Treating Customers Fairly

 

The Financial Conduct Authority (FCA) has eleven Principles for Business that it requires all financial companies to abide by. Principle Six states: 'A firm must pay due regard to the interests of its customers and treat them fairly'.

In recent years the requirement to Treat Customers Fairly (TCF) has been one of the regulator's foremost areas of priority, as it seeks to ensure that financial companies deliver fair treatment to all of their clients. In particular, the FCA expects firms to provide clear information to customers about the company, products and services being offered, the cost of products and services and any risks involved.

The FCA has outlined six TCF outcomes that it expects all financial services firms to meet:

  1. Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
  2. Products and services marketed and sold are designed to meet the needs of identified consumer groups and are targeted accordingly.
  3. Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
  4. Where consumers receive advice, the advice is suitable and takes account of their circumstances.
  5. Consumers are provided with products that perform as firms have led them to expect and the associated service is both of an acceptable standard and as they have been led to expect.
  6. Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.

Legg Mason Investments (Europe) Limited and Legg Mason Investment Funds Limited ("the Firm")

The Firm has placed the treatment of clients at the heart of its business and its senior managers are responsible for ensuring that the firm delivers against its commitment to treat customers fairly. Senior management receive regular updates on how the Firm is meeting the six outcomes.

TCF is a central part of the culture at the Firm and the services we provide to our clients, it is a continuous process that is built into the product lifecycle from the design of new funds to the marketing literature, sales and distribution process and the information supplied once a client has invested into one of our products. We regard the fair treatment of our clients as being part of all day to day business practices. If you have any feedback on our treatment of clients, please email us at TCF@leggmason.com.

If you wish to make a complaint, you should contact the Complaints Department at Legg Mason Investments (Europe) Limited 201 Bishopsgate, London, EC2M 3AB. Your complaint will be investigated and a response will be sent you. If you are unhappy with our final response or if within 8 weeks you have not received a response, you may refer your complaint to the Financial Ombudsman Service, Exchange Tower, Harbour Exchange Square, London E14 9GE.
For more information, please visit www.financial-ombudsman.org.uk. A statement of Legg Mason’s complaint handling procedure is available on request.