Template:Nutshell COBS 2.3.1: Difference between revisions

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{{fcaprov|2.3.1}} A {{fcaprov|firm}} must not give or receive any fee, commission or non-monetary benefit ('''benefit''') in relation to business carried on for a {{fcaprov|client}} other than:
{{fcaprov|2.3.1}} A {{fcaprov|firm}} must not give or receive any money or benefit ('''benefit''') relating to {{fcaprov|client}} business  other than:
:(1) '''Client Benefits''': a benefit paid to or by the client; or
:(1) '''Client Benefits''': one provided to or by the client; or
:(2) '''Third Party Benefits''': a benefit paid or provided to or by a third party if:
:(2) '''Third Party Benefits''': one provided to or by a third party if:
::(a) '''No impairment''': it does not impair the firm's duty to act in the client’s best interests; and
::(a) '''No impairment''': it does not impair the firm's duty to act in the client’s best interests; and
::(b) '''Full disclosure''': it is clearly and comprehensively disclosed to the client before providing the service; and
::(b) '''Full disclosure''': it is fully disclosed to the client before providing the service; and
::(c) '''Service enhancement''': the benefit is designed to enhance the quality of the service to the client; or  
::(c) '''Service enhancement''': it is designed to enhance the quality of the service to the client; or  
:(3) '''Ancillary Benefits''': benefits which enable designated investment business or ancillary services, such as custody costs, exchange fees, regulatory levies or legal fees, and which cannot give rise to conflicts with a clients’ best interests.
:(3) '''Ancillary Benefits''': one which facilitates designated investment business or ancillary services,and doesn't create a conflict with the {{fcaprov|client}}'s interests (eg custody, clearing or exchange fees, legal fees, regulatory levies etc)

Revision as of 11:35, 2 June 2016

2.3.1 A firm must not give or receive any money or benefit (benefit) relating to client business other than:

(1) Client Benefits: one provided to or by the client; or
(2) Third Party Benefits: one provided to or by a third party if:
(a) No impairment: it does not impair the firm's duty to act in the client’s best interests; and
(b) Full disclosure: it is fully disclosed to the client before providing the service; and
(c) Service enhancement: it is designed to enhance the quality of the service to the client; or
(3) Ancillary Benefits: one which facilitates designated investment business or ancillary services,and doesn't create a conflict with the client's interests (eg custody, clearing or exchange fees, legal fees, regulatory levies etc)
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