Transitional Provisions and Schedules
COBS TP 1
Transitional Provisions relating to Client Categorisation
| (1) | (2) | (3) | (4) | (5) | (6) |
| Material to which the transitional provision applies | Transitional provision | Transitional provision: dates in force | Handbook provisions: coming into force | ||
| Overview of transitional provisions for client categorisation | |||||
| 1.1 | COBS 3 | G |
(1) COBS TP 1.2 contains default transitional categorisation provisions in relation to the existing clients of a firm on 1 November 2007. In many cases, they allow a client to be automatically provided with the nearest equivalent categorisation under COBS 3 to their previous categorisation. (2) COBS TP 1.3 explains how the transitional provisions for client categorisation relate to the requirement for a firm to act if it becomes aware that an elective professional client no longer satisfies the initial conditions for its categorisation.(3) The default provisions do not prevent a firm categorising such a client differently in accordance with COBS 3. COBS TP 1.4 provides guidance on how some of the procedural requirements in COBS 3 apply in some such cases. (4) COBS TP 1.5 contains transitional notification obligations, which apply if the default provisions do not allow that client to be provided with the nearest equivalent categorisation or a firm chooses not to take advantage of those provisions in relation to a client. (5) COBS TP 1.6 contains a transitional notification obligation that applies to a firm that, in relation to MiFID or equivalent third country business, takes advantage of the default transitional categorisation provisions to classify a client as a per se professional client. (6) COBS TP 1.9 contains transitional categorisation provisions in relation to clients of a firm that are taken on between 1 November 2007 and 30 June 2008 in relation to business that is not MiFID or equivalent third country business.
|
From 1 November 2007 indefinitely | 1 November 2007 |
| Categorisation of existing clients | |||||
| 1.2 | COBS 3 | R |
(1) An existing client that was correctly categorised as a private customer immediately before 1 November 2007 is a retail client unless and to the extent it is given a different categorisation by the firm under COBS 3. (2) An existing client that was correctly categorised as an intermediate customer immediately before 1 November 2007:
(a) is an elective professional client if it was an expert private customer that had been re-classified as an intermediate customer on the basis of its experience and understanding; or (b) is otherwise a per se professional client;
unless and to the extent it is given a different categorisation by the firm under COBS 3.(3) An existing client that was correctly categorised as a market counterparty immediately before 1 November 2007 is:
(a) for eligible counterparty business that is not MiFID or equivalent third country business, an eligible counterparty; and (b) otherwise, a per se professional client;
unless and to the extent it is given a different categorisation by the firm under COBS 3. |
From 1 November 2007 indefinitely | 1 November 2007 |
| [Note: Article 71(6) of, and third paragraph of section II.2 of Annex II to, MiFID] | |||||
| 1.3 | COBS 3 | G | Under COBS 3.5.9 R, if a firm becomes aware that a client no longer fulfils the initial conditions that made it eligible for categorisation as an elective professional client, the investment firm must take the appropriate action. In the case of a client that has been classified as an elective professional client under COBS TP 1.2R(2)(a), the initial conditions are those that applied to the client's initial categorisation as an intermediate customer. | From 1 November 2007 indefinitely | 1 November 2007 |
| Former inter-professional business | |||||
| 1.4 | COBS 3 | G | The requirement to provide notices under COBS 3.3.1 R only applies in relation to new clients. The requirement to obtain confirmation under COBS 3.6.4 R (2) only applies in relation to prospective counterparties. These obligations are therefore not relevant to the extent that an existing client with whom a firm conducted inter-professional business before 1 November 2007 is categorised as an eligible counterparty under COBS 3 in relation to eligible counterparty business. | From 1 November 2007 indefinitely | 1 November 2007 |
| Transitional notification obligations | |||||
| 1.5 | COBS 3 | R | (1) If a firm does not categorise a client that was a private customer immediately before 1 November 2007 as a retail client, it must notify that client of its categorisation as a professional client or eligible counterparty, as appropriate, on or before that date, or if later, before conducting any further business to which COBS applies for that client. (2) If a firm does not categorise a client that was an intermediate customer immediately before 1 November 2007 as a professional client, it must notify that client of its categorisation as a retail client or eligible counterparty, as appropriate, on or before that date, or if later, before conducting any further business to which COBS applies for that client. (3) If a firm does not categorise a client that was a market counterparty immediately before 1 November 2007 as an eligible counterparty, it must notify that client of its categorisation as a retail client or professional client on or before that date, or if later, before conducting any further business to which COBS applies for that client. |
From 1 November 2007 indefinitely | 1 November 2007 |
| [Note: article 28(1) of the MiFID implementing Directive] | |||||
| 1.6 | COBS 3 | R | If a firm, in relation to MiFID or equivalent third country business, categorises a client who would not otherwise have been a professional client as a professional client under COBS TP 1.2(2)(b) or (3)(b), it must inform that client about the relevant conditions for the categorisation of clients. This notification must be made on or before 1 November 2007, or if later, before conducting any further business to which COBS applies for that client. | From 1 November 2007 indefinitely | 1 November 2007 |
| [Note: article 71(6) of MiFID] | |||||
| 1.7 | G | A notice to a professional client under COBS TP 1.6 should inform that client:
(a) that they have been categorised as a professional client; and (b) of the main differences between the treatment of a retail client and a professional client.
