Topic 13

Question 0

COBS3

Answer 0

Firm req to cat clients:
El counterparty
Proff cl
Retail cl

Question 1

COBS2

Answer 1

Obligation firm has with clients
Main req:
Act honestly faily and profess
Discl info b4 providing serv

Question 2

COBS 4

Answer 2

Comm, particularly promos
Calls
Promos must be approve by auth person
Fair clear and non miss leading

Question 3

ICOB4 colc calls

Answer 3

Is call mase without a req
Can be made when:
Existing cl and expect to rec such calls
Packaged prod not volatility fund
Controlled activity and made by auth perso

Question 4

MCOB And cold calls

Answer 4

Mortgage related cold calls not permitted
Caller must ensure that:
Appropriate time of day
Id themselves and exp purpose of call
Contact point

Question 5

ICOB6&8

Answer 5

Info about firm, its services and client agreements
Initial disclosure- tied, whole, multi tie, Cost of service
Name of reg
Ownershipof firm
How to complain
Payment method of fees
Commisions
FCFS

Question 6

Wen is a client agreement needed?

Answer 6

Higher risk inv service and trans

Such as derivatives

Question 7

Discretionary inv mgmt agreement is

Answer 7

Advisor has discretion over client portfolio, can make decision without ref to client

Question 8

Retail distribution review?

Answer 8

RDR
impletmented end of 2012
Distiction bet independant and sales advice
Ind adv to agree costs for afvice upfront

Question 9

Cobs 9 suitability

Answer 9

Kcy
Conduct fact find
Determine c risk profile

Question 10

Fact find retains for how long for:
Pension tfr/opt outs
Life pol, pension contracts, mifid bus
Other products

Answer 10

Indefinately
5 years
3 years

Question 11

Suitabilitiy report req when

Answer 11

Sale of
Life pol
Pers of stakeholder pension
Unit trusts, inv trust, oeic
Pen tfr/ opt out

Question 12

Cobs 15- cancellation

Cooling off period for:

Answer 12

30 days for life, pension, annuity
14 days cash isa, inv products
Either from when contract begins or when client recieves terms and conds- the later