Related provisions for MCOB 3A.1.10
61 - 80 of 133 items.
Under the Act and the Regulated Activities Order, the activities of effecting and carrying out contracts of insurance are treated as being carried on in the United Kingdom on the basis of legal tests under which the location of the risk is only one factor. If the risk is located in the United Kingdom, then (other relevant factors being taken into account) the activity will, in the vast majority of cases, also be viewed as carried on in the United Kingdom. There are exceptions,
When a firm promotes a personal pension scheme, including a group personal pension scheme, to a group of employees it must:(1) be satisfied on reasonable grounds that the scheme is likely to be at least as suitable for the majority of the employees as a stakeholder pension scheme; and(2) record why it thinks the promotion is justified.
Anyone who is carrying on a regulated activity is likely to make financial promotions in the course of or for the purposes of carrying on that activity. It is beyond the scope of this guidance to cover regulated activities as such (for a general guide see PERG 2). There are circumstances, however, where persons whose main aim is either:(1) to make financial promotions for their own purposes or on behalf of others; or(2) to help other persons to make financial promotions;may find
The regulated activities which are likely to be conducted in the circumstances referred to in PERG 8.23.2 G are:(1) giving advice on certain investments (articles 53 (Advising on investments), 53A (Advising on regulated mortgage contracts), 53B (Advising on regulated home reversion plans), 53C (Advising on regulated home purchase plans), 53D (Advising on regulated sale and rent back agreements)2 and 56 (Advice on syndicate participation at Lloyd’s) of the Regulated Activities
(1) A firm must not communicate or approve for communication a financial promotion in relation to high-cost short-term credit, unless it contains the following risk warning: “Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk”.(2) [deleted]2(3) Instead of the website address in paragraph (1), a firm may include the Money Advice Service’s logo registered community trade mark number EU009695909.(4) The risk warning must be included
(1) A firm must ensure that a financial promotion addressed to a client is clearly identifiable as such.[Note: article 19(2) of MiFID and article 77 of the UCITS Directive]3(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,
3The following is a non-exhaustive list of rules and guidance in the Handbook that are relevant to a firm's management of operational risk: (1) COBS contains rules and guidance that can relate to the management of operational risk; for example, COBS 2 (Conduct of business obligations), COBS 4 (Communicating with clients, including financial promotions), COBS 6 (Information about the firm, its services and remuneration), COBS 7 (Insurance mediation), COBS 9 (Suitability (including
1When it decides whether a suspension order under section 267 is appropriate, the FCA will consider all the relevant circumstances. General factors that the FCA may consider include, but are not limited to: (1) the seriousness of the breach of financial promotionrules by the operator (the matters listed at paragraph 14.1.1 (a) to (f) may be relevant in this context); and (2) the conduct of the operator after the breach was discovered including whether the operator has compensated
Some software services involve the generation of specific buy, sell or hold signals relating to particular investments. These signals are liable, as a general rule, to be advice for the purposes of article 53(1)1 (as well as financial promotions) given by the person responsible for the provision of the software. The exception to this is where the user of the software is required to use enough control over the setting of parameters and inputting of information for the signals
1In investigations into possible
insider dealing,market abuse, misleading statements and practices offences, breaches of the general prohibition, the restriction on financial promotion, or the prohibition on promoting collective investment schemes, the investigator may not know the identity of the perpetrator or may be looking into market circumstances at the outset of the investigation rather than investigating a particular person. In those circumstances,
1A firm must make an adequate record of each non-real time financial promotion of qualifying credit, home reversion plan or regulated sale and rent back agreement which it has confirmed as complying with the rules in this chapter. The record must be retained for a year from the date at which the financial promotion was last communicated.
The purpose of this chapter is to establish the requirements for the proper calculation of the APR. As a cost measure which facilitates comparisons between similar mortgages offered on a similar basis, the APR is an integral element of the rules relating to financial promotions of qualifying credit1 and disclosure.1
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 |
Research recommendations: required disclosures 3 |