Questionnaires after concluding a financial service phone call

Spivved1987

I am sure we have all received a questionnaire which asks "How likely are you to recommend us (on a scale where Likely=10 and Not Likely=0)?"

I generally wouldn't do companies' market research for them anyway, but when I do I always give this question a response of 0. I might be being a bit picky, but I thought you couldn't recommend a financial product unless you were regulated by FSA/FCA. I explained this when giving my Zero to an otherwise glowing report when I was telephoned after interaction with an ISA provider.

What exactly is the law on this?

comeandgo

But it’s not a product you would be recommending but the company.

Spivved1987

comeandgo said:

But it’s not a product you would be recommending but the company.

Fair enough, I suppose. But it's a pretty fine distinction: if I recommended Bank of Charlatans to a friend and he went and bought a product from them which tanked, would I be completely off the hook?

kipsterno1

I always answer zero to any questions asking this and if there is a follow up asking why justify it by adding I don't do recommendations.

comeandgo

Spivved1987 said:

comeandgo said:

But it’s not a product you would be recommending but the company.

Fair enough, I suppose. But it's a pretty fine distinction: if I recommended Bank of Charlatans to a friend and he went and bought a product from them which tanked, would I be completely off the hook?

It’s not a fine distinction, if you were to suggest a company to deal with there is no way any action could be taken against you if a friend bought a product and subsequently lost all their money.

Marcon

Spivved1987 said:

I am sure we have all received a questionnaire which asks "How likely are you to recommend us (on a scale where Likely=10 and Not Likely=0)?"

I generally wouldn't do companies' market research for them anyway, but when I do I always give this question a response of 0. I might be being a bit picky, but I thought you couldn't recommend a financial product unless you were regulated by FSA/FCA. I explained this when giving my Zero to an otherwise glowing report when I was telephoned after interaction with an ISA provider.

What exactly is the law on this?

Not all financial products are regulated, and those definitely wouldn't need advice from someone regulated by the FCA (or the Food Standards Agency!). Nor would it matter much if you 'recommended' a product you especially liked, unless you held yourself out as someone authorised to give regulated advice.

There is nothing at all to stop you recommending a service provider.