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Joint Forum paper on customer suitability in sale of financial products

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06 May 2008

The Joint Forum – a consortium of the Basel Committee, IOSCO, and IAIS – has released a paper entitled Customer Suitability in the Retail Sale of Financial Products and Services.

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The customer suitability report considers how supervisors and regulated firms across the banking, securities, and insurance sectors deal with risks posed by the sale of unsuitable retail financial products. The Joint Forum reviewed both the disclosure of information to retail investors and requirements on firms to determine whether recommended investment products are suitable for such investors. The report focuses exclusively on requirements related to retail customers and products with a significant investment component. The Joint Forum evaluated investment-based or investment-linked insurance products, but not those insurance contracts that insure only against risk.

Click here to go to our permanent page for resources relating to the Credit Crunch. By 'credit crunch' we mean the recent turmoil in the world's financial markets and responses to it from various international, regional, and national agencies.


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