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9 Conduct Regulation

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 20 January 2022

Subject(s):
Regulation of banks — Conduct of business regulation — Investment business

This chapter looks at conduct regulation. The conduct standards contained in the Financial Conduct Authority’s (FCA) five main conduct of business sourcebooks—banking (BCOBS), investment business (COBS), general insurance (ICOBS), mortgages (MCOB), and consumer credit (CONC)—are explained. It then assesses FCA principle 10 (PRIN 10) and the underlying rules on the proper treatment of client assets (in CASS). Examples of instances in which action was brought for a breach of FCA principle 5 (PRIN 5)—on the need to observe proper standards of market conduct—are listed. It provides an overview of the six broad elements of product governance. The FCA’s recent changes to COBS in relation to its stance on product regulation and intervention are explained. The FCA’s competition policy—based on its objective to adopt a pro-competition approach to regulation—is explored, and a number of FCA market studies examining competition issues are reviewed.

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