Regulatory Alerts2014-12-17
Added · Updated
Expected Standards for AIs Implementing IFS Requirements for ILAS Products
The regulator establishes expected standards for Authorized Institutions (AIs) to ensure proper implementation of the Investment-Linked Assurance Scheme (ILAS) Information Fact Sheet (IFS) requirements. AIs must provide the IFS in the customer's preferred language, verify suitability through Financial Needs Analysis, and disclose all relevant information to facilitate informed decision-making. Additionally, AIs must ensure group remuneration is determined on an arm's length basis and cannot proceed with applications lacking proper customer signatures on the IFS.
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