SIIAP is an advisory panel of regulated insurance, investment and mortgage advisers, recognised by the Ministry of Defence, and specialising in providing advice and information to members of HM Forces.
Details concerning SIIAP are widely available at unit level within the Royal Navy and the Royal Marines, the Army, and the Royal Air Force.
Membership of SIIAP is restricted to those Firms that can demonstrate that they have specialist knowledge of the particular needs of HM Forces personnel.
Members of SIIAP undertake:
- To provide the most appropriate advice to all their clients, through a professional, efficient and on-going service
- To provide clear evidence of their identification, status and authorisation from outset
- To comply with the rules of the Financial Services Authority (and its successors), thereby ensuring the protection of the Financial Ombudsman Service and access to the Financial Services Compensation Scheme for all service personnel, including those serving overseas, irrespective of where any advice was given or arrangements made
- To ensure full compliance with the Data Protection Act and ensure that clients’ confidentiality and security is not compromised
- To adhere to FSA rules relating to “cold calling”.
- To ensure that clients receive full disclosure and relevant documentation at the appropriate time for all products recommended.
- To operate a continuous professional development scheme within the member Firm, ensuring that all advisers develop and regularly update their specialist knowledge, including benefits and specialist products and services available to HM Forces personnel.
In the event of any apparent breaches of this Code of Practice service personnel should:
- Contact the Complaints Officer of the member Firm concerned to make a formal complaint.
- Write to the Chairman of SIIAP who will determine whether a breach of the Code of Practice has taken place, and if so guide the service personnel in respect of the processes that need to be implemented.
If the Firm fails to demonstrate their ability or willingness to comply with the SIIAP Constitution incorporating this Code of Practice, the Management Committee acting reasonably has the right to suspend or expel them from membership of SIIAP. Such a decision shall be taken by a properly constituted meeting of the Management Committee and be determined by simple majority vote of those attending.
If the Firm wishes to appeal the decision of the Management Committee they shall have the right to request an open ballot of all SIIAP Code of Practice v2011 member Firms whose majority decision shall be binding. For the avoidance of doubt the Firm shall, at the sole discretion of the Management Committee, be suspended for a period not exceeding 10 business days pending the decision of member Firms.
The Ministry of Defence shall be informed of any such suspension or expulsion and the reversal of any such suspension if the appeal is upheld by member Firms.