Firms Warned Against 'Box-Ticking' In Complex Investments
Law360, London (June 30, 2020, 1:58 PM BST) -- Investment companies in Ireland have been asked to provide clients with clearer information on their products before they sign them up, after it emerged that some businesses are simply "ticking boxes," the Central Bank of Ireland said.
The findings highlight problems at finance companies in complying with so-called appropriateness tests, which require them to assess a client's knowledge and experience to determine whether a product is suitable for them, the central bank said.
"If the product is not appropriate, they must issue a clear warning to the consumer," the regulator said after it carried out an inspection in the sector. Investment companies must...
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