FSA Conduct of Business
FSA Conduct of Business
FSA Conduct of Business Rules Sourcebook - sometimes known as COB rules
The FSA Conduct of Business rules are applicable to all regulated firms in terms of their activities termed as designated investment business. They do not apply to mortgages, home finance activities or non-investment insurance contracts. These are detailed separately.
The FSA Conduct of Business rules contained within the Conduct of Business sourcebook are Business Standards and having a full understanding of them and what your obligations are, are therefore essential.
Having documented and updated FSA Conduct of Business procedures for your firm can assist in demonstrating FSA compliance.
We have produced a set of FSA Conduct of Business procedures detailing the requirements of the FSA Conduct of Business sourcebook, including examples of what information should be included for your firm. These FSA Conduct of Business procedures contain the following information:
- Clear, fair and not misleading communication
- Acceptable indirect benefits
- Financial promotions
- Accepting clients and client classification
- Terms of business
- Advising and selling
- Pension Transfers
- Unsecured and Alternatively Secured Pensions
- Know your client
- Insistent investors
- Execution only investors
- Direct offer investors
- Suitability (including pension transfers and opt outs)
- Client’s understanding of risk
- Information disclosure
- Excessive charges
- Disclosure of remuneration and charges
- Packaged product disclosure
- Conflicts of interest
- Churning and switching
We have also produced separate documents to enhance the FSA Conduct of Business procedures. These can be used either in association with the FSA Conduct of Business procedures or on a stand-alone basis.
This suite of documents and FSA Conduct of Business procedures will help you understand what is required but also demonstrate externally you are taking FSA compliance seriously by researching and understanding your obligations in this area.
Record keeping and FSA notification events are also included to help you, where they are relevant.
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