Matthew Dyer explains the rules of reporting product disclosure for a wholesale broker
QUESTION: We are a wholesale operation without direct contact with the (commercial) client. Is the onus on us to carry out product disclosure pre and post sale, or does that responsibility rest with the introducing agent?
ANSWER: Under these circumstances the onus will be on you to provide sufficient information both pre and post sale to your introducing agent to allow them to fulfil their product disclosure requirements under FSA. You will not have to provide anything direct to the customer.
Matthew Dyer is managing director of Insurance Training Consortium