Treating customers fairly

financial treat customers fairly

Mark Hughes and Associates -MHA - fully endorses the principles of the FSA’s Treating Customers Fairly (TCF) campaign and they have always formed part of the company’s vision to be a premier financial services firm providing the highest level of independent financial planning and advice to add value to clients.

What is MHA doing?

MHA strives to embed the principles of Treating Customers Fairly within our corporate culture. A member of the senior management team champions each of the following six areas:

Business Strategy and Values – ensuring that the principles of Treating Customers Fairly are enshrined in everything we do.

Communication Issues – working with our staff and provider firms to ensure fair outcomes both for them and for all our clients.

Product Design and Governance – ensuring that fair treatment of customers is paramount in product design.

Marketing, Sales and Advice – ensuring that promotions are fair, that customers understand the products, and that advisers and staff have the expertise to support the entire range of products.

After-Sales Issues – regularly reviewing our service standards to identify any areas that we can improve on.

Management Information (MI) – Using MI to measure how successful we have been in implementing our TCF strategy.

The MHA TCF Policy below sets out some of the work MHA has undertaken to date, along with how we are addressing TCF on an ongoing basis. For provider firms, while the responsibility for conforming to TCF principles in their own businesses lies with them, the resources we make available may assist them in their efforts.

MHA TCF Policy

The  senior management team is committed to delivering the six ‘fair’ outcomes advocated by the FSA. This document sets out our policy to ensure that they are delivered:

To train our staff on the principles of TCF.

To maintain a Training & Competence Scheme that supports the principles of TCF. In particular, for staff supervision to assess the delivery of fair outcomes to clients in terms of:

  • the provision of clear information
  • the suitability of advice
  • ongoing product performance

To provide access to up-to-date information to help staff to address any gaps in their knowledge and expertise.

To review and implement action points on our TCF plan, policies and procedures not less than twice a year to promote fair treatment and to identify potentially unfair treatment of our customers.

To maintain a process for reviewing and approving client information, letters and brochures to ensure that information provided to clients is clear and appropriate.

To consider TCF at the earliest stage of product development.

To ensure that all clients understand the level of ongoing service that will be provided to them.

To ensure that any client queries or questions are answered quickly and efficiently.

To ensure that we resolve any rare mistakes as quickly as possible to our clients full satisfaction

To operate a complaints procedure that ensures that fair treatment of customers.

To collect, collate and maintain relevant management information to enable senior management to measure fair treatment, including:

  • Regular client feedback questionnaires
  • At least annual phone calls to all clients
  • Output from compliance visits
  • Complaints data – (Not one complaint in the last 10 years)
  • New business monitoring