Client’s requirements and objectives
This section will populate in to the Summary of requirements and Credit Proposal document (expanded CPD)
Product recommendation and selection
Where applicable: Exit Strategy must be noted.
This section looks at your product recommendations and how they meet the customers’ needs and objectives.
The Final Product selection will also populate into the Summary of requirements and Credit Proposal document (expanded CPD)
“Best Interest – “cheapest option”. If the loan applied for was not the cheapest option available, this section is mandatory and must note the reasons why the other product was selected over the cheaper option available.
Conflicts of interest
You must confirm if a conflict of interest was identified. If there was a conflict, you must note what that conflict was and how this was disclosed to the client.
Priority Rule: You must confirm you have placed the client’s interests above all else.
Statutory documents – Mandatory to confirm you have provided
No evidence needs to be uploaded as this also needs to be attached to the compliance tab in AOL
To learn more about Best Interests Duty please visit the BID Hub here