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Is this understanding correct?
As I am regulated, I don't look into the nuances between regulated and unregulated advice.
Thanks Jim,
What I am really trying to understand is that where you have a financial adviser, it seems, that:
- he needs to be regulated to provide advice on investment/insurance products and must disclose that he is so licensed by the Central Bank on letter heads, websites, etc.
- he can provide general financial advice but must not use the regulatory disclosure statement on letter heads, relevant section of websites, etc.
So what I would like to know is where is the line drawn here! So, for example, if a financial adviser meets a client and is recommending, at a high level, paying down the mortgage, rather than paying into a pension - would this be considered general financial advice and therefore unregulated? The follow-on question is at what point does unregulated advice switch into the regulated sphere?!
I would argue that elements of the financial planning process is a regulated activity.
I believe the Central Banks intention is to avoid people claiming to be regulated by the Central Bank and selling bottles of wine as investments.
Dan, I'm not as down with the text lingo as you so I have no idea what YMMV means....
Thanks Jim,
What I am really trying to understand is that where you have a financial adviser, it seems, that:
- he needs to be regulated to provide advice on investment/insurance products and must disclose that he is so licensed by the Central Bank on letter heads, websites, etc.
- he can provide general financial advice but must not use the regulatory disclosure statement on letter heads, relevant section of websites, etc.
So what I would like to know is where is the line drawn here! So, for example, if a financial adviser meets a client and is recommending, at a high level, paying down the mortgage, rather than paying into a pension - would this be considered general financial advice and therefore unregulated? The follow-on question is at what point does unregulated advice switch into the regulated sphere?!
Heard back from PIBA. No reference to "regulated by the Central Bank of Ireland" can be used in email, headed paper or website for anything to do with financial planning.
Do you not think that the paperwork is actually beneficial for intermediary as well as the consumer.
Steven,
Do you not think that the paperwork is actually beneficial for intermediary as well as the consumer. It is an audit trail of how a decision to recommend a particular product was arrived at. If a client is unhappy with the performance of an investment and takes a case against you, you have evidence which backs up your reasoning for recommending a product. If it was me I'd keep a record of this for regulated and unregulated activities!
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