4.1 Responsible Market Conduct

4.1.1 Introduction

Licensed Financial Institutions must uphold the integrity of the financial Market through responsible Market activities which contributes to the overall stability of and confidence in the financial system.

Licensed Financial Institutions must sell and provide Consumers with appropriate products and/or services in accordance with the principles of this Regulation.

4.1.2 Description

1. 4.1.2.1 Licensed Financial Institutions must monitor and uphold high ethical practices in the Market.
    
2. 4.1.2.2 Licensed Financial Institutions must prohibit and prevent abusive sales, marketing and pricing practices.
    
3. 4.1.2.3 Licensed Financial Institutions must promote disclosure, transparency and a fair and competitive Market without discrimination.
    
4. 4.1.2.4 Licensed Financial Institutions must not create unreasonable barriers that unfairly limits access to Financial Products and/or Services by Consumers.
    
5. 4.1.2.5 Independent control functions within Licensed Financial Institutions must be competent in the application of Market Conduct principles set out in this Regulation and accompanying Standards set out by the Central Bank.

4.2 Promoting Competition

4.2.1 Introduction

The Regulation aims to promote a competitive Market by improving the freedom of choice through transparency, eliminating unreasonable and unfair barriers to competition, and requiring access to comparative information on product and/or services. The consistent application by Licensed Financial Institutions of Market Conduct principles will ensure ethical practices in Advertising and selling appropriate products and/or services and Consumer treatment throughout the lifecycle of engagement with the Licensed Financial Institution.

4.2.2 Description

1. 4.2.2.1 Licensed Financial Institutions must provide Consumers with accurate, sufficient and consistent information to easily understand and to be able to compare products and/or services offered by other Licensed Financial Institutions.
    
2. 4.2.2.2 Licensed Financial Institutions must not impose practices or barriers that prevent Consumers from easily switching their relationship(s) between Licensed Financial Institutions at reasonable and disclosed costs.
    
3. 4.2.2.3 Licensed Financial Institutions must not collude to fix features, pricing or terms to the detriment of Consumers and the Market.
    
4. 4.2.2.4 Licensed Financial Institutions must not use misleading or incomplete information to promote an advantage of their Financial Products and/or Services over other competitors.