|
From 1 November 2007 indefinitely | 1 November 2007 | |
| 1.8 | R | The record-keeping requirements under COBS 3.8.2 R apply in relation to any client categorisations or re-categorisations made under the transitional provisions for COBS 3. | From 1 November 2007 indefinitely | 1 November 2007 | |
| Categorisation of new clients before 30 June (business that is not MiFID or equivalent third country business) | |||||
| 1.9 | COBS 3 | R |
(1) A new client that could have been correctly categorised as an intermediate customer under the rules in force on 31 October 2007:
(a) may be treated as an elective professional client if it could have been categorised as an expert private customer that had been categorised as an intermediate customer in accordance with COB 4.1.9 R on the basis of its experience and understanding; or
(b)otherwise may be treated as a per se professional client, subject to (3) below.
(2) A firm may categorise as an eligible counterparty or a per se professional client any new client that could have been correctly categorised as a market counterparty under the rules in force on 31 October 2007, provided that the firm may only treat the client as an eligible counterparty for the purposes of eligible counterparty business.
(3) Clients categorised under COBS TP 1.9 must be dealt with in accordance with the relevant procedures and notifications in COBS 3.
(4) This rule only applies in relation to business that is not MiFID or equivalent third country business.
|
From 1 November 2007 to 30 June 2008 | 1 November 2007 |
- 05/11/2007
COBS TP 2
Other Transitional Provisions
| (1) | (2) | (3) | (4) | (5) | (6) |
| Material to which the transitional provision applies | Transitional provision | Transitional provision: dates in force | Handbook provisions: coming into force | ||
| 2.-1 | COBS 4 | R | A firm communicating other than in relation to MiFID business is not required to comply with the financial promotion rules in relation to any financial promotion that: (1) is in writing and was designed to be communicated for longer than three months in similar form; (2) was subject to, and complied with, the relevant rules in COB 3 that were in force on or before 31 October 2007 (or was exempt from them); and (3) continues to be fair, clear and not misleading. |
1 November 2007 to 31 October 2008 | 1 November 2007 |
| 2.1 | COBS 6.1 | G | (1) If a firm provides services of an ongoing nature to an existing client it need not provide information to that client that it would be required to provide under COBS to a new client but which it was not required to provide under COB. (2) Services of an ongoing nature include safekeeping and administration investments and managing investments, |
From 1 November 2007 indefinitely | 1 November 2007 |
| 2.2 | COBS 6.1 | G | (1) If a firm provides a service for an existing client that is not of an ongoing nature and which relates to the same particular type of designated investment as a previous service, the firm need not provide information to that client that it would be required to provide under COBS 6.1 to a new client but which it was not required to provide under COB. (2) But a firm should ensure that the client has received all relevant information in relation to a subsequent transaction, such as details of product charges that differ from those described in respect of a previous transaction. |
From 1 November 2007 indefinitely | 1 November 2007 |
| [deleted] | |||||
| [deleted] | |||||
| 2.2B | COBS 6.3 (Disclosing information about services, fees and commission - packaged products) | R | A firm may use the keyfacts logo on an initial disclosure document, a combined initial disclosure document or menu that complied with the rules in COBS 6.3 in effect on 5 August 2008. | From 6 August 2008 until 31 August 2009 | 6 August 2008 |
| 2.2C | COBS 6.3 (Disclosing information about services, fees and commission - packaged products) | G | Under GEN 5.1.5 R and COBS 6.3.4 R, a firm may not use the keyfacts logo on a document designed to comply with disclosure requirements in COBS unless it is a services and costs disclosure document or a combined initial disclosure document prepared in accordance with COBS 6.3 and the relevant COBS 6 annexes. TP 2.2B R allows a firm to use the equivalent documents produced under the COBS rules in effect at 5 August 2008 for a transitional period. | From 6 August 2008 until 31 August 2009. | 6 August 2008 |
