Under what circumstance can a firm exclude liability to a client?

A firm cannot exclude liability to a client under any circumstance because these obligations exist to protect clients and ensure fair treatment in financial transactions. Regulatory frameworks and laws are designed to hold firms accountable for their actions, and this accountability is paramount in maintaining trust in the financial system.

The concept of liability is rooted in the responsibility of firms to act in their clients' best interests, provide accurate information, and uphold the principles of suitability and appropriateness when recommending financial products. Excluding liability would undermine these foundational principles and potentially put clients at risk of exploitation or poor outcomes without recourse.

In contrast, provisions like ignoring client requests to exclude liability, citing non-compliance with terms, or blaming poor investment performance as reasons to limit liability do not align with regulatory standards. These actions could lead to breaches of fiduciary duty or regulatory obligations, further emphasizing the importance of maintaining liability towards clients regardless of circumstances.