I can go and buy a policy from an insurance broker without any obligation on him/her to advise me on whether I need it or not.
But if I seek to buy the same policy at a financial adviser's, I must first go through the obligatory full review of my financial situation.
And the policy mooted by me must be counselled against by the QFA if it is inappropriate for someone in my situation.
This adds up to insurance brokers being exempt from a perfectly sound requirement made upon financial advisers . . .
But why are insurance brokers exempt since they are also intermediaries for financial products and could well sell a person a product which could be wrong for them ?
But if I seek to buy the same policy at a financial adviser's, I must first go through the obligatory full review of my financial situation.
And the policy mooted by me must be counselled against by the QFA if it is inappropriate for someone in my situation.
This adds up to insurance brokers being exempt from a perfectly sound requirement made upon financial advisers . . .
But why are insurance brokers exempt since they are also intermediaries for financial products and could well sell a person a product which could be wrong for them ?
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