COBS rulebook comes into force

The FSA says the COBS handbook is a flagship project in its move towards principles-based regulation. As a result of the principles-based regime, the book is about half the length of the old rulebook and also contains implementation of relevant provisions in the Markets in Financial Instruments Directive (MiFID). The FSA says COBS will benefit consumers by allowing firms to tailor products and services to their clients. Commenting on the new sourcebook, Dan Waters, director of the retail policy and themes division of the FSA, says: "Our emphasis on more principles-based regulation means ...