Treating Customers Fairly

Treating Customers fairly

The Management of Fo-sho took a decision to formally adopt the Treating Customers Policy and we embrace the spirit of the principle based outcomes as published by the FSB in the TCF Roadmap. Fo-Sho has acknowledged that the TCF outcomes are applicable to every aspect of its business and will remain active participants in cultivating the TCF culture.

TCF was clearly raised as one of the cornerstones of Fo-sho’s culture and ethos, and was formally adopted by the Board of Directors in 2017.

Fo-sho is constantly striving to improve service and develop new and innovative ways to communicate its services and new product information to its clients. The key factors to our Treating Customers Fairly Policy are as follows:

  • The client can be confident that they are dealing with a firm which holds the fair treatment of its
  • Products and services marketed are designed to meet the individual needs of its custom
  • Customers are provided with clear information and kept appropriately informed before, during and after point of sa
  • Where advice  is  offered,  the  advice  is  suitable  and  takes  account  of  their  individual circums
  • Clients are  provided  with  products  that  perform  as  they  have  led  to  expect,  and  the associated service is at an acceptable standard to what they e
  • Customers will  not  face  unreasonable  post-sale  barriers  to  change  products,  switch providers, submit a claim or make a complain

In order to implement our policies on TCF, training has been conducted with each staff member responsible for client facing interactions as well as with business partners who touch any of Fo-sho’s potential and actual customers. Each employee is expected to understand and apply this policy as set out in the training material and as further detailed in the corporate code of conduct forming an integral part of their employment contracts with Fo-sho.

The following broadly encompasses the TCF policy adopted by Fo-sho and its employees and business partners:

  • Adhere to the employer’s corporate culture of ensuring that clients fully understand the features, benefits, exclusions, risks and costs associated with the financial products they buy.
  • Ensure that customers are provided with clear, concise information and kept. appropriately informed before, during and after the purchase of their products allowing them to make informed decisions.
  • Ensure that regular, clear and appropriate correspondence is maintained with customer at all times and that the relevant communication protocols are strictly followed.
  • Adhere to the employer’s phone etiquette standards and to provide excellent service to the client where the fair treatment of the client is central to that service.
  • Follow the principle that client service at all stages must meet client expectations and that any promises or commitments made must be met.
  • NOT give any financial advice to customers but to direct them to management where such advice is required or sought.
  • Ensure that any request from a customer is attended to without any unnecessary barriers or delays.
  • Fairly manage the customer’s expectation at all times.
  • Leave the customer feeling pleased about their experience with the Company and confident that they are dealing with an honest, professional and ethical organisation where the fair treatment of clients is central to the company’s culture.

TCF applied to Complaints Functions:

  • All valid claims are paid promptly.
  • The principles of “fairness and equity” are applied in all decisions, always giving the customer the benefit of the doubt where information is not perfectly clear.
  • A strict communication protocol is followed and processes are in place to monitor adherence thereto.
  • The complaints resolution function aims to resolve internal complaints within a 48 hour period and to the satisfaction of our clients.