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Article: Katz throws doubt on non-advised sales.(Harry Katz- Norwest Consultants )(Brief article)
- Article from:
- Money Marketing
- Article date:
- November 23, 2006
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There is no such thing as a non-advised direct sale of protection insurance, according to Norwest Consultants principal Harry Katz.
Money Marketing reported recently that the Financial Ombudsman Service believes a nod could be construed as advice during the non-advised sale of a protection product. Katz says this confirms that non-advised sales do not exist unless they are execution-only.
Katz says: "If the customer collected a form from a shelf in the Post Office or a supermarket, filled it in by himself at home and posted it, that would be a non-advised sale.
"Any interface with another human being, whether on the phone or face to face, ...