Making demands

In the new regulated world, every pure protection sale will need to be completed using a Statement of Demands & Needs (SoDN). However, the Financial Services Authority (FSA) has given relatively little guidance and produced no template for this important document, only high level requirements for the information it must contain. The SoDN is like a slimmed-down version of an investment-style Fact Find and Reasons Why letter rolled into one. Clearly, together with the Initial Disclosure Document (IDD), it is the cornerstone of the new regulated protection sales process. To understand how to...