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...

UK FCA COBS 4: Past, Simulated and Future Performance in Client Communications and Financial Promotions—MiFID and non‑MiFID Rules, including Post‑Brexit Amendments

Published by a LexisNexis Financial Services expert

Practice notes

Scope of this Practice Note

The Financial Services Authority (FCA)’s Chapter 4 Rules in the Conduct of Business sourcebook (COBS 4) broadly apply to firms when they communicate with a client or a prospective client while undertaking designated investment business, MiFID business, equivalent third‑country or optional exemption business, and when they communicate or approve a financial promotion relating to investment business.

This Practice Note forms part of a series reviewing COBS 4 and should be read together with the following Practice Notes:

Introduction to the FCA’s COBS 4 rules
Application of the FCA COBS 4 rules
FCA COBS 4 rules—Compiling financial promotions
FCA COBS 4 rules—Form and content of promotions
COBS 4—Direct offers and cold calling
COBS 4—Approval and confirmation of compliance of financial promotions and record keeping
COBS 4—Promotion of restricted mass market investments and non‑mass market investments

Together, these materials examine the relevant requirements and practical considerations in detail for day‑to‑day use.

See also the Practice Notes: Application of the UK financial promotion regime to cryptoassets, which sets out how COBS 4 requirements have been extended to the promotion of cryptoassets; and Enforcement action of non compliant financial promotions, which outlines the main financial promotion enforcement cases...

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Web page updated on 21/05/2026

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