Apart from meeting the necessary Central Bank of Ireland requirements, there is an obvious commercial benefit to adopting a robust and well documented approach to the sales process.

New Business Procedures

An effective sales process, covering all classes of business, ensures that:

▪ the necessary information is gathered to evidence ‘Knowing the Consumer’,
▪ sufficient information is available to be used to research the market and make a ‘Suitable’ recommendation,
▪ the consumer is provided with adequate material upon which to make an informed decision.

In addition to reducing the number of future complaints and improving facilities for defending the firm’s position there are other immediate benefits. The process will ensure that all areas are considered and, as such, increase the commercial opportunities available to an advisor.

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