Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Financial Services Authority definition

What does Financial Services Authority mean? In legal practice, “Financial Services Authority” (FSA) denotes the former UK financial services regulator frequently encountered in legacy contracts, permissions, policies and enforcement materials. Created by the financial services and markets act 2000 as the single statutory regulator for banks, insurers, investment firms and markets, it maintained the FSA Handbook and Approved Persons regime, and exercised authorisation, supervision and enforcement powers, including UK Listing Authority/primary market functions. The FSA was abolished on 1 April 2013 by the Financial Services Act 2012. Its functions were divided between: - the Financial Conduct Authority (fca) for conduct, markets, consumer protection and...

FCA COBS 4: Direct Offer Financial Promotions and Cold Calling—UK rules, prescribed content, suitability/appropriateness, high-risk and P2P promotions, distance marketing, and post‑Brexit amendments

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

The FCA’s Rules in chapter 4 of the Conduct of Business sourcebook (COBS 4) apply broadly to firms when they communicate with a client or a prospective client while carrying on designated investment business, MiFID, equivalent third country or optional exemption business, and when communicating or approving a financial promotion relating to investment business. This Practice Note sets out what direct offer financial promotions and cold calls are, and identifies which FCA provisions govern them. It forms part of a wider series on COBS 4 and should be read alongside the following Practice Notes:

Introduction to the FCA COBS 4 rules
Application of the FCA's COBS 4 rules
FCA COBS 4 rules—Putting together financial promotions
FCA COBS 4 rules—Form and content of promotions
COBS 4—Approving and confirming compliance of financial promotions and record keeping
COBS 4—Promotion of restricted mass market investments and non-mass market investments

Also see Practice Note: Enforcement action of non-compliant financial promotions which contains details of the main financial promotion enforcement cases...

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Web page updated on 21/05/2026

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