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Advising and selling standards

FSA requirements laid down in ICOB which categorises sales into advised sales and non-advised sales. The former occurs where the customer is given an opinion or recommendation to buy or sell a specific non-investment insurance contract. The customer must be given a statement setting out the reasons for the recommendation as well as a demands and needs statement. Non-advised sales occur when the sales process only involves providing information and no advice. The customer must be given a demands and needs statement unless the policy is sold directly to a commercial customer. See ADVISING ON INVESTMENTS; ARRANGING INSURANCE.

Advising on investments

A regulated activity which occurs when the person advised is: (a) an investor or potential investor, or is acting as agent for such a person; (b) in receipt of advice on the merits of doing any of the following (whether as principal or agent): buying, selling, subscribing for or underwriting a particular security or relevant investment, ((i) designated investment, funeral plan contract, pure protection contract, general insurance contract, or right to, or interest in, a funeral plan contract; or (ii) exercising any right conferred by such an investment, other than a pure protection contract, to buy, sell, subscribe for or underwrite such an investment.)

Advisor

In a 401(k) defined-contribution pension plan, a firm that helps the employer choose a provider, select the investment options, and make any other decisions about the plan.

Advisory Council on Social Security

Prior to the enactment of the Social Security Independence and Program Improvements Act of 1994 (Public Law 103-296) on August 15, 1994, the Social Security Act required the appointment of an Advisory Council every 4 years to study and review the financial status of the Old Age, Survivors, and Disability Insurance (OASDI) and Medicare programs. Its report on the financial status of the OASDI program was submitted on January 6, 1997. Under the provisions of the Public Law, this was the last Advisory Council to be appointed.

Advisory organization

A rating bureau or other body that may advise but not require its members to adhere to certain practices, in accordance with state insurance laws. Rating organizations or bureaus adopt file rules and rates in the various states, on behalf of their members.