Can a firm and a customer agree that certain BCOBS rules do not apply?
If the customer is a ‘banking customer’ (as defined in our Glossary) and the firm’s activities are within the scope of BCOBS, the firm must comply with all of the relevant BCOBS rules and cannot contract out. A banking customer is broadly defined as: • a consumer; • a micro-enterprise; or • a charity with an annual income of less than £1 million.
Related Questions
- How do I take into account rules such as those for research staff who once they reach a certain age, and receive a Phd, have to be paid a minimum scale and point?
- The rules do not define an affiliate of an accounting firm. What is the Staff’s approach to this issue?
- Does a user firm require a partner or employee to be a member of a certain appraisal organization?
