11 - Ethics and Professional Standards Flashcards
1
Q
What were the primary objectives of RDR?
A
Retail Distribution Review
- removing commission bias
- improving professional standards
- simplify consumer advice routes
2
Q
real time vs non-real time promotion
A
real time
- interactive dialogue e.g. in person / phone call
- can’t be made at an unsociable hour
- no shelf life
non real time
-tends to be written e.g. flyer/advert
3
Q
what are exempt from client agreements?
A
- direct offer promotions
- life offices selling life and pension policies as a principal
4
Q
what are exempt from client agreements?
A
- direct offer promotions
- life offices selling life and pension policies as a principal
5
Q
what is the cancellation policy on opening a cash ISA?
A
14 days
6
Q
what is the cancellation policy on opening a cash ISA?
A
14 days
7
Q
what are acceptable limitations to a firm’s expertise?
A
- reliance on client information
- reliance on others
- insufficient information / evidence
