Marketing Regulatory Provisions

Marketing
1. Activities to capture new customersd
2. Activities to retain existing customers
Consumer Protection Code
1. Advertisements
  1. General Advertisement Requirements
    1. Applicable to ALL advertisements
    2. a number of product specific requirements
      1. Financial Products
        Loans
        Investment products
  2. ADVERTISEMENTS: Any commercial communication, address to the consumer public, with the purpose of advertising a regulated activity or a regulated entity
    1. EXCLUDING: name plaques, sponsorship material, prospectus drawn in accordance with Prospectus Directive
    2. Print advertisements
    3. Radio/TV
    4. Flyers
    5. Product Brochure
    6. websites
  3. ADVERTISEMENTS Gral Requirement
    1. Make clear that it is an advertisement
      1. Any consumer can reasonably be expected to know it is an advertisemnt
    2. Clear as to Who is publishing the advertisemnt
      1. The name of the form must be clearly shown
    3. Clear, Fair Accurate and NOT misleading
      1. Design , Presentation and content
    4. Ensure Key information is prominent
      1. information must be not obscure or disguise
    5. Small print only to elaborate Key Information
      1. must be sufficient size and prominence to be clearly legible
    6. Include warning Statements, where they apply
      1. 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
    7. Disclosed Tied Status, if tied to one Financial Institution
    8. Explain any Initialism or acronyms, eg. APR, CAR
    9. Disclosure of regulatory status
      1. 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
    10. Inclusion of warning statements, vary by the type of financial product
      1. 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
      2. 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
2. Personal Visits and Unsolicited phone calls
3. Applicable to
  1. n/a
    1. MIFID investment Services
  2. ONLY
    1. MIFID in relation to
      1. Insurance
      2. PRSAs
      3. Tracker Bonds
      4. Deposits
  3. ALL firms established in the estate Licensed or Authorised by the Central Bank
  4. ALL firms established and Authorised or Licence In another EU member estate
  5. CREDIT UNIONS: in respect of core savings and loans
    1. Credit Union when acting as Insurance Intermediary
Data Protection Act
1. Restrictions on the use of personal data for marketing
2. Seek to protect the privacy of individuals and their personal information
  1. imposing various restrictions on firms
    1. USE OF PERSONAL data for marketing purpose
      1. 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
  2. providing certain rights to consumers
    1. Access
    2. Correct inaccurate information
    3. have certain data and information removed
    4. complain to the data protection commissioner when they feel data had been misused
3. PERSONAL DATA relating to a living individual,who is or can be identify from the data or the data in conjuction
  1. Automated data held in computer
  2. Manual data held in paper systems
4. These principles are binding, any failure to observe them is a breach of the Data Protection Act
  1. fines up to 100k
  2. and /or may be ordered to delete data held
  3. Customer cannot be market for any other product not specify in the data protection consent
  4. 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
Electronic Privacy Regulation
1. Restrictions on use of email, texting and phone calls
  1. email & Texting
    1. THE FIRM must
      1. 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
    2. IF individual DID NOT opt out
      1. 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
2. Websites
3. the use of cookies on websites
  1. or Privacy statement ion website
4. Telephone Contact
  1. A regulated entity may make telephone contact with a consumer who is an existing customer, only if:
    1. EXISTING CUSTOMERS
      1. 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.
    2. CONSUMERS other than an existing customer POTENTIAL CUSTOMERS
      1. 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
      2. 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
    3. UNSOLICITED PHONE CALLS
      1. ONLY BETWEEN 9 AM A- 9 PM

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Marketing Regulatory Provisions

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	Created by MARTHA MADRIZ over 6 years ago