| 2.3 | COBS 10.1.2 R | R | For business which is not MiFID or equivalent third country business, compliance with COB 3.9.5 R (2) (Prohibited types of direct offer financial promotion) as it was in force on 31 October 2007 is treated as compliance with COBS 10.1.2 R (arranging or dealing in certain derivatives and warrants for retail clients). | From 1 November 2007 to 31 May 2008 | 1 November 2007 |
| 2.4 | COBS 10.1.2 R | G | This transitional (COBS TP 2.3R) relates to non-MiFID or equivalent third country business arising out of a direct offer financial promotion of a derivative or warrant (or both) for a retail client. This would include, for example, sports or political spread betting. For such business, a firm may begin to comply with the new appropriateness rules at any time within six months of 1 November so long as, in the meantime, it complies with COB 3.9.5 R (2). | From 1 November 2007 to 31 May 2008 | 1 November 2007 |
| 2.4A | COBS 11.2 | R | COB 7.5, as it was in force on 31 October 2007, continues to apply (and COBS 11.2 will not apply) during the transitional period to a firm when executing a customer order in a designated investment when such business is not MiFID or equivalent third country business unless the firm decides to comply with COBS 11.2 before 1 May 2008. | From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.4B | COBS 11.2 | G | The effect of TP 2.4AR is that for a firm which carries on the activities set out in TP 2.4AR COB 7.5 will continue to apply until 1 May 2008 (and COBS 11.2 will not apply), unless the firm decides to comply with COBS 11.2 before 1 May 2008. From 1 May 2008 a firm to which TP 2.4AR applies must comply with the best execution provisions in COBS 11.2. | From 1 November 2007 to 30 April2008 | 1 November 2007 |
| 2.4C | COBS 11.2 | R | If a firm carrying out the activities set out in TP 2.4AR decides to comply with COBS 11.2 before 1 May 2008: (1) it must make a record of the date of the decision and the date from which it is to be effective; and (2) from the effective date it must comply with COBS 11.2 |
From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.4D | COBS 11.2 | R | COBS 11.2 (Best execution) does not apply to a client order for the purchase of or sale of units in a regulated collective investment scheme from or to the operator of that scheme which is not MiFID or equivalent third country business | From 1 May 2008 to 31 October 2008 | 1 May 2008 |
| 2.4E | COBS 12.2 and COBS 12.3 | R | COB 7.16, as it was in force on 31 October 2007, continues to apply (and COBS 12.2 and COBS 12.3 will not apply during the transitional period) to a firm which is not a MiFID investment firm or a third country investment firm which prepares investment research for publication or distribution to its clients, or that publishes or distributes investment research to its clients unless the firm decides to comply with COBS 12.2 and COBS 12.3 sooner than 1 May 2008. | From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.4F | COBS 12.2 and COBS 12.3 | G | The effect of TP 2.4ER is that for a firm which is not a MiFID investment firm or third country investment firm carrying on the activities set out in the transitional rule TP 2.4ER COB 7.16 will continue to apply (and COBS 12.2 and COBS 12.3 will not apply) until 1 May 2008, unless the firm decides to comply with COBS 12.2 and COBS 12.3before1 May 2008. From 1 May 2008 a firm to which TP 2.4ER applies must comply with the investment research provisions in COBS 12.2 and COBS 12.3. | From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.4G | COBS 12.2 and COBS 12.3 | R | If a firm carrying out the activities set out in TP 2.4ER decides to comply with COBS 12.2 and COBS 12.3 before 1 May 2008: (1) it must make a record of the date of the decision and the date from which it is to be effective; and (2) from the effective date it must comply with COBS 12.2 and COBS 12.3. |
From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.5 | COBS 13 | R | (1) A firm is not required to prepare a key features document, a key features illustration or the Consolidated Life Directive information for a product if:
(a) the rules would have required the firm to prepare key features for the product if they were still in force; and (b) the firm prepares key features in accordance with the rules as if they were still in force.
