You have the right to change or cancel your financial product in a simple and easy way without any unreasonable restrictions or hassles, subject to the terms and conditions of the financial product or service. You should also be notified of any changes in writing within a timely manner.
How do I know if my financial services company or advisor has made a requested change?
If a change has been requested, the financial services company or advisor (as appropriate) should provide written documentation (proof) that the change was made. For example, if you have submitted a request to change a beneficiary, make sure you receive written confirmation of this change; if you don’t, it may be too late when a claim is filed.
What if my financial product changes after I’ve purchased it?
You should be notified of any changes to your financial products. This includes fee changes and other modifications.
What if I need to cancel my financial services product?
You have the right to cancel most financial products at any time. However, whether it makes sense to do so will depend on the type of product. You may face a loss of principle, surrender charge, or other withdrawal penalty.
You have the right to submit a complaint:
Your complaint should be submitted to the appropriate regulatory body. See PAGE for names of regulatory agencies and types of complaints.
Insurance complaints should be directed to the appropriate State Insurance Department. With a Variable Insurance Product, you may wish to file your complaint with FINRA or the SEC.
Provide the following information with your complaint:
- Contact information. You’ll want to be able to be contacted and updated during the process. Complaints may not be processed if there is no contact information.
- Who the complaint is about. The full name of the agent(s), insurance company or whomever the complaint concerns.
- Summary of what happened. The more specific and detailed that you can be, the easier it will be for your complaint to be acted upon. That’s why it’s important to have kept notes and to keep copies of all documents and correspondence either physically or digitally.
- Why you are making the complaint. Is it about a market conduct (the sales process), the financial services product, or something else?
The Financial Integrity Pledge does not address your responsibilities. Your responsibilities can be found in an agreement, contract or insurance policy. Failure to meet your responsibilities may affect your rights.
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