Strategi has issued a guidance note relating to limited advice.
Limited advice is provided when advice is given without collecting all relevant data relating to the client. This may appear quicker, cheaper and easier for the client but it potentially comes at a higher risk for the adviser. If the recommended product or service fails to meet the expectations of the client, then this may lead to a complaint around the suitability of the advice provided.
Strategi's Limited Advice guidance note explains the issue, provides examples of limited advice, offers tips on how to deal with limited advice and provides a template advisers can use to obtain client sign-off before providing limited advice.
You can download the full Limited Advice guidance note below.
