Why should you ask for a Record of Advice?

Next time you buy Life Insurance, make sure you are given a full Record of Advice. The Record of Advice is a crucial document that your or your financial advisor can submit to the FAIS Ombud should a dispute arise. The Record of Advice effectively lays out a trail of the transaction/s with the client, disclosures made to the client and the information that the advice was based on at the time that the advice was given.

A Record of Advice would be one of the few documents that would play a crucial role in determining the outcome of any complaint.

Did you know that Direct Companies are not required to give you a Record of Advice. Scary isn’t it. Next time you are buying a financial product, make sure you ask for a Record of the Advice.

The information contained within this website is not to be construed as advice in terms of the Financial Advisory and Intermediary Services Act of 2002 ("FAIS"). Information found here is purely informative, and journalistic in nature. Your enquiry has been powered by FirstLIFE Online Intermediated Solutions (Pty) Ltd. FirstLIFE is not a registered financial service provider, but is a membership body of Licensed Financial Advisors who are authorized under their own licenses to advise and intermediate on the products that are found within these pages.