Advice vs Non-Advice

When seeking protection policies in the UK, it's essential to be aware of the consumer duty and the distinction between advised and non-advised products. These regulations aim to protect consumers and ensure they receive appropriate guidance during the decision-making process.

Consumer Duty: The Consumer Duty, introduced by the Financial Conduct Authority (FCA), sets out a high-level standard of conduct for firms providing financial products and services. It requires firms to act in the best interests of their customers and provide fair treatment throughout the customer journey. The Consumer Duty aims to enhance transparency, fairness, and accountability, putting the interests of consumers first.

Advised Products: Advised products involve seeking guidance and recommendations from a qualified financial advisor. When you opt for an advised product, the advisor assesses your needs, financial circumstances, and objectives to recommend the most suitable protection policy for you.

This personalized advice ensures that the policy aligns with your specific requirements, offering optimal coverage.

Non-Advised Products: Non-advised products, also known as execution-only products, do not involve personalized advice from a financial advisor. With non-advised products, you take full responsibility for the choice of protection policy without professional guidance. While this option may suit those who already have a clear understanding of their protection needs, it may not be suitable for everyone, especially those seeking tailored coverage.

It is crucial to understand the implications of opting for non-advised products. By choosing this route, you bear the sole responsibility for the suitability of the policy and whether it meets your needs. If you're uncertain about the most appropriate protection for your circumstances, seeking advice from a qualified financial advisor is advisable.

At Austin Friars, we uphold the highest standards of conduct, adhering to the Consumer Duty and providing transparent, honest advice to our clients. Our team of experienced advisors is here to guide you through the process of selecting the right protection policies, ensuring you receive personalized recommendations that prioritize your best interests and financial security. Making informed decisions about your protection is our priority, and we are committed to assisting you every step of the way.