(2) A firm is not required to prepare a standardised deterministic projection or an alternative projection for a product in accordance with COBS 13.5.1 R or COBS 13.5.2 R if the firm prepares its projections for life policies, key features schemes, simplified prospectus schemes and stakeholder pension schemes in accordance with the rules as if they were still in force. (3) For the purposes of this rule, 'the rules' are the rules on product disclosure and the customer's right to cancel or withdraw (COB 6) that were in force on 31 October 2007. |
From 1 November 2007 until 31 October 2008 | 1 November 2007 |
| 2.6 | COBS 14.1 and COBS 14.2 | R | A firm is not required to provide a key features document, a key features illustration or the Consolidated Life Directive information for a product if:
(1) the rules would have required the firm to provide a key features document for that product if they were still in force; (2) the firm is satisfied, on reasonable grounds, that providing a key features document in accordance with the rules, as if they were still in force, will not cause:
(a) a client to suffer any prejudice; or (b) the firm to breach its obligations under one or more of the Principles; and
(3) the firm provides a key features document for the product in accordance with the rules as if they were still in force.For these purposes, 'the rules' means the rules on product disclosure and the customer's right to cancel or withdraw (COB 6) that were in force on 31 October 2007. |
From 1 November 2007 until 31 October 2008 | 1 November 2007 |
| 2.7 | COBS 15 | R | Cancellation
(1) In relation to a contract concluded before 1 November 2007 the previous cancellation rules (COB 6.7) continue to apply. (2) In relation to a contract concluded on or after 1 November 2007 any pre-contract disclosure made before that date that complies with the requirements of this sourcebook is to be treated for the purposes of COBS 15 as if made under this sourcebook.
|
1 November 2007 for 6 months | From 1 November 2007 |
| 2.8 | COBS 16.3 (Periodic statements) | G | This transitional rule applies in relation to a periodic reporting period for a periodic statement that includes 1 November 2007. A firm may choose to comply with either COBS 16.3 or COB 8.2 in providing any periodic statement in relation to which this rule applies. |
From 1 November 2007 indefinitely | 1 November 2007 |
| 2.8A | COBS 18 | R | COB, as it was in force on 31 October 2007, continues to apply (and COBS will not apply) to the following activities and firms (as the case may be) in relation to business which is not MiFID or equivalent third country business and COBS does not apply during the transitional period unless the firm decides to comply with COBS before 1 May 2008: (1) Energy market activity and oil market activity; (2) activities referred to in the general application rule related to: (a) commodity futures; (b) commodity options; (c) contracts for differences related to an underlying commodity; or (d) other futures or contracts for differences which are not related to commodities, financial instruments or cash, which is not energy market activity or oil market activity; (3) corporate finance business; (4) a firm which is an operator of a collective investment scheme; (5) Lloyd's market activities; (6) depositaries; (7) OPS firms. |
From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.8B | COBS 18 | G | The effect of TP 2.8AR is that for firms carrying on the activities set out in the transitional rule TP 2.8AR COB will continue to apply (and COBS will not apply) until 1 May 2008, unless the firm decides to comply with COBS before 1 May 2008. From 1 May 2008 a firm to which TP 2.8AR applies must comply with COBS as set out in COBS 18. | From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.8C | COBS 18 | R | If a firm carrying out the activities set out in TP 2.8AR decides to comply with COBS sooner than 1 May 2008: (1) it must make a record of the date of the decision and the date from which it is to be effective; and (2) subject to TP 2.8DR, from the effective date it must comply with COBS as set out in the relevant parts of COBS 18. |
From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.8D | COBS 18 | G | [deleted] | ||
