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[[File:TCB.jpg|450px|thumb|center|Taking care of business — I mean treating customers fairly — in Memphis Tennessee]] | [[File:TCB.jpg|450px|thumb|center|Taking care of business — I mean treating customers fairly — in Memphis Tennessee]] | ||
{{subtable|{{COBS Section 2.1}}}}}} | {{subtable|{{COBS Section 2.1}}}}}} | ||
''See also: European | ''See also: European “[[FRANDT]]”regulations requiring [[clearing member]]s to be [[fair, reasonable, non-discriminatory and transparent]] in their dealings with clearing clients, which at first blush seem to qualify some of the bracingly spartan arguments below but, on closer inspection, don’t really.'' <br> | ||
The [[FCA]]’s much-talked-about, seldom understood, [[TCF]] provision. To be read in conjunction with the FCA’s “PRIN” general principles and, for those of you, my pretties, who like to dive ''deeper'', the [https://www.fca.org.uk/publication/feedback/fs19-02.pdf FCA’s discussion paper on conflicts of interest] published in April 2019. | The [[FCA]]’s much-talked-about, seldom understood, [[TCF]] provision. To be read in conjunction with the FCA’s “PRIN” general principles and, for those of you, my pretties, who like to dive ''deeper'', the [https://www.fca.org.uk/publication/feedback/fs19-02.pdf FCA’s discussion paper on conflicts of interest] published in April 2019. | ||
The general principles in play here are: | The [[JC]] has his own [[heuristic]] that gets you to much the same point, and he's translated it into Latin so it doesn’t set off your smut filter: [[non mentula esse]]. But anyway, in the [[FCA]]’s argot the general principles in play here are: | ||
*Principle 2 '''Skill, care and diligence''' – A firm must conduct its business with due skill, care and diligence. | *Principle 2 '''Skill, care and diligence''' – A firm must conduct its business with due skill, care and diligence. | ||
*Principle 6 '''Customers’ interests''' – A firm must pay due regard to the interests of its customers and treat them fairly. | *Principle 6 '''Customers’ interests''' – A firm must pay due regard to the interests of its customers and treat them fairly. |