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Warns the ‘tickbox’ approach to the record of advice falls short of compliance requirements. 00:01
Generic documents are âoften grudgingly and apologeticallyâ provided to the client for completion when finalising the application process. Image: Shutterstock
The Financial Advisory and Intermediary Services (Fais) Ombud has criticised financial service providers (FSPs) for marketing endowment policies as investments to consumers.
Acting Fais Ombud Nonku Tshombe has also expressed her disapproval of the âtickboxâ approach of FSPs towards compliance with the record of advice provisions in the general code of conduct for authorised FSPs, stressing that this practice falls short of compliance with the code and detracts from the financial planning process.