We operate an active conflicts of interest policy to ensure that our customer’s best interests are always at the forefront of decisions we make and products we offer.
As part of this policy, we have identified known conflicts of interest which arise in the normal course of placement and administration of insurance policies on behalf of customers and put in place measures to manage and mitigate them so that they do not adversely affect our clients.
An action which benefits the firm or member(s) of the firm…
(a) which, if taken, would be viewed as being at odds with the customer’s or potential customer’s best interest in its outcome; or
(b) which has the potential to influence the outcome of any insurance distribution activities to the detriment of the customer.
ALL regulated firms must comply with the Customer’s Best Interests Rule and FCA Principle 8 requires our firm to manage conflicts of interest fairly, both between ourselves and our customers and between a customer and another client. In doing so we will consider, as a minimum, whether we, or a relevant person, or a person directly or indirectly linked by control to the firm:
(1) is likely to make a financial gain, or avoid a financial loss, at the expense of the client;
(2) has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client’s interest in that outcome;
(3) has a financial or other incentive to favour the interest of one client or group of clients over the interests of another;
(4) carries on the same business as the client; or
(5) receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monies, goods or services, other than the standard commission or fee for that service;
and we will disclose any such issue to you prior to sale of any product or service.
There may be occasions where we are unable to mitigate conflicts of interest which arise and, in those circumstances, it may be necessary for us to cease or refuse to act on your behalf to avoid treating you unfairly, but these are rare occurrences, and you can be assured that your interests will be paramount in all of our dealings with you.