FCA COBS 4 rules—Putting together financial promotions
FCA COBS 4 rules—Putting together financial promotions

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • FCA COBS 4 rules—Putting together financial promotions
  • Balanced information in financial promotions
  • Clarity of financial promotions
  • Financial promotions must not be misleading
  • FCA's concerns with the internet and other digital media
  • Territorial scope of internet promotions
  • Who communicates a website financial promotion?
  • Systems and controls to ensure compliant financial promotions
  • FCA powers on withdrawal of financial promotions

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

This Practice Note highlights issues that the Financial Conduct Authority (FCA) regards as significant in relation to the putting together of a financial promotion in order to ensure it is compliant with the regulatory requirements set out in chapter 4 of the Financial Conduct Authority’s (FCA) Conduct of Business Rules (COBS 4). For further information as to what constitutes a financial promotion, see Practice Note: The financial promotion regime—essentials. For further information about COBS 4 financial promotion requirements, see Practice Notes: Introduction to the FCA COBS 4 rules, Application of the FCA's COBS 4 rules, COBS 4—Form and content of promotions, COBS 4—Past, simulated past and future performance, COBS 4—Direct offers and cold calls and COBS 4—Systems, controls and records. Also, see Practice Note: Enforcement action of non compliant financial promotions which contains details of the main financial promotion enforcement cases.

Balanced information in financial promotions

The FCA is aware that there is a

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