COBS 6.9.2 Churning
Past version: effective from 21/10/2015 - 20/10/2015
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(a) An Authorised Person must not Execute a Transaction for a Client in its discretion or advise any Client to transact with a frequency or in amounts to the extent that those Transactions have no commercial purpose other than to obtain a benefit from transaction volumes.
(b) The onus will be on the Authorised Person to ensure that such Transactions were fair and reasonable at the time they were entered into.