All financial firms communicating with clients must ensure they do so in a fair, clear and not misleading way if the Financial Services Authority's proposals on financial promotions and communications are adopted.
In a separate consultation paper CP06/20 on how the Markets in Financial Instruments Directive (MiFID) and the new conduct of business (NEWCOB) sourcebook will affect financial promotions and other communications, the FSA says all information must be “fair, clear and not misleading”. ‘All information’ includes financial promotions, product disclosure documentation, communications during sales advice, telephone conversations and any casual reference by a member of branch staff. Furthermore, it will apply to all firms required to follow current COB requirements - whether MiFID scope or ...
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