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Conduct of Business Requirements (1) (Adviser Conduct of Business (Adviser…
Conduct of Business Requirements (1)
FCA Handbook
Conduct of Business Sourcebooks
Conduct of Business Sourcebook (COBS)
Investments firms
Banking Conduct of Business Sourcebook
Mortgage and Home Finance Sourcebook
Insurance: Conduct of Business Sourcebook
Types of Client
Eligible counterparties
Lowest level protection
Highest knowledge
Central banks
Goverments
Financial institutions
Professional clients
Moderate level protection
moderate knowledge
Professional bodies
Investment firms
Insurance companies
Retail clients
Highest level protection
Lowest knowledge
General public
Financial Advice
Independent Advisers
Unrestricted/Unbiased
Comprehensive/fair analysis of relevant market
Restricted Advisers
Not independent
Offer basic advice
Execution-only business
Firm executing client wishes
No advice given
Financial Promotions
Real-time
Non-written
Personal visits
Telephone conversations
Non-real-time
Written
Adverts
Internet sites
Financial Promotions Rules
Comparisons
Fair/balanced
Additional info for MiFD
Past Performance
Not prominent
Inc. Past performance not necessarily a indicator of future results
Last five years, or not less than a year
Unsolicited promotions
Permitted
Certain investments
Packaged products
Unsolicited calls/visits within allowed times
Confirm happy to receive
Contact point to client on appoitment
Not Permitted
Cold calling mortgage contracts
Higher-volatility funds (Gearing)
Advertising Standards Authority (ASA)
Legal
Nothing that breaks the law
Decent
Nothing offence
Honest
Exploiting lack of knowledge
Truthful
Not misleading
Adviser Conduct of Business
FCA Disclosure Requirements
Initial Disclosure Document
Contact Information
Communication
Authorisation
Advice type
Independent
Restricted
Investment management
Frequency
Portfolio delegation
Charging Structure
List of services and charges
Charges payable
Total in cash terms
Amount/term of charges
Implications if cancelled
FOS and FSCS
Client money/Investments
Disclosure of third party involvement
Adviser Charges
Service/not product/provider
Explained in IDD
On-going charges pre-agreed
Client Agreement
Designated investment business
Rights/obligations
Investment limits/ranges
Suitability Report
Recommended on
Personal/financial circumstances
Needs/priorities - Fact find
Attitude to risk
Required Products
Life policies
Pension policies
Unit trusts
Investment trusts
OEICs
Pension transfers/opt outs
Product Disclosure
Key Features Document
Product works
Product aims
Key terms
Material risks
Handling complaints
FSCS Info
Right to cancel