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Asteron Life doing their bit to meet compliance standards

Recent message from Asteron Life:

Making changes to meet the FSC Code of Conduct

As a member of the Financial Services Council, Asteron Life has adopted the FSC Code of Conduct, which comes into force from 1 January 2019.

Code Standard 7 requires members to 'maintain appropriate internal processes for explaining the risks to customers of replacing or retaining an existing product or service'.

To meet this standard we’ve amended our welcome packs for newly issued policies and are making changes to our application forms to disclose replacement business risks and refer customers to their financial adviser to help guide them through these risks. 

We’ll extend the free look period by 10 days, on request - in case your client needs more time to gain comfort that these risks are being managed appropriately. 

While in many circumstances it may be in a customer’s best interests to replace existing insurance policies with new policies, it’s important they’re well informed and understand the implications of their decisions. 

As regulated financial advisers, you’ll understand this and the importance of being able to demonstrate that you’ve provided appropriate guidance for those of your clients replacing their insurance policies. We trust that our changes will demonstrate a united front in our partnership with you in bringing about the best result for every customer.

Kind regards

Graham Hill

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