COB A2.1.7

An Authorised Firm Providing Money Services or Arranging or Advising on Money Services must include in the Client Agreement:
(a) if the Authorised Firm is entitled to unilaterally vary or terminate the Client Agreement, the terms and conditions under which it can do so;
(b) the applicable currency, the currency rate (actual or indicative) and all fees and charges relating to a Payment Transaction;
(c) if quoted currency rates are indicative, a clear statement that they are ‘indicative rates’; and
(d) clear procedures relating to unauthorised or incorrectly executed Payment Transactions, which include that the Client is:
(i) not entitled to redress unless he notifies the Authorised Firm without delay and, in any case, no later than six months after the unauthorised or incorrectly executed Payment Transaction; and
(ii) liable in full, if he acted fraudulently or with gross negligence.
Derived from DFSA RMI267/2020 (Made 26th February 2020). [VER36/04-20]