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Guidelines on Fair Dealings

Outcome 1: Customers have confidence that they deal with financial institutions where fair dealing is central to the corporate culture

  • We represent our clients NOT the product providers
  • Always comply with FWM’s corporate processes and procedures
  • Always obtain as much information from clients prior to any product recommendation

Outcome 2: Financial institution offer products and services that are suitable for their target segments

  • All advisers MUST complete a product due diligence report prior to selling the product, whether it is an insurance product or a fund
  • Always recommend the best product that suits the client’s needs and not a product that pays the highest commission
  • Always familiarise yourself with the product by attending training sessions conducted by product providers
  • Representatives are to avoid products that are not licensed by the firm to be sold e.g. land banking

Outcome 3: Financial institution has competent representatives who provide customers with quality advice and appropriate recommendation

  • Always upgrade yourself by attending seminars run by the Association or product providers
  • Always attempt to upgrade yourself professionally by earning a designation e.g. CLU, ChFC or CFP
  • Always ensure that proper documentation is done throughout the sales process
  • Avoid using the word “Guaranteed” in investments or insurance unless it is stated in the benefit illustration or prospectus

Outcome 4: Customers receive clear, relevant and timely information to make informed financial decisions

  • For unit trust sales, always ensure the investment policy statement is done
  • There MUST BE no attempt to replace a cash value life insurance or a medical insurance policy without proper FULL disclosure
  • Always use marketing materials provided by product providers

Outcome 5: Financial institutions handle customer’s complaints in an independent, effective and prompt manner

  • Refer to our Complaints Handling process