Investors need to be alert to some differences in the regulation of firms selling life assurance, investment and pension products. The Central Bank now regulates investment intermediaries as well as banks. Direct sales forces and most tied agents are still regulated by the Department of Enterprise Trade and Employment, while accountants and solicitors are generally regulated by their own bodies.

Intermediaries have to go through carefully-designed procedures before they place client funds, including a written fact-find to establish client needs, and a written explanation of why a particular product is recommended. These procedures, along with new rules about approaching potential clients, should help to protect clients from bad practice and aggressive sales techniques.

All institutions regulated by the Central Bank are required to produce advice suitable to their clients' circumstances. But there are some differences in the way the rules apply. Banks face the same "cold calling" rules but their scope for client contact is greater because they can approach any client to whom a banking product/service was supplied over the preceding 12 months.

Banks are not required to give a written statement as to why the recommended product is best for the client.

The Central Bank requires investment intermediaries to carry out carefully designed procedtors should be aware they offer only their own products. The Central Bank says improvements are imminent here after decisions are taken at European level.