COBS 6.9.2 Churning

(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.