In its February issue of the 'Intermediary Times', the Central Bank issued feedback on a recent themed inspection of intermediaries' practices in selling and/or advising consumers on pensions policies. The key issue identified was that inadequate documentation was available to prove compliance with certain Consumer Protection Code 2012 requirements. This related to a range of matters including (a) knowing the consumer, (b) statements of suitability, (c) conflicts of interest and (d) disclosure of charges. The Central Bank is to undertake a second phase of intermediary review – possibly including firms not originally inspected.
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