Compliance Marketing Guidelines Creating your success through Financial Planning

Transcription

1 & Guidance Compliance Guidelines

2 Contacting Clients and in Compliance with the Consumer Protection Code and Data Protection Requirements When marketing to clients or potential clients it is important to abide by the restrictions imposed by both the Consumer Protection Code and Data Protection Legislation. Below is a summary of the key regulatory requirements. Although not exhaustive it outlines the main factors you should bear in mind in relation to marketing. The Consumer Protection Code 2012 introduced new restrictions in relation to making personal visits and telephone contact to both existing and potential clients. Personal Visits Brokers may only make a personal visit to a consumer who is an individual if that consumer has given informed consent to being contacted by means of a personal visit. You must obtain informed consent separately for each personal visit and must maintain a record of this consent. Telephone Contact - Existing Consumers Brokers may make telephone contact with a consumer who is an existing customer, only if: a) you have, within the previous twelve months, provided that consumer with a product or service similar to the purpose of the telephone contact; b) the consumer holds a product that requires you to maintain contact with the consumer in relation to that product, and the contact is in relation to that product; c) the purpose of the telephone contact is limited to offering protection policies only; or d) the consumer has given his or her consent to being contacted in this way. Page 01

3 Telephone Contact - Potential Consumers Brokers may make telephone contact with a consumer other than an existing customer, only if: a) the consumer has signed a statement within the previous twelve months giving permission to make telephone calls to him or her for specified purposes; and the contact is in respect of such specified purposes; b) the consumer has a listing in the business listing section of the current telephone directory, classified telephone directory or in trade/professional directories circulating in the State and contact is made via the business telephone number; c) the consumer is a director of a company, or a partner in a firm with an entry in one of the directories listed in b) above and contact is made via the business telephone number of the company or firm in question and is in connection with their role as director of the company or partner in the firm; d) the consumer is the subject of a referral for which the consumer has provided express consent, received from an entity authorised to provide financial services in Ireland, another entity within the same group, a solicitor or a certified person; or e) the purpose of the contact is limited to offering protection policies. You must ensure that where you make telephone contact on foot of a referral, you retain a record of that referral. Telephone contact may be made only between 9.00 a.m. and 9.00 p.m. Monday to Saturday (excluding bank holidays and public holidays), unless otherwise agreed with the consumer. Page 02

4 Data Protection Legislation also imposes restrictions on direct marketing to individuals, which are outlined below. The basic rule that applies to direct marketing is that you need the consent of the individual to use their personal data for direct marketing purposes. Individuals must be given a right to refuse such use of their personal data both at the time the data is collected (an opt-out ) and, in the case of direct marketing by electronic means, on every subsequent marketing message. The opt-out right must be free of charge. Postal Unaddressed mail or mail addressed to the occupant, the resident or the householder does not normally involve the use of personal data and consequently data protection legislation would not apply. However, where you identify the occupant, the resident or the householder from the address in conjunction with other data, data protection requirements would apply. Note: The rules do not normally apply to postal marketing of corporate entities (companies) including marketing of office-holders within such an entity (provided that the marketing is related to the entity s business needs and that the details of the named person in receipt were obtained fairly). Before you can use personal data for postal marketing, you must tell customers (or potential customers) that you intend to use their data for this purpose and give them an opportunity to refuse such use. Where you yourself have collected the personal data, this should be done at the time of collection (for example, by providing a tick- box on the Terms of Business covering letter). Electronic You should be aware that different rules apply to phone, fax, text message and e- mail marketing, which are all deemed to be electronic marketing. The rules are more restrictive in the case of marketing by electronic mail to individuals who are not your customers. Unlike in the case of postal marketing, certain restrictions also apply to electronic marketing to businesses and other corporate entities. Page 03

5 Phone You cannot make a marketing phone call to the phone number of an individual or business if they have opted out of receiving such calls and this is noted on the National Directory Database. Additional restrictions apply to marketing calls to a mobile telephone number. You cannot make contact with a client on their mobile telephone unless you have been notified by the user that they consent to the receipt of such calls; or the user concerned has consented generally to marketing calls and such consent is recorded in the National Directory Database in respect of their mobile telephone number. Summary The following table summarises the rules that apply. Opt-in means that you can only market to an individual where you have their explicit consent to do so. Optout means that you can market to an individual provided you have given them the option not to receive such marketing and they have not availed of this option. For electronic communication to a business, an option to unsubscribe must be included. Postal Text/ Phone to Landlines Fax Phone to Mobile Phones Indivdual Customer Opt-Out Opt-Out (provided similar product or service) Opt-Out Opt-Out Opt-Out Indivdual Non - Customer Opt-Out Opt-In Opt-In if on NDD, Opt-Out otherwise Opt-In Opt-In Business Contacts (Customer and Non- Customer) Opt-Out Opt-Out Opt-In if on NDD, Opt-Out otherwise Opt-In if on NDD, Opt-Out otherwise Opt-In Page 04

6 & Guidance Financial Broker a PIBA initiative for all Financial Brokers Unit 14B, Cashel Business Centre, Cashel Road, Crumlin, Dublin 12. T: +353 (0) F: +353 (0)