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Mis-selling and Suitability (APAC)

The purpose of this course is to explain the problem of mis-selling financial products and create awareness of the risks of this inappropriate market conduct. The course introduces the concept of suitability so those in the financial industry know how to match products with customers appropriately. Additionally, it covers methods to avoid mis-selling, the implications of engaging in misconduct and regulatory efforts to minimize this inappropriate behavior.

Geography Covered: APAC | Duration: 40 minutes

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Summary

Financial institutions must ensure that their financial advisory representatives conduct business with integrity and professionalism to serve the best interests of their customers and avoid activities that lead to misconduct. This is important not only from a regulatory perspective (avoidance of fines and penalties for the company as well as personal liability for employees) but also to safeguard APAC’s status as a key global financial region and to foster consumer confidence and trust in the financial industry.

A firm without robust product governance procedures might misrepresent the terms of a contract or agreement or sell a customer a financial product that is unsuitable for that customer. This inappropriate practice is known as “mis-selling.”

Financial services employees must treat customers fairly, cultivate a business built on trust and take proactive steps to eliminate misconduct. An employee providing a customer with financial advice must ensure that recommended products or services are suitable for the customer.

Suitability requirements apply to financial services firms. Employees are required to assess whether a product they are attempting to sell meets the customer’s needs and financial situation. Employees need to know how to avoid mis-selling and how to ensure that products they promote meet suitability requirements.

The topics covered in the course include:

  • Mis-selling and Suitability
  • Conduct Risk
  • Best Practices in Selling
  • Regulatory Guidance

  • As with all our courses, the Mis-selling and Suitability (APAC) courses are written by experts and powered by world-leading regulatory intelligence which tracks more than 900 regulators and exchanges globally to ensure the course content is always up to date.

    All our training courses are driven by practical examples and interactive scenarios to ensure users truly understand and recognize the issues of most importance to your business and learn to instinctively act to support them.

    We employ instructional design techniques optimized for risk and compliance training, enabling your business to educate in a way that reduces risk and helps you build a culture of integrity and compliance.

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