...Swanepoel said the record of advice covered three areas. The first was the information the advice was based on.

“What were the needs of the client – a brief summary.”

Secondly, which insurers or investment products the FSP considered and from which product suppliers. The options that were presented to the client had to be disclosed. Lastly, the FSP would also have to explain why he or she recommended the product.

Swanepoel said considering the thousands of financial products available to choose from, there had to be a reason why a FSP chose a particular product.

“To this day when I’m confronted with complaints, I battle to see that the industry is actually keeping accurate records of those transactions.”

He urged FSPs to reconsider the quality of their recordkeeping.

This is an excerpt from an article you can find at the following address https://www.moneyweb.co.za/mymoney/moneyweb-financial-planning/why-the-fais-ombud-finds-against-financial-advisors/

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