Under your Best Interests Duty (BID) obligations, you must document your client's requirements and objectives clearly, then link your reasoning directly to your final product recommendation. Well-documented notes make this process simpler and help you demonstrate compliance.
This guide shows you how to capture client requirements effectively and introduces the Snippets function in Mercury Nexus to streamline note creation.
Tip: Your Summary of Requirements becomes evidence of your BID compliance. The more specific and linked to the client's circumstances, the stronger your compliance position.
Documenting requirements by scenario
We've put together some examples of how you might provide commentary to capture the different requirements, by scenario.
Important: Always document why you chose a product, not just what you chose. Compliance reviewers need to see the link between client circumstances and your recommendation.
Did you know about Snippets?
In Mercury Nexus you are able to create notes easily by using the Snippets function.
Refer to our article on snippets and how they can make note creation easy, here:
Note: Snippets are templates—always review and personalise them to match each client's unique circumstances. Generic notes weaken your BID defence.
Need help?
If you need help documenting client requirements or have questions about BID compliance, contact your Compliance Support Manager or email [email protected].