Transparency in Promotions and Sales: A Checklist for Financial Service Providers
This tool highlights the importance of transparency in the sale of financial products. It states that financial service providers must fully disclose to clients the prices, terms, and conditions of their financial services. They must also provide information in a form that clients understand. This includes using simple language that does not mislead or confuse clients, having multiple methods to disclose information, and employing materials and communications methods appropriate to clients financial literacy. The tool focuses on the first point of contact with the client, namely, the initial sales pitch. Financial service providers can use this tool to improve transparency when promoting and selling credit and savings products. The tool contains five good practice checklists for:
- Communication do's and don'ts that apply to all interactions with clients during the promotions and sales process;
- Transparency when selling individual loans;
- Transparency when selling group loans;
- Transparency when promoting savings products;
- Transparency when selling products to clients with extra needs.
Managers should examine the tool to determine which elements apply to their institution. The Smart Campaign encourages financial service providers to adapt the tool to their particular products and sales techniques.
