Financial Advice and Suitability - F.S.C Press Release

The FSC has today issued a Notice for the attention of all persons licensed to provide financial advice.

The Notice contains key findings from onsite visits made to licenceholders, in particular concerning the suitability of advice and the selling of financial products to consumers. It heightens awareness of the importance of taking proper steps to ensure that consumers are given appropriate and transparent information to assist them in making an informed choice on what is the right product to meet their particular needs.

John Aspden, Chief Executive of the FSC, said “Ultimately the consumer must take responsibility for the product which he or she selects. However it is equally important that anyone providing advice looks at all aspects of what is suitable for the consumer, and we want to make sure that the interests of consumers are kept paramount”.

He added that “most advisers are very professional, providing sound and objective advice. However it is important that these standards should apply universally, and where necessary the Commission will take action to enforce this”.

3rd August 2012