This note provides an overview of the FCA's best execution requirements.

Best execution is the requirement for firms carrying on investment business to obtain the best possible result for their clients when executing client orders or passing them to other firms for execution.

The FCA's rules on best execution for are set out in the Conduct of Business sourcebook (COBS) in the FCA Handbook, primarily in COBS 11.2A. These rules were derived from the MiFID II Directive (2014/65/EU) and related legislation.