The Irish Insurance Federation has introduced a Code of Practice on Factfinds. According to IIF's Insurance Update, the code dictates that a financial planning factfind must be carried out with each client to ensure that the advice given is tailored to the individual's needs.

Before a recommendation is made by the salesperson, they must determine certain details concerning the client's overall financial and personal position. This includes information on the person's dependants, income from employment and other sources, details of current expenditure, information about existing life assurance policies, savings and investments and pension provision. The salesperson should then produce a written recommendation for the client.

Under the code, certain types of policies - primarily protection policies taken out with a mortgage or loan - do not require completion of a factfind. It is suggested that salespeople carry out regular reviews with clients.