FCA Handbook - COBS 9B.9 Issuer and product provider requirements relating to charging and remuneration

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COBS 9B.9 Issuer and product provider requirements relating to charging and remuneration

COBS 9B.2.1R(2) specifies that this section applies to a firm which is an issuer or product provider.

The rules applicable to retail investment product providers relating to adviser charging and remuneration (COBS 6.1B) do not apply in circumstances where a retail client receives a targeted support service.

(1) A firm must not offer or pay (and must ensure that none of its associates offers or pays) any fees, commissions, or monetary or non-monetary benefits to another firm, or to any other third party for the benefit of that firm, in connection with that firm’s business of providing a targeted support service (or any related services).
(2) Paragraph (1) does not apply to:
1. (a) payments made on behalf of a client (including those that facilitate the payment of a charge for the provision of a targeted support service from a client’s investment);
2. (b) payments to an affiliated company which are no more than is reasonably representative of the cost of that affiliated company providing its targeted support service; or
3. (c) minor non-monetary benefits which meet the requirements of COBS 6.1A.5AR.

COBS 9B.8.2R(2) and (4) also apply for the purpose of COBS 9B.9.3R.