According to section 27 of the FAA, a financal adviser SHOULD
conduct a fact find with a client and recommend suitable products
based on the fact find.
the insurer (a.k.a insurance company) SHOULD not issue the policy
if such a fact find is not furnished. the client SHOULD be given a
copy of the fact find.
pls correct me if i'm wrong
i met this insurance agent/financial adviser in a bank, n signed up
for an endowment policy in 2002. however, the financial adviser did
not do a fact find (know your client and needs analysis). in
addition, the adviser was all out in selling onli one product and
did not give any other options or products. the client shld be
given a copy of the fact find form but i did not have any, so it
confirmed tt i did not go thru a fact find procedure.
being ignorant of insurance matters, i signed up for the policy as
one of my parents was ard. however after i got more informed of
such matters, i feel conned by the adviser n the insurer. moreover
the policy is placing a huge burden on me as i'm still
studying
has the adviser breached the FAA? is there any way i can seek a
redress (cos it's like 4 + years alrdy)? i have not contacted the
insurance company yet. is it possible to make the policy invalid,
given the breach?