CIPR 3.5.11 When may firms advise customers to replace products?
(1) An authorised firm must not advise a retail customer to replace an existing insurance product or investment product with a new one unless the firm:
(a) demonstrates to the customer that the advice is in the customer's best interests;
(b) informs the customer of any additional charges or other expense, cost or financial detriment that the customer will incur from the replacement; and
(c) informs the customer of any financial benefit that the firm will derive from the replacement.
(2) The firm must give the demonstration and information required by subrule (1) to the customer in a durable medium.
|Derived from QFCRA RM/2019-2 (as from 1st January 2020).|