Insurance
SIIAP: The Services Insurance & Investment Advisory Panel Code of Practice
SIIAP is an advisory panel of regulated insurance and independent investment advisers, recognised by the Ministry of Defence and operating on behalf of Service personnel.
Details concerning SIIAP are promulgated widely at Unit level by the Royal Navy, the Army and the Royal Air Force.
All members of SIIAP are independent of any insurance or investment company. They are required to have specialist knowledge of the particular needs of HM Forces personnel.
Members of SIIAP undertake:
- To provide Best Advice to all their clients, through a professional, efficient and on-going service.
- To provide clear evidence of their status and authorisation from the outset.
- To comply with the rules of their Regulatory Body and to offer full compensation rights through the UK Regulatory system to all Service personnel, including those serving overseas.
- To ensure that clients' confidentiality and security is not compromised.
- To register with the Mortgage Code Compliance Board (MCCB) if offering mortgage services.
- Not to conduct block selling of life, investment or mortgage products, in accordance with FSA regulations.
- To give in writing full details of any life or investment products sold.
- To continue to develop and update their specialist knowledge of the Armed Forces schemes and needs through regular training.
- Contact the Compliance Officer of the Member firm concerned.
- Failing a satisfactory outcome, Service personnel should then contact either the Management Committee of SIIAP, or their UPO/RAO/OC PMS.
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