We are proud of our system and financial management proposition here at Lifetime – and our efforts to put clients at the centre of our services, rather than their money, makes us feel we are very much part of the ‘good practice’ scenario put forward by the Financial Conduct Authority (FCA).
Lifetime get to know clients and discover what’s important to them. Our starting point is their story.
And so we ended up feeling vindicated this week – and with the knowledge that we are well on the right track – after the FCA outlined a number of good and bad practice scenarios around the design and delivery of ongoing advice.
The regulator’s third and final cycle of the thematic review into firms’ implementation of the Retail Distribution Review (RDR), found ongoing advice was an important element in clients seeking advice.
The FCA expects firms’ ongoing service to be a ‘genuine service’, and its scope to be properly explained to clients.
Firms should also consider whether the total cost of the service is ‘likely to be of value to the client, the FCA said.
We at Lifetime feel we strongly deliver on both those counts!
The regulator detailed other good practices, including:
- using client analysis to design and review the ongoing service model
- providing clear information on the customer profile for ongoing service levels and monitoring how ongoing services were used in practice
- redesigning ongoing service in light of client experiences
- Diary and resource planning
- Formal review processes
- Management information
- using the back-office system to track and record the output from client reviews
- asking clients to supply updated information ahead of the review meeting
- ensuring the firm has adequate resources to deliver ongoing advice
- providing clear disclosure of ongoing charges to clients
The FCA said it expects firms to deliver ongoing advice in practice when they have committed to it.
Firms should also have appropriate systems and controls in place to ensure good client outcomes, the regulator added.
Everything we have put in place here at Lifetime is geared towards the client first and foremost.
If we could help with your financial needs then please do not hesitate to give us a call on 01226 208600 or email email@example.com