a financial promotion relating to:(a) a pension transfer, pension opt-out or FSAVC, indefinitely;(b) a life policy,
COBS 4.11.2GRP
A firm should consider maintaining a record of why it is satisfied that the financial promotion complies with the financial promotion rules.
COBS 4.11.3GRP
If the financial promotion includes market information that is updated continuously in line with the relevant market, the record-keeping rules do not require a firm to record that information.
COBS 10.4.1RRP
(1) A firm is not required to ask its client to provide information or assess appropriateness if:(a) the service only consists of execution and/or the reception and transmission of client orders, with or without ancillary services, it relates to particular financial instruments and is provided at the initiative of the client;(b) the client has been clearly informed (whether the warning is given in a standardised format or not) that in the provision of this service the firm is
COBS 10.4.2RRP
If a client engages in a course of dealings involving a specific type of product or service through the services of a firm, the firm is not required to make a new assessment on the occasion of each separate transaction. A firm complies with the rules in this chapter provided that it makes the necessary appropriateness assessment before beginning that service. [Note: recital 59 to the MiFID implementing Directive]
COBS 10.4.3RRP
A client who has engaged in a course of dealings involving a specific type of product or service beginning before 1 November 2007 is presumed to have the necessary experience and knowledge in order to understand the risks involved in relation to that specific type of product or service. [Note: recital 59 of the MiFID implementing Directive]
COBS 4.4.1RRP
A firm must ensure that any reference in advertising to an investor compensation scheme established under the Investor Compensation Directive is limited to a factual reference to the scheme. [Note: article 10(3) of the Investor Compensation Directive]
COBS 10.6.1GRP
A firm need not assess appropriateness if it is receiving or transmitting an order in relation to which it has assessed suitability under COBS 9 (Suitability (including basic advice)).
COBS 10.6.2GRP
A firm may not need to assess appropriateness if it is able to rely on a recommendation made by an investment firm (see COBS 2.4.5 G (Reliance on other investment firms: MiFID and equivalent business).
COBS 18.9.1RRP
1Only the financial promotion rules in COBS apply to an ICVC.
COBS 18.9.2GRP
Firms should note that the operator of an ICVC when it is undertaking scheme management activity will be subject to COBS 18.5.2R.
COBS 10.7.1GRP
A1firm is required to keep orderly records of its business and internal organisation, including all services and transactions undertaken by it.1 The records may be expected to include the client information a firm obtains to assess appropriateness and should be adequate to indicate what the assessment was. 11
COBS 10.7.2RRP
The firm must retain its records relating to appropriateness for a minimum of five years.
COBS 3.3.1RRP
A1firm must:(1) notify a new client of its categorisation as a retail client, professional client, or eligible counterparty in accordance with this chapter; and(2) prior to the provision of services, inform a client in a durable medium about:(a) any right that client has to request a different categorisation; and(b) any limitations to the level of client protection that such a different categorisation would entail. [Note: paragraph 2 of section I of annex II to MiFID and articles
COBS 3.3.2GRP
This chapter requires a firm to allow a client to request re-categorisation as a client that benefits from a higher degree of protection (see COBS 3.7.1 R). A firm must therefore notify a client that is categorised as a professional client or an eligible counterparty of its right to request a different categorisation whether or not the firm will agree to such requests. However, a firm need only notify a client of a right to request a different categorisation involving a lower
COBS 3.4.1RRP
A retail client is a client who is not a professional client or an eligible counterparty. [Note: article 4(1)(12) of MiFID]
COBS 3.4.2RRP
If a firm provides services relating to a CTF (except for a personal recommendation relating to a contribution to a CTF), the firm'sclient is a retail client even if it would otherwise be categorised as a professional client or an eligible counterparty under this chapter.
COBS 18.4.1RRP

The provisions of COBS in the table do not apply in relation to any stock lending activity carried on by a firm which is MiFID or equivalent third country business:

COBS

Subject

6.2

Describing the breadth of a firm's advice on investments

6.3

Disclosing information about services, fees and commission - packaged products

6.4

Disclosure of charges, remuneration and commission

9.4

Suitability reports

9.6

Special rules for providing basic advice on a stakeholder product

11.6

Use of dealing commission

16.3.9

Guidance on contingent liability transaction

16.5

Quotations for surrender values

16.6

Life insurance contracts - communications to clients

16 Annex 1 R (1) 14

Information to be provided in accordance with COBS 16.2.1 R and 16.3
COBS 18.4.2GRP

The provisions of COBS in the table are unlikely to be relevant in relation to any stock lending activity carried on by a firm which is MiFID or equivalent third country business:

COBS

Description

5

Distance communications, except in relation to distance contracts concluded with consumers

7

Insurance mediation

13

Preparing product information

14.2

Providing product information

15

Cancellation, except cancellation and withdrawal rights in relation to distance contracts concluded with consumers

17

Claims handling for long-term care insurance

18.1

Trustee firms' regime

18.2

Energy market activity and oil market activity

18.3

Corporate finance business

19

Pensions - supplementary provisions

20

With-profits
COBS 18.10.1RRP

1The COBS provisions in the table apply to a UCITS qualifier and a service company:

COBS

Description

4

Communications to clients, but only in relation to communicating or approving a financial promotion

5.2

E-Commerce

12.4

Investment Research recommendations: required disclosures
COBS 19.3.1RRP
(1) When a firm sells, personally recommends or arranges1 the payment of an AVC contribution by a member of an occupational pension scheme to be secured by a packaged product purchased by the scheme trustees, it must give the trustees sufficient information to pass to the relevant member for that member to be able to make informed comparisons between the AVC and any alternative personal pension schemes and stakeholder pension schemes available.1(2) This rule applies to an AVC
COBS 18.8.2RRP

Where an OPS firm conducts OPS activity and is obliged to provide a periodic statement, the periodic statement must contain the information in the table below.

Information to be included in a periodic statement provided by an OPS firm conducting OPS activity

(1)

Investment objectives

A statement of any investment objectives governing the mandate of the portfolio of the occupational pension scheme as at the closing and starting date of the periodic statement.

(2)

Details of any asset loaned or charged

(a) a summary of any investments that were, at the closing date, lent to a third party and any investments that were at that date charged to secure borrowings made on behalf of the portfolio; and

(b) the aggregate of any interest payments made and income received during the account period in respect of loans or borrowings made during that period and a comparison with the previous period.

(3)

Transactions and changes in composition

(a) a summary of the transactions entered into for the portfolio during the period and a comparison with the previous period;

(b) the aggregate of money and a summary of all investments transferred into and out of the portfolio during the period; and

(c) the aggregate of any interest payments, dividends and other benefits received by the firm for the portfolio during that period and a comparison with the previous period.

(4)

Charges and remuneration

If not previously advised in writing, a statement for the period of account:

(a) of the aggregate charges of the firm and its associates; and

(b) of any remuneration received by the firm or its associates or both from a third party in respect of the transactions entered into, or any other services provided, for the portfolio.

(5)

Movement in value of portfolio

A statement of the difference between the value of the portfolio at the closing date of the period of account and its value at the starting date, having regard, during the period of account, to:

(a) the aggregate of assets received from the occupational pension scheme and added to the portfolio;

(b) the aggregate of the value of assets transferred, or of amounts paid, to the client;

(c) the aggregate income received on behalf of the client in respect of the portfolio; and

(d) the aggregate of realised and unrealised profits or gains and losses attributable to the assets comprised in the portfolio.
COBS 18.8.3RRP
COBS 8 (Client agreements) does not apply to an OPS firm, where the OPS firm is carrying on designated investment business as part of its OPS activity in relation to an occupational pension scheme of which it is a trustee.
COBS 16.1.1RRP
1A firm must ensure in relation to MiFID or equivalent third country business that a client receives adequate reports on the services provided to it by the firm. The reports must include, where applicable, the costs associated with the transactions and services undertaken by the firm on behalf of the client. [Note: article 19(8) of MiFID]
COBS 21.1.1RRP
1The rules in this section apply on an ongoing basis to linked long-term contracts that are effected by: (1) insurers other than EEA insurers; and(2) EEA insurers in the United Kingdom.
COBS 15.1.1GRP
1This chapter is relevant to a firm that enters into a contract cancellable under this chapter. In summary, this means it is relevant to:(1) most providers of retail financial products that are based on designated investments; and2(2) firms that enter into distance contracts with consumers that relate to designated investment business.2
COBS 7.1.1RRP
1This chapter applies to a firm carrying on insurance mediation in relation to a life policy, but only if the State of the commitment is an EEA State. [Note: articles 1 and 12 (4) and (5) of the Insurance Mediation Directive]
COBS 4.3.1RRP
(1) A firm must ensure that a financial promotion addressed to a client is clearly identifiable as such.[Note: article 19(2) of MiFID](2) If2 a financial promotion relates to a2firm'sMiFID or equivalent third country business, this rule does not apply to the extent that the2financial promotion is a third party prospectus.2(3) If2 a financial promotion relates2 to a 2 firm's business that is not 2MiFID or equivalent third country business, this rule applies to communicating or
COBS 14.1.1RRP
1In this chapter:(1) 'retail client' includes the trustee or operator of a stakeholder pension scheme or personal pension scheme and the trustee of a money-purchase occupational pension scheme; and(2) ‘sell’ includes ‘sell, personally recommend or arrange the sale of’ in relation to a designated investment and equivalent activities in relation to a cash-deposit ISA and cash-deposit CTF.
COBS 16.5.1RRP
When a long-term insurer receives any indication that a retail client wishes to surrender a life policy which is of the type that may be traded on an existing secondary market for life policies, it must, before accepting a surrender, make the policyholder aware that he may be able to sell his policy instead, how he may do so and that there may be financial benefits in doing so.
TC 3.1.1RRP
1A firm must make appropriate records to demonstrate compliance with the rules in this sourcebook and keep them for the following periods after an employee stops carrying on the activity:(1) at least 5 years for MiFID business;(2) 3 years for non-MiFID business; and(3) indefinitely for a pension transfer specialist.