Information about claims.
The customer must be advised before the insurance has been sold, a telephone number and address to which a claim may be notified.
And immediately after the sale the customer (retail only) must be given the information they need to provide to the insurer when advising the claim.
Information about the complaints system.
This is information about the firms own complaints system. This will detail who to make a complaint to and what will basically then be done. Also the firm must advise the customer about their right to go to the Financial Ombudsman Service if they are unhappy with the result they get from the firms own complaint system.
Information about compensation.
The customer must be advised about the right to compensation under the Financial Services Compensation Scheme, and the extent of that compensation.
Information about eh law governing the insurance policy.
The law applicable to the mortgage protection policy where there is no free choice or if there is a choice of law clause, then the law the insurer proposes to choose.
Product suitability.
The customers demands and needs must be recorded so that either,
- (non advised sale ??? providing information) the customers can decide for themselves if the mortgage insurance policy is suitable by comparing their needs with the polices main features, or
b) (advised sale ??? providing a recommendation) The firm can recommend a policy based on the demands and needs recorded against the customer.
If an advised sale is carried out, there are some extra details the firm need to check out before making the recommendation.
- seek information about the customers circumstances that might be relevant to any recommendation made,
- take into account any information they already know about the customer that is readily accessible to them,
- ??explain the customers duty to advise any material information to the insurer.