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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 money or benefit ('''benefit''') relating to {{fcaprov|client}} business 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 one that: | ||
:(1) '''Client Benefits''': | :(1) '''Client Benefits''': the client pays or receives directly; or | ||
:(2) '''Third Party Benefits''': | :(2) '''Third Party Benefits''': a third party pays or receives if: | ||
::(a) '''No impairment''': it does not impair the firm's duty to act in the | ::(a) '''No impairment''': it does not impair the firm's duty to act in the {{fcaprov|client}}'s best interests; and | ||
::(b) '''Full disclosure''': it is fully 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''': it 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''': | :(3) '''Ancillary Benefits''': 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) | ||