The FSA has updated its Conduct of Business (COBS) web pages by setting out examples of good and poor practice which it found during its COBS post-implementation review.
The FSA has published two fact sheets covering COBS 4 (financial promotion) and COBS 10 (appropriateness test).
In the COBS 4 fact sheet the FSA sets out examples of good and poor practice which is intended to help firms consider whether their own financial promotion processes and documents comply with the COBS 4 rules.
In the COBS 10 fact sheet the FSA sets out examples of good and poor practice that are designed to help firms consider their own processes under COBS 10 for determining whether clients have the necessary knowledge/experience in order to understand the risks involved with the product or service in question. The fact sheet looks at client information, using information and using risk warnings.
The FSA has not included examples of good and poor practice from its assessment of (combined) initial disclosure documents (IDD) or services and costs disclosure documents (menu) - for packaged products - because there are already templates on the FSA website that firms may use.
For product disclosures and Key Features Documents the FSA refers to its September 2007 report entitled Good and poor practices in Key Features Documents as a useful reference point for firms when reviewing their point of sale material.
View FSA updates its COBS web pages, 29 January 2009