Marketing Regulatory Provisions

Marketing Regulatory Provisions

1. Marketing

   • Activities to capture new customersd
   • Activities to retain existing customers

2. Consumer Protection Code

   • Advertisements
     • General Advertisement Requirements
       • Applicable to ALL advertisements
       • a number of product specific requirements
         • Financial Products
           • Loans
           • Investment products
     • ADVERTISEMENTS: Any commercial communication, address to the consumer public, with the purpose of advertising a regulated activity or a regulated entity
       • EXCLUDING: name plaques, sponsorship material, prospectus drawn in accordance with Prospectus Directive
       • Print advertisements
       • Radio/TV
       • Flyers
       • Product Brochure
       • websites
     • ADVERTISEMENTS Gral Requirement
       • Make clear that it is an advertisement
         • Any consumer can reasonably be expected to know it is an advertisemnt
       • Clear as to Who is publishing the advertisemnt
         • The name of the form must be clearly shown
       • Clear, Fair Accurate and NOT misleading
         • Design , Presentation and content
       • Ensure Key information is prominent
         • information must be not obscure or disguise
       • Small print only to elaborate Key Information
         • must be sufficient size and prominence to be clearly legible
       • Include warning Statements, where they apply
         • must be in a BOx, in BOLD, size equal to the predominant font size used, appear SIMULTANEOUSLY with benefits
           • if radio advertise will suffice at the end of advertisement
       • Disclosed Tied Status, if tied to one Financial Institution
       • Explain any Initialism or acronyms, eg. APR, CAR
       • Disclosure of regulatory status
         • Full Legal Name, Trading as , is regulated by the central bank of Ireland
           • No additional text to be added
           • Must not be pesented as to appear to be en endorsmemt
       • Inclusion of warning statements, vary by the type of financial product
         • Warning: the value of your investment may go down as well as up
           • Warning: if you invest in this product you may lose some or all of the money you invest
         • Use of the term INDEPENDENT and BROKER
           • INDEPENDENT service
             • that service is provided on the basis of a fair analysis of the market
               • At least 75 % of its annual turn over derived from a " FAIR ANALYSIS OF THE MARKET " basis
             • Consumers has option of paying for that service by fee
           • INDEPENDENT firm
             • Principal ACTIVITIES of a firm are provided on a fair analysis basis
               • Consumers has option of paying for any services by fee
                 • At least 75 % of its annual turnover derived from a " FAIR ANALYSIS OF THE MARKET " basis
           • BROKER
             • PRINCIPAL ACTIVITIES of a firm are provided on a fair analysis
               • At least 75 % of its annual turnover derived from a " FAIR ANALYSIS OF THE MARKET " basis
   • Personal Visits and Unsolicited phone calls
   • Applicable to
     • n/a
       • MIFID investment Services
     • ONLY
       • MIFID in relation to
         • Insurance
         • PRSAs
         • Tracker Bonds
         • Deposits
     • ALL firms established in the estate Licensed or Authorised by the Central Bank
     • ALL firms established and Authorised or Licence In another EU member estate
     • CREDIT UNIONS: in respect of core savings and loans
       • Credit Union when acting as Insurance Intermediary

3. Data Protection Act

   • Restrictions on the use of personal data for marketing
   • Seek to protect the privacy of individuals and their personal information
     • imposing various restrictions on firms
       • USE OF PERSONAL data for marketing purpose
         • Personal data should
           • Obtain and Process Fairly
           • Used for only 1 or more SPPECIFIED, explicit and legitimate purpose
           • should not be process in a manner incompatible with the purpose(s) for which it was optained
           • Be adequate,relevant and not excessive for the purpose(s) for which it was collected
           • Be Accurate, complete and, where necessary, kept up to date
           • Should not be kept for longer than necessary for the purpose of which was collected
           • FIRMS: are the data controllers
             • Data controllers must take appropriate security measures against unauthorised access
               • OR unauthorised alteration, disclosure or destruction of, the personal data
                 • In particular where the processing involves the transmission of data over a network, or against other unlawful forms of processing
             • Data Controller must give a copy of personal data held upon individual request
               • breaches
                 • penalties up to 100k, may be order to delete all or part of their data based
     • providing certain rights to consumers
       • Access
       • Correct inaccurate information
       • have certain data and information removed
       • complain to the data protection commissioner when they feel data had been misused
   • PERSONAL DATA relating to a living individual,who is or can be identify from the data or the data in conjuction
     • Automated data held in computer
     • Manual data held in paper systems
   • These principles are binding, any failure to observe them is a breach of the Data Protection Act
     • fines up to 100k
     • and /or may be ordered to delete data held
     • Customer cannot be market for any other product not specify in the data protection consent
     • Firms cannot use clients details to try t market to him/her some other product or service or to pass on her personal details to another entity UNLESS OPT IN in the consent form

4. Electronic Privacy Regulation

   • Restrictions on use of email, texting and phone calls
     • email & Texting
       • THE FIRM must
         • At the time of the of the selling pf product/service
           • give the consumer the opportunity to opt out of the future use of his or her email address or mobile number for marketing purpose
       • IF individual DID NOT opt out
         • The Firm CAN can send unsolicited email/text ONLY IF
           • If product market or serviced is the Firm own product
           • If Product market now is similar to that originally supplied by the firm
           • If consumer is CLEARLY and DISTInCTLY given the opportunity to object, in an eease manner and without charge, to use of his email pr text ex. OPTOUT UNSUBSCRIBE
           • the sale of the original product or service occurred within the last 12 months
             • is deemed to he opted out if the firm has not send him marketing information for the las 12 month
   • Websites
   • the use of cookies on websites
     • or Privacy statement ion website
   • Telephone Contact
     • A regulated entity may make telephone contact with a consumer who is an existing customer, only if:
       • EXISTING CUSTOMERS
         • ONLY IF
           • the regulated entity has, within the previous twelve months, provided that consumer with a product or service similar to the purpose of the telephone contact
           • the regulated entity has, within the previous twelve months, provided that consumer with a product or service similar to the purpose of the telephone contact
           • the consumer has given his or her consent to being contacted in this way by the regulated entity.
       • CONSUMERS other than an existing customer POTENTIAL CUSTOMERS
         • ONLY IF
           • the purpose of the telephone contact is limited to offering protection policies only; or
             • ALL GENERAL insurance
             • life assiurance, such motor and liability insurance
               • with the purpose of provide PROTECTION
             • PERMANENT health insurance
             • annuaities, both conventional and unit link
           • referral with express consent provided
           • Listed in the BUSINESS listed section of the current telephone directoty, classified or trade professional circulatiing in the state
         • MEETING POTENTIAL CLIENT
           • IDENTYFY, YOURSELF, YOUR FIRM,
           • state on bhalf of who and reason of the contact
           • inform telephone call is being recorded if that is the case
           • disclose the the source of the business lead or referral
           • establish of they wish to continue with phone call /email)
           • PROVIDE TERM OF BUSINESS DOC, on a stand alone basis before providing financial advice
       • UNSOLICITED PHONE CALLS
         • ONLY BETWEEN 9 AM A- 9 PM