As an Insurance / Investment / Pensions / Mortgages arranger or adviser you may think that this only applies to Product Providers and lenders. Not so - increasingly, firms are looking to offer their clients attractive products that may include an element of "white labeling".
Distributor Influenced Funds seem to be a current "flavour of the month" topic of concern for the FSA - if you are marketing such funds what steps have you taken to be satisfied that you continue to treat your customers fairly?
Insurance Intermediaries - do you operate with a "Binder" and as a result have a facility to direct clients to a specific Insurer? Do you have a profit share arrangement in place and if so, how are you able to demonstrate that you are not "jogging against the pot"? By placing the best risks with the Insurer offering profit share are you maximising your profit opportunity at the expense of the client?
For packaged products are you able to demonstrate that you are selling the right products to the right clients consistently? What levels of business are written on a non-advised / execution only basis? How confident are you that clients have a good understanding of what they are acquiring?
Ignorance is bliss - just because the customer completes a customer satisfaction survey and gives the firm a 10/10 for service does not mean that they have been treated fairly - how do you stack up?
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