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| In a nutshell: | | In a {{nutshell}}: |
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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:
| | {{nuts|COBS|2.3.1}} |
| :(1) '''Client Benefits''': a benefit paid to or by the client; or
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| :(2) '''Third Party Benefits''': a benefit paid or provided to or by a third party if:
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| ::(a) '''No impairment''': it does not impair the firm's duty to act in the client’s best interests; and
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| ::(b) '''Full disclosure''': it is clearly and comprehensively disclosed to the client before providing the service; and
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| ::(c) '''Service enhancement''': the benefit is designed to enhance the quality of the service to the client; or
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| :(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.
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| {{cobssnap|2.3.1}} | | {{cobssnap|2.3.1}} |