| 2.8E | COBS 18 | R | A decision by a firm carrying out activities set out in TP 2.8AR to comply with COBS before 1 May 2008 must be made in relation to all the COBS provisions applicable to it. The firm may not 'cherry pick'. | From 1 November 2007 to 30 April 2008 | 1 November 2007 |
| 2.9 | COBS 20.2.1 G to COBS 20.2.23 R; COBS 20.2.26 R to COBS 20.2.41 G ; COBS 20.2.53 R - COBS 20.2.60 G (Treating with-profits policyholders fairly) | R | The provisions listed in column (2) do not apply to a firm if, and to the extent that, they are inconsistent with an arrangement that was formally approved by the FSA, a previous regulator or a court of competent jurisdiction, on or before 20 January 2005. | From 1 November 2007 indefinitely | 1 November 2007 |
| 2.9A | COBS 20.2.24 R to COBS 20.2.25A R (Charging payments of compensation and redress to a with-profits fund) | R | The provisions listed in column (2) do not apply to a firm if, and to the extent that, they are inconsistent with an arrangement that was formally approved by the FSA, a previous regulator or a court of competent jurisdiction, on or before 31 July 2009. | From 31 July 2009 indefinitely | 31 July 2009 |
| 2.10 | COBS 20.2.42R (3) (Policyholder advocate: appointment and role) | R | The provision listed in column (2) does not apply to a firm if it is already carrying out a reattribution and the process is substantially underway to the extent that it has on or before 31 October 2007 appointed a policyholder advocate. | From 1 November 2007 - until completion of the firm's reattribution | 1 November 2007 |
| 2.11 | COBS TP 2.9 | G | The rules and guidance on treating with-profits policyholders fairly (COBS 20.2.1 G - COBS 20.2.41 G; COBS 20.2.53 R - COBS 20.2.60 G) may be contrary to, or inconsistent with, some arrangements that were formally approved by the FSA, a previous regulator or a court of competent jurisdiction, on or before 20 January 2005. The effect of TP 2.9 is that these rules do not apply to such arrangements if, and to the extent that, it is inconsistent with them. A firm should be mindful, however, that, even if some or all of these rules are disapplied, the firm is still subject to the rules in the rest of the Handbook, including Principle 6. |
From 1 November 2007 indefinitely | 1 November 2007 |
| 2.12 | COBS | R | [deleted] | ||
| 2.13 | COBS | R | [deleted] | ||
| 2.14 | COBS 20.2.24 R to COBS 20.2.25A R | R | (1) COBS 20.2.24 R to COBS 20.2.25A R have effect in relation to payments of compensation and redress arising out of events occurring on or after 31 July 2009. (2) For payments of compensation and redress arising out of events occurring before 31 July 2009, COBS 20.2.23 R to COBS 20.2.25 R apply as they were in force on 30 July 2009. |
From 31 July 2009 indefinitely | 31 July 2009 |
- 31/07/2009
COBS Sch 1
Record keeping requirements
- 01/11/2007
- 06/02/2008
COBS Sch 1.1
See Notes
| The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
- 06/02/2008
COBS Sch 1.2
See Notes
| It is not a complete statement of those requirements and should not be relied on as if it were. |
- 06/02/2008
COBS Sch 1.3
See Notes
| Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
| COBS 2.3.17R (1) | Information disclosed to the client in accordance with COBS 2.3.1R (2)(b) | The information disclosed | When information is disclosed | 5 years from date information is given |
| COBS 2.3.17R (2) | Each benefit given to another firm which does not have to be disclosed to the client in accordance with COBS 2.3.1R (2)(b)(ii) | Each benefit given | When benefit is given | 5 years from date of benefit |
| COBS 3.8.2 R (1) | Standard form notice to clients and agreements under COBS 3 | Each standard form notice and agreement | When standard form is first used | Relevant period from when the firm ceases to carry on business with clients under that standard form (see COBS 3.8.2 R (3)) |
| COBS 3.8.2 R (2) | Client categorisation | Client categorisation and supporting information, evidence of dispatch to client of any notice (the notice itself where this differs from standard form) and a copy of any agreement entered into | From time of categorisation | Relevant period from when the firm ceases to carry on business with or for that client (see COBS 3.8.2 R (3)) |
| COBS 4.11.1R (1) | Financial promotion | A financial promotion communicated or approved (subject to exemptions) | When communicated or approved | See COBS 4.11.1R (3) |
