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Part IV Standards of Conduct, 12 Standards of Conduct for Investment Advice, Stockbroking, and Portfolio Management

Gerard McMeel

From: McMeel and Virgo On Financial Advice and Financial Products (3rd Edition)

Edited By: Gerard McMeel, John Virgo

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 23 January 2022

Subject(s):
Financial Services and Markets Act 2000 — Conduct of business regulation — Financial promotion — Financial ombudsman service

This chapter discusses the development of investor protection rules. Since the implementation of the Financial Services Act 1986 (the 1986 Act) there have been four major phases of regulatory rules for investor protection in the retail financial sector. First, under the 1986 Act (from 1988-1994) there was the regime comprising the regulatory rules of various self-regulation organisations, principally the Life Assurance and Unit Trust Regulatory Organisation (LAUTRO) and the Financial Intermediaries, Managers, and Brokers Regulatory Association (FIMBRA). Secondly, under the same legislation (from 1994 to 2001), the Personal Investment Authority superseded LAUTRO and FIMBRA. Thirdly, under the Financial Services and Markets Act 2000 on 1 December 2001, the Conduct of Business Sourcebook (COB) component of the Financial Services Authority's Handbook of Rules and Guidance consolidated and superseded its various predecessor regulators' rulebooks for the conduct of investment business. The fourth phase arrived on 1 November 2007 with a brand COBS, with the additional S indicating a brand new rulebook superseding in full the COB which was in place from 2001 to 2007.

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