Home FCA Handbook COBS COBS 9 COBS 9.1 Application and purpose provisions
[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation on certain aspects of the MiFID suitability requirements. See https://www.esma.europa.eu/sites/default/files/library/2015/11/2012-387_en.pdf .]
You are viewing COBS 9.1 Application and purpose provisions as of . COBS 9.1 Application and purpose provisions was last updated on 06/04/2026.

COBS 9.1 Application and purpose provisions

Application

01/10/2018R

This chapter applies to a firm which:

  1. (a)

    makes a personal recommendation to a retail client in relation to a designated investment;

  2. (b)

    manages investments of a retail client of the firm;

  3. (c)

    manages the assets of an occupational pension scheme, stakeholder pension scheme or personal pension scheme,other than in relation to its MiFID, equivalent third country or optional exemption business or to an insurance-based investment product.

01/10/2018G

COBS 9A contains suitability requirements which apply in respect of insurance-based investment products, or in respect of a firm’s MiFID, equivalent third country or optional exemption business involving the provision of investment advice or portfolio management.

06/04/2026G

The rules in this chapter do not apply to a firm in relation to the provision of a targeted support service within the scope of the rules in COBS 9B.

Providing basic advice on a stakeholder product

01/10/2018R

If a firm to which this chapter applies makes a personal recommendation in relation to a stakeholder product it may choose to give basic advice under the rules in section 9.6 of this chapter instead of the rules in the remainder of this chapter.

P2P agreements

06/04/2016G

This chapter does not apply to a firm which manages investments when that firm takes a decision to trade for a client and that decision relates to a P2P agreement. This is because the regulated activity of managing investments does not extend to the management of assets where those assets are P2P agreements.

Life policies for professional clients

01/01/2021R

If the firm makes a personal recommendation to a professional client to take out a life policy which is not an insurance-based investment product, this chapter applies, but only those rules which implemented the requirements of the IDD.

01/01/2021G

If a rule implemented a requirement of the IDD, a Note (“Note:”) follows the rule indicating which provision was being implemented. COBS 2.1 (acting honestly fairly and professionally), COBS 2.6 (additional insurance distribution obligations, COBS 4 (communicating with clients), COBS 6 (information about the firm, its services and remuneration) and COBS 14 (product information) contains contain further rules which implemented the IDD

Related rules

01/10/2020G

For a firm making personal recommendations in relation to pensions:

  1. (1)

    COBS 19.1 contains additional provisions relevant to assessing suitability and the contents of suitability reports for full pension transfer or conversion advice; and

  2. (2)

    COBS 19.1A contains additional provisions relevant to assessing suitability and the contents of suitability reports for abridged advice.

01/10/2018G

COBS 6.1ZA (Insurance mediation) contains requirements relating to the basis on which certain recommendations may be made, including requirements relating to fair analysis and range and scope.