| COBS 4.11.1R (2) | Telemarketing scripts | Copy of any script used | Date script used | See COBS 4.11.1R (3) |
| COBS 4.11.2 G | Compliance of financial promotions | Firms encouraged to consider recording why a financial promotion is considered compliant. | Date of assessment of compliance | |
| COBS 6.2.12 R | Information about the firm, services and information: packaged products | Scope and range of packaged products | Firm's scope and range - from date on which superseded by more up-to-date record Client-specific records - from date of communication of personal recommendation. |
5 years 5 years |
| COBS 6.3.11 R | Menu | Copy of each menu | From date on which it was updated or replaced | 5 years |
| COBS 8.1.4 R | Client agreements | Documents setting out rights and obligations of the firm and the client | From date of agreement | From whichever is the longer of 5 years or the duration of the relationship with the client. Records relating to a pension transfer, pension opt-out or FSAVC must be retained indefinitely |
| COBS 9.2.9 R | Recommendations on friendly society life policies. | Why the recommendation is considered suitable | Date of recommendation. | 5 years. |
| COBS 9.5.1 G | Suitability | Client information for suitability report and suitability report | From date of suitability report | See COBS 9.5.2 R. |
| COBS 9.6.19 R | Basic advice | Decision to give basic advice, range used and basic advice summary prepared for retail client | Date on which basic advice given | 5 years |
| COBS 9.6.20 R | Scope of basic advice (stakeholder products) | Scope of basic advice and its range (or ranges) of stakeholder products | Date on which the scope and range becomes relevant | 5 years from the date replaced by more up-to-date record |
| COBS 10.7.1 G | Appropriateness | Client information obtained in making assessment of appropriateness and the appropriateness assessment | Date of assessment | 5 years |
| COBS 11.3.2 R | Client orders | Orders executed for clients | See COBS 11.5 | 5 years |
| COBS 11.5.1 EU | Client orders and decisions to deal in portfolio management | Orders received from clients and decisions taken - details in COBS 11.5.1 EU | See COBS 11.5.1 EU | 5 years |
| COBS 11.5.2 EU | Client orders | Execution of orders | See COBS 11.5.1 EU | 5 years |
| COBS 11.5.3 EU | Client orders | Transmission details (see COBS 11.5.3 EU) | Date of transmission | 5 years |
| COBS 11.6.19 R | Prior and periodic disclosure | Prior and periodic disclosure on use of dealing commission | From date of disclosure to customers | 5 years |
| COBS 11.7.4 R | Personal account dealing | Notifications by outsourcing provider and authorisation or prohibition. | Date of notification or decision. | 5 years |
| COBS 11.8.5 R | Telephone conversations and electronic communications subject to the taping obligation (see COBS 11.8.5 R) | Telephone conversations and electronic communications recorded under COBS 11.8.5 R | When the conversation or electronic communication is made, sent or received | 6 months |
| COBS 12.4.6 R | Research recommendations | Basis of substantiation of research recommendation | Date of recommendation | 5 years |
| COBS 15.3.4 R | Cancellation: exercise of right | Exercise of the right to cancel or withdraw | Date of exercise | As specified in COBS 15.3.4 R(1), (2) and (3) |
| COBS 16.2.7 R | Confirmation to clients | Copy of a confirmation | From date of despatch to client | MiFID or equivalent third country business - 5 years Other business - 3 years |
| COBS 16.3.11 R | Periodic statements | A copy of a periodic statement sent to a client | From date of despatch to client | MiFID or equivalent third country business - 5 years Other business - 3 years |
| COBS 16.6.6 R | Life insurance contracts | Information to be provided during the terms of the contract | When information is given | 5 years after information given |
| COBS 18.5.14 R | Collective investment scheme operators | Periodic statement to be provided to participants | When provided | 3 years |
| COBS 19.1.5 R | Execution only pension transfer or opt out | That no personal recommendation was given to the client | Date of transaction | 5 years |
| COBS 19.2.3 R | Promotion of personal pension scheme | Why the promotion was justified | When promoted | 5 years |
