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The promotion must include the full name and address of the person offering the investment and the firmĭetails of charges, expenses and commissions payable to the firm must be provided The promotion must detail that in the event that there is any doubt about the suitability of the investment, the firm should be contacted for advice (or an IFA should be contacted, if the firm does not offer advice) See details at foot of page.ount:Ī promotion of a packaged product must contain the information provided in the key features document and appropriate disclosure documents Real time financial promotions deal with activities such as personal visits, telephone conversations and any other int. E-communications are also regarded as non-real time financial promotions, for example, websites and emails Non-real time promotions that deal with FCA regulated advertising and promotions, such as press advertising, newsletters, leaflets and brochures. The FCA’s Conduct of Business rules give separate requirements for two distinct types of promotion. Straightforward promotions that just contain the firm’s name, contact point, logo, brief factual descriptions of the firm’s activities, fees, products and services.
Specific one-off product details for a specific recipient The rules for financial promotions do not apply to:
The Regulator’s rules apply to all financial promotions apart from the following: The FCA’s advertising rules are based on its principle 7 for businesses: “Firms have a general requirement to pay due regard to the information needs of their customers and communicate information to customers in a way that is fair, clear and not misleading.” In this section we examine the requirements for communications with clients in respect of financial promotions. Indefinitely in relation to a pension transfer, pension opt-out or FSAVCĪt least five years in relation to a life policy or pension contractįive years in relation to MiFID business and three years in any other case Advisers need to ensure that the client fully understands the advice process and if not another closely related individual should be with them.Ī record of each client’s classification must be made at the time of their classification and be retained for the relevant period after the firm ceases to carry on business with or for the client. Vulnerable clients, on account of their age, state of health or current circumstances, require an extra duty of care. See details at foot of page.tise, experience and knowledge to ensure that he/she is able to satisfactorily make his/her own investment decisions whilst understanding the risks involved. Inducements: Firms must take reasonable steps to ensure that they do not offer, give, solicit or accept. The rules apply to all regulated life and pensions and investment businesses and deposit-taking institutions, although many only apply to specific regulated activities. It incorporates the MiFID requirements and introduces a principles-based regime for regulated firms. The purpose is to provide detailed guidance on how staff and representatives of regulated businesses should deal with customers. These can be found in the third block of the FCA Handbook – business standards. Most of the rules which affect the day-to-day operations are contained in the Conduct of Business Rules (COBS). Regulatory rules for investment advice (COBS) In this section we identify what the purpose of the Conduct of Business (COBS) rules are and to whom they apply.
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