4.
| (1) |
A provider other than a direct marketer must at the earliest reasonable opportunity, and only where appropriate, furnish the client with full particulars of the following information about the relevant product supplier and, where such information is provided orally, must confirm such information within 30 days in writing: |
| (a) |
Name, physical location, and postal and telephone contact details of the product supplier; |
| (i) |
the contractual relationship with the product supplier (if any), and whether the provider has contractual relationships with other product suppliers; |
| (ii) |
names and contact details of the relevant compliance and complaints departments of the product supplier. |
| (c) |
the existence of any conditions or restrictions imposed by the product supplier with regard to the types of financial products or services that may be provided or rendered by the provider; and |
| (d) |
where applicable, the fact that the provider— |
| (i) |
directly or indirectly holds more than 10% of the relevant product supplier's shares, or has any equivalent substantial financial interest in the product supplier; |
| (ii) |
during the preceding 12 month period received more than 30% of total remuneration, including commission, from the product supplier, |
and the provider must convey any changes thereafter in regard to such information at the earliest opportunity to the client.
| (2) |
A product supplier which is an authorised financial services provider, and which has entered into an intermediary contract or similar contractual relationship with another provider (not being a representative) for the purpose of rendering a financial service in respect of its financial products, must within a reasonable time after being requested to do so by such other provider, provide such other provider with sufficient particulars to enable the provider to comply with the disclosure requirements of this Code relating to the furnishing of details of the product supplier and the product in question. |
| (3) |
A provider must, where the relevant licence, terms of employment or mandate enables such provider to provide clients with financial services in respect of a choice of product suppliers, exercise judgment objectively in the interest of the client concerned. |
| (4) |
Subject to subsection (5), a provider, in dealing with a client may not compare different financial services, financial products, product suppliers, providers or representatives, unless the differing characteristics of each are made clear, and may not make inaccurate, unfair or unsubstantiated criticisms of any financial service, financial product, product supplier, provider or representative; |
[Part III section 4(4) substituted by section 5 of Notice No. 706, GG43474, dated 26 June 2020]
| (5) |
The requirements in section 14(10) relating to the use of comparisons in advertisements apply with the necessary changes to comparisons referred to in subsection (4). |
[Part III section 4(5) inserted by section 5 of Notice No. 706, GG43474, dated 26 June 2020]
Statistics Act, 1999
