13. ANCILLARY SERVICE PROVIDERS
13.1. Application
The Principles for Ancillary Service Providers set out in COB 13.2 apply to Ancillary Service Providers in respect of their provision of Ancillary Services.
13.2. Principles for Ancillary Service Providers
13.2.1. Principle 1 ‐ Integrity
An Ancillary Service Provider must observe high standards of integrity and fair dealing.
13.2.2. Principle 2 ‐ Independence
An Ancillary Service Provider must not allow its independence to be compromised.
13.2.3. Principle 3 ‐ Good faith
An Ancillary Service Provider must act in good faith in its dealings with its Clients and the AFSA and other Financial Services Regulators.
13.2.4. Principle 4 ‐ Best Interests
An Ancillary Service Provider must act in the best interests of its Clients.
13.2.5. Principle 5 ‐ Service
An Ancillary Service Provider must provide a proper standard of service to its clients.
13.2.6. Principle 6 ‐ Legal and regulatory obligations
An Ancillary Service Provider must comply with its legal and regulatory obligations and deal with the AFSA and other Financial Services Regulators in an open, timely and co-operative manner.
13.2.7. Principle 7 ‐ Governance
An Ancillary Service Provider must maintain sound governance arrangements and observe appropriate financial and risk management principles.
13.2.8. Principle 8 ‐ Client Money and Client Assets
An Ancillary Service Provider must protect Client Money and Client Assets that it holds on behalf of Clients.
13.2.9. Principle 9 ‐ Conflicts of interest
An Ancillary Service Provider must take all reasonable steps to ensure that conflicts of interest between itself and its Clients, between its Employees and Clients and between one Client and another are identified and then prevented or managed, or disclosed, in such a way that the interests of a Client are not adversely affected.