Bookmark this page Print this page

Policies, Entering Business Type, Source of Business, Basis of Advice & Advertising

All policy screens (two of which are illustrated below), whether for General Insurance, Mortgages, Life, Pensions or Investments, include data fields for…

These are required for certain FSA reports, and are explained in detail below…

Business

When you create a new policy record the “Business” dropdown will automatically pre-populate itself from the owning client record (where the “Business type” is also stored). This field is used by the FSA to distinguish between private individuals and businesses. The choices are…

However you must use the “Business” dropdown to manually select the Business type for existing policies, unless you use the bulk set-up facility in the Client program (see “Clients, Business Type”).

Advertising

Use the “Advertising” drop-down to show how a new client first heard of your business, e.g. via an advert in a newspaper, magazine, Internet, radio, etc. Use “Other” for repeat business, referrals and all other situations not directly linked to an advertisement.

Source of Business

The “Source of Business” combines with the “Advertising” one to fully show the method by which you acquired the business, whether new or repeat. For example…

Basis of Advice

This indicates the level to which your business was responsible for the client’s choices (and hence your liability, such as for an endowment failing to reach its target sum). The main ones are self-evidently Full, Partial and None, with other choices for clients who are “Insistent” in spite of your advice, who are part of a company group scheme, etc.