When you look for a financial adviser to offer you guidance for any type of financial, health or protection products it is important to ensure that they are authorised and regulated by the Financial Conduct Authority (FCA). The FCA secure a degree of protection for consumers within the financial market place.
*Consumers will therefore be pleased to hear that the FCA have confirmed Financial advisers will either have to make notes about or record any calls with clients that are “intended to result in a transaction being undertaken”.
The FCA as the financial services regulator has allows firms of all sizes to comply with its ‘at least analogue rule’ which means that firms do not have to record calls providing they make full notes relating to it. This ruling is because there is no fair distinction between a large and small retail financial adviser.
The rules relating to note taking are:
With regard to its ‘at least analogous note’ rule, the FCA gave, as a minimum, five criteria it would expect advisers to meet when taking notes of a relevant phone call:
- The date and time of the meeting
- The location of the meeting
- The identity of the attendees
- The initiator of the meetings, and
- Relevant information about the client order, including the price, volume, type of order and when it will be transmitted or executed.
Advisers must also capture the main points of the conversation to provide a degree of consumer protection.
*Information sourced from https://www.covermagazine.co.uk/
If you are looking for any financial services product such as health or protection insurance the Medigest business directory can help you find an adviser in your local area who can help you find the right policy for your requirements. https://www.medigest.uk/directory/