Treating Customers Fairly
With the FCA’s TCF requirements, advisory firms who are considering using Dentons’ products might wish to have a better understanding of how Dentons discharges its own responsibilities within the TCF requirements. TCF is based on satisfying six consumer outcomes and taking them in turn:
1) Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture.
This casts a very wide net and involves providing good governance, service, transparent and objective policies and procedures and on-going staff training on what treating customers fairly really means in practice. It comes from the management down and recognises that keeping clients happy is the first building block in business. As part of risk management control, Dentons are continually reviewing and improving governance procedures, operating procedures, administration processes and training and competence schemes to achieve better outcomes for customers. Management information is obtained which shows both the strengths and the weaknesses in our systems and controls. Where deficiencies are found, Dentons will amend the procedures to make them better.
2) Products and services are marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
Dentons specialise in SIPPS and our vetting procedures ensure that only clients who want to invest in the kinds of investment that only a SIPP can offer are accepted. This together with clear marketing literature and minimum fund sizes ensures that we do not offer our products to inappropriate clients.
3) Consumers are provided with clear information and kept appropriately informed before, during and after the point of sale
All literature and communications are reviewed regularly to ensure that they are clear, sufficient and technically correct. Dentons avoid using jargon as much as possible which is a challenge in such a complex area of finance. Our pension consultants and administrators work hard to ensure that our service levels are excellent at all times in the client relationship and this is backed up by our 5-star industry award status.
4) Where consumers receive advice, the advice is suitable and takes account of their circumstances.
Dentons’ do not generally provide investment advice. Clients mainly come from Independent Financial Advisers, who provide the investment advice and allow pension consultants to focus on trustees and administrative responsibilities thus avoiding potential conflicts of interest.
5) Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
This outcome takes into account aspects of some of the other outcomes, notably the quality of our communications and the client treatment as reflected in our service.
The pension consultants and their administrators have many years’ worth of service with Dentons and collectively hold qualifications from a number of professional bodies including The Institute of Actuaries, The Pension management Institute and The Chartered Insurance Institute. Each consultant is responsible for a portfolio of accounts and is supported by a dedicated team of administrators.
6) Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
With only a limited range of products there is no issue surrounding changing them within Dentons and there are no barriers to switching provider. If the client does wish to make a complaint against Dentons, it is reviewed thoroughly, independently and fairly.
Dentons Pension Management Limited (Dentons) is Authorised and regulated by the Financial Conduct Authority (FCA) with its registration number being 461094.
The principal permission granted to Dentons by the FCA is for the establishment, operating and winding up of personal pension schemes and whilst authorised to control client money, Dentons is not authorised to hold such funds on its own account.