| COBS 20.3.1 R | PPFMs | Each version of the PPFM | Date on which the PPFM is relevant | 5 years |
| COBS TP 1 | Client categorisation transitional | Categorisation or re-categorisation under TP1 | Date of categorisation/ re-categorisation | See COBS 3.8.2 R (2) |
| COBS TP 2 | Investment research transitional | Election to comply with COBS 12.2 - COBS 12.3 sooner than 1 May 2008 | Date of decision and date from which election is to be effective | 5 years |
| COBS TP 2 | Specialist regimes | Election to comply with COBS 18 sooner than 1 May 2008 | Date of decision and date from which election is to be effective | 5 years |
- 06/03/2009
COBS Sch 2
Notification requirements
- 01/11/2007
COBS Sch 2.1
See Notes
| Handbook reference | Matters to be notified | Contents of notification | Trigger event | Time allowed |
| COBS 20.2.45 R | Appointment of policyholder advocate. | The terms on which the firm proposes to appoint a policyholder advocate. | Proposal to appoint policyholder advocate. | As soon as reasonably practicable |
| COBS 21.2.8 R | Breach of COBS 21.3.5 R | Any failure to meet the requirements of COBS 21.3.5 R | Breach of COBS 21.3.5 R | As soon as the firm becomes aware of the failure |
- 06/02/2008
COBS Sch 3
Fees and other required payments
- 01/11/2007
COBS Sch 3.1
See Notes
| There are no requirements for fees or other payments in COBS. |
- 06/02/2008
COBS Sch 4
Powers exercised
- 01/11/2007
COBS Sch 4.1
See Notes
| The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in COBS: | |
| Section 138 (General rule-making power) | |
| Section 139 (4) (Miscellaneous ancillary matters) | |
| Section 141 (Insurance business rules) | |
| Section 145 (Financial promotion rules) | |
| Section 147 (Control of information rules) | |
| Section 149 (Evidential provisions) | |
| Section 156 (General supplementary powers) | |
| Section 238(5) (Restrictions on promotion) | |
- 06/10/2009
COBS Sch 4.2
See Notes
- 06/02/2008
COBS Sch 5
Rights of action for damages
- 01/11/2007
COBS Sch 5.1
See Notes
| The table below sets out the rules in COBS contravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
- 06/02/2008
COBS Sch 5.2
See Notes
| If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (Rights of Action) Regulations 2001 (SI 2001/2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given. |
- 06/02/2008
COBS Sch 5.3
See Notes
| The column headed "For other person?" indicates whether the rule may be actionable by a person other than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rule may be actionable is given. |
- 06/02/2008
COBS Sch 5.4
See Notes
| Right of action under section 150 | ||||||
| Chapter/ Appendix | Section/Annex | Paragraph | For private person? | Removed? | For other person? | |
| All rules in COBS with the status letter "E" | No | No | No | |||
| Any rule in COBS which prohibits an authorised person from seeking to make provision excluding or restricting any duty or liability | Yes | No | Yes | Any other person | ||
| Any rule in COBS which is directed at ensuring that transactions in designated investments are not effected with the benefit of unpublished information that, if made public, would be likely to affect the price of that designated investment | Yes | No | Yes | Any other person | ||
| The fair, clear and not misleading rule | Yes | In part (Note 1) | No | |||
| All other rules in COBS | Yes | No | No | |||
| Notes |
| 1. COBS 4.2.6R provides that if, in relation to a particular communication or financial promotion, a firm takes reasonable steps to ensure it complies with the fair, clear and not misleading rule, a contravention of that rule does not give rise to a right of action under section 150 of the Act. |
- 06/02/2008
COBS Sch 6
Rules that can be waived
- 01/11/2007
COBS Sch 6.1
See Notes
| As a result of regulation 10 of the Regulatory Reform (Financial Services and Markets Act 2000) Order 2007 (SI 2007/1973) the FSA has power to waive all its rules, other than rules made under section 247 (Trust scheme rules) or section 248 (Scheme particulars rules) of the Act. However, if the rules incorporate requirements laid down in European directives, it will not be possible for the FSA to grant a waiver that would be incompatible with the United Kingdom's responsibilities under those directives. |
- 06/01/2011