CIPR 2.1.2 The principles

An authorised firm must ensure that in all its dealings with its customers:

(a) it acts honestly, fairly, independently and professionally in the best interests of its customers, and in the interests of the integrity of the market;
(b) it acts with due skill, care and diligence in the best interests of its customers;
(c) it does not recklessly, negligently or intentionally mislead a customer about the real or perceived advantages or disadvantages of a product or service;
(d) it has the resources, policies and procedures, systems and controls (including compliance checks) and employee training necessary for compliance with these rules and all other Rules, and makes effective use of those resources, policies, procedures, systems and checks;
(e) it seeks, from each customer, information about the customer that is appropriate to the product or service that the customer wants, and ensures that the product or service is suitable for the customer having regard to that information;
(f) it fully discloses to each customer all the significant information about the product or service that the customer wants (in particular, all fees and charges), in plain English, and in a way that seeks to inform the customer;

Guidance

An authorised firm must ensure that all costs (whether described as fees, commissions or charges, or in any other way, and however applied) are fully disclosed to its customers.
(g) it seeks to avoid conflicts of interest;
(h) it keeps each customer's information confidential;
(i) it corrects errors, and deals with complaints, speedily, efficiently and fairly;
(j) it does not exert undue pressure or undue influence on a customer;
(k) it ensures that if it outsources an activity, these rules are still complied with.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).