FSA plans COB guidelines reform

The FSA plans to simplify its rules for investment firms and their customer dealings by reforming it...

The FSA plans to simplify its rules for investment firms and their customer dealings by reforming its Conduct of Business (COB) guidelines. The intention is for the regulator to move toward more principles-based regulation. The amended COB rulebook will be shorter and in favour of principles and high-level rules, except where detailed provisions are necessary. The FSA's rules for investment business have been in operation since the authority took on its regulatory responsibilities in 2001. The rules cover, among other things, financial promotions, how firms provide information and a...