We analyse the constraints and some of the phenomenological implications of a class of two Higgs doublet models where there are flavour-changing neutral currents (FCNC) at tree level but the potentially dangerous FCNC couplings are suppressed by small entries of the CKM matrix V. This class of models have the remarkable feature that, as a result of a discrete symmetry of the Lagrangian, the FCNC couplings are entirely fixed in the quark sector by V and the ratio v(2)/v(1) of the vevs of the neutral Higgs. The discrete symmetry is extended to the leptonic sector, so that there are FCNC in the leptonic sector with their flavour structure fixed by the leptonic mixing matrix. We analyse a large number of processes, including decays mediated by charged Higgs at tree level, processes involving FCNC at tree level, as well as loop induced processes. We show that in this class of models one has new physical scalars beyond the standard Higgs boson, with masses reachable at the next round of experiments.