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The history of compliance is littered with disasters where firms offering a non-advised service have been accused of either giving unsuitable advice or failing to be clear, fair and not misleading.
Yet, in many areas, firms do not want to give advice because of the resource implications. Customers do not want to pay for a personal recommendation or take the time to go through a full advice process.
The first task is to sort out whether advice or more seriously a personal recommendation has been given and the different implications of the three types of behaviour: non-advised, advised and personally recommended.
The second problem involves sorting out whether in an attempt to make a non-advised sale, the firm has breached the requirement to communicate in a clear, fair and not misleading way to its clients. Trying to make a sale without giving advice often tempts firms into breaching the “clear, fair and not misleading rule”.
Attending this focused course will help you:
This practical course will be of value to Compliance, Risk, Marketing, Sales specialists and Advisers in firms offering insurance and investment products.
Topics covered may include but are not limited to:
Introduction
Deciding whether sales staff have given advice
Sales techniques found by the FCA to be either giving advice or a breach of clear, fair and not misleading