Treating Customers Fairly

Our Policy

Thompson & Richardson (Financial Services) Lincoln Ltd are committed to providing the highest standard of financial advice possible. As a firm we take very seriously the rules and general principles of the Financial Services Authority, in particular the requirement to treat our customers fairly. We strive to do this in all that we do.

We undertake that all of our actions will be guided by the principle that the interests of our customers are paramount.

Putting our customers’ interest first and treating them fairly is at the heart of our business and we use external consultants to monitor our practices and advice procedures on an ongoing basis to ensure this is consistent and maintained throughout the firm.

We hope that you find using our services a pleasant and straightforward experience. We always welcome comments and observations about the way we deal with our customers and would encourage you to contact us if you have any comments on the way we deal with you.

When we deal with you

We recognise that good communication with customers provides a better understanding of their requirements and ultimately builds trust between our customers and our firm.

• We will at all times ensure that advice is appropriate and that due account has been taken of your specific profile, objectives and knowledge. When assessing your attitude to risk, we will do our best to ensure that you understand what this means. (We now advocate a risk profiling exercise for each of our clients).

• By carrying out full and regularly updated fact finds, where possible, we can structure a programme over time to protect you in terms of your exposure to risk and capitalise on opportunities via good financial planning. Our advice will be guided only by what is best for you.

• We will set out in writing and in clear concise terms, that is not misleading, why we have recommended a particular course of action, whilst complying with FSA rules and requirements. This particularly applies to the potential risks you take with investments. Where possible, we will try not to use jargon and technical terms.

• We will offer a flexible charging structure, where the costs for our services can be met by either fees or commission where a product is being recommended.

• We will agree any fee charged before commencement of any work. If additional charges are to be incurred, then we will agree and explain these before we carry out the actual work.

• We will keep accurate records of our dealings with you to record all advice and information given and received.

• If you require information we will be open and responsive to your request and reply in a timely manner. We will be mindful of the need to review your information to ensure its accuracy and to comply with the Data Protection Act.

• At all times we will ensure that your data remains confidential.

• In the event that there is any conflict of interest between us and you we will tell you about this as soon as we can after becoming aware of this.

Our Staff

We recognise that dealings of all our staff affect whether our customers are being treated fairly.

• The firm’s remuneration structure is regularly reviewed to ensure that it does not cause any conflicts of interest.

• We know that it is important that staff understand and consider documentation supplied by insurers, to ensure that they fully understand the features and risks associated with product being recommended.

• Our staff should also be in a position to make an informed judgement on the content and opinions expressed in any insurer’s/provider’s literature.

• We regularly review staff competence and encourage and support our staff with ongoing training to obtain professional examinations. They undergo continuous professional development to maintain skills and competence.

When things go wrong

It is important that disputes are handled sympathetically and that the firm is open and honest about its mistakes. We recognise that a well-handled complaint can prevent a potentially difficult situation escalating and can ultimately retain customer loyalty.

• We have in place a written complaints procedure that every member of staff has read and understood.

We will be open in our complaint handling procedures and inform customers of areas outside of their complaint, if applicable, where we may have discovered errors of which they may not be aware. A complaint does not automatically lead to compensation; putting the matter right and offering an apology may often be more than enough. Customers readily accept that errors occur and in many cases are gratified that a firm will accept that they are fallible and keen to rectify the situation.