The Documents Part 6 – Needs Analysis (Safe Harbour Port 3)

Safe Harbour Step 3 – Inquiries where information is incomplete or inaccurate

If the client has provided you with incomplete or inaccurate information, you must make reasonable inquiries to obtain the required information so that you have information that is accurate and complete.

You need to exercise judgement in relation to:

1. what is relevant information (in the context of the advice sought);
2. what information is missing;
3. what information appears to be inaccurate

Where it is reasonably apparent that information is missing or incomplete, you should:

1. ask the client again for the information;
2. ask the client if they can obtain the information for you;
3. ask the client if you can obtain the information you need on their behalf.

If after making reasonable inquiries you are still unable to obtain complete and accurate information, you must warn the client that:

1.  the advice is, or may be, based on incomplete or inaccurate information relating to the
2. client’s relevant circumstances; and
3. because of this, the client should, before acting on the advice, consider the appropriateness

Other articles in this series

• The Documents Part 1 – Introduction
• The Documents Part 2 – Financial Services Guide (FSG)
• The Documents Part 3 – Needs Analysis (Introduction)
• The Documents Part 4 – Needs Analysis (Safe Harbour Port 1)
• The Documents Part 5 – Needs Analysis (Safe Harbour Port 2)

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