June 2014 Between October and December 2013 the Commission undertook a series of 12 on-site visits to intermediaries providing advice to retail customers on investments and long-term insurance products (“the Review”). The Review formed part of the Commission’s ongoing work to ensure retail customers receive an appropriate level of protection.

The series of visits were a follow up to the 8 visits of a similar nature that the Commission undertook in July 2012 and to the Commission’s letter of January 2013 (the “Commission’s Letter”) which summarised the findings from these visits.

Through its 2013 visits, the Commission found that the majority of licensees visited had made improvements and rectified a number of the issues identified in the Commission’s Letter. However a number of licensees had not made sufficient efforts to implement the improvements required by the Commission’s Letter. Of these, several licensees were referred to the Enforcement Division for further investigation.

While a number of the issues identified by the 2012 visits have been addressed, the Commission’s findings indicate that further work is required across the sector, by every licensee.

This report will summarise the Commission’s findings and explain our expectations going forward.

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