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You
may be aware that the UK, being one of the most advanced
financial services centres of the world, requires strong
regulation. This is to safeguard the interests of consumers
and other persons purchasing and being advised about investments,
insurance and other financial products, and in the use of
personal data. This is something we take very seriously
within our client relationships.
Who
Are We?
Balfour
Wealth Management, Balfour Mortgage Solutions, Balfour Business
Solutions and Balfour Equity Release are trading names of
Balfour Group Limited which is authorised and regulated
by the Financial Services Authority. Balfour Group Limited
is registered in Scotland (No.SC304210) and is a medium
sized firm of Independent Financial Advisers with over 200
years of collective experience. Our Advisers have appropriate
qualifications in the financial services marketplace and
every professional Adviser within Balfour Group is a 'Registered
Individual' with the Financial Services Authority, including
myself. Our FSA registration number is 454810. You can find
Balfour Group's FSA Register entry here.
Who
is the Financial Services Authority?
The
Financial Services Authority (otherwise known as the FSA)
is an independent non-governmental organisation responsible
for regulating financial services in the UK using statutory
powers under the Financial Services and Markets Act 2000.
It sets the standards that must be met and can take action
against firms if they fail to meet them.
The
FSA was set up by the UK government, who are responsible
for the overall scope of the FSA's regulatory activities
and for its powers. This ranges from the largest multinational
bank to the financial adviser operating as a sole trader.
The
'FSA Handbook' of rules and guidance lays down the laws
to which all Independent Financial Advisers must adhere
- and the way they treat customers is governed by the 'Conduct
of Business' (COBS) rules. These rules are freely available
from the FSA's independent website here.
Treating
Customers Fairly
The
FSA has introduced an initiative for the fair treatment
of consumers called 'Treating Customers Fairly' (TCF)
which we are committed to implementing into our working
practices. The FSA defined six consumer outcomes, which
explain what they want TCF to achieve for consumers, which
are:
- Consumers
can be confident that they are dealing with firms where
the fair treatment of customers is central to the corporate
culture;
- Products
and services marketed and sold in the retail market
are designed to meet the needs of identified consumer
groups and are targeted accordingly;
- Consumers
are provided with clear information and are kept appropriately
informed before, during and after the point of sale;
- Where
consumers receive advice, the advice is suitable and
takes account of their circumstances;
- 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;
- Consumers
do not face unreasonable post-sale barriers imposed
by firms to change product, switch provider, submit
a claim or make a complaint.
What
protection do you have?
All
advisers within Balfour Group are 'Independent' and therefore
work on 'your' behalf! We will always endeavour to do the
very best for you. As Independent Financial Advisers, we
are able to select the correct product for our clients from
the entire market - that means we can potentially recommend
any product from any product provider, as long as it suits
your needs and objectives. With such a wide choice of companies,
investments and savings tools, our clients can be reassured
that they are not simply being provided with a standard
recommendation but receive professional personalised advice.
Whenever
you deal with us, you will receive details on our complaints
procedures - including those of the Financial Ombudsman
Service (FOS)
- and when we advise you on regulated products (including
investments, insurance and mortgages) you have the protection
provided by the Financial Services Compensation Scheme (FSCS).
Advice may also be provided on products that are not regulated
by the FSA - such as general taxation and some Buy-to-Let
mortgages. We will always explain to you when you are receiving
advice on an unregulated product.
To
ensure you do get truly personal advice we will collect
certain details about you and your circumstances. We regard
your information as highly sensitive and so to maintain
the highest standards of care with your information we subscribe
as 'Data Controllers' with the Information Commissioner's
Office (ICO)
under the rules of The Data Protection Act 1998 which regulates
the use of 'personal data'.
The
Data Protection Act requires all organisations which handle
personal information to comply with a number of important
principles regarding privacy and disclosure. The Act states
that anyone who processes personal information must comply
with eight principles, which make sure that personal information
is:
- Fairly
and lawfully processed
- Processed
for limited purposes
- Adequate,
relevant and not excessive
- Accurate
and up to date
- Not
kept for longer than is necessary
- Processed
in line with your rights
- Secure
- Not
transferred to other countries without adequate protection
What
else should you know?
Because
Advisers in the Balfour Group (including myself) provide
advice on, and thus engage in regulated consumer credit
activities - which include secured and unsecured loans and
debt management - Balfour Group Limited is licensed under
the Consumer Credit Act 1974 (and subsequent Consumer Credit
Act 2006) which is issued by the government department,
The Office of Fair Trading (OFT).
To
maintain high standards in providing professional financial
advice, my colleagues and I are members of various professional
bodies, which between us include the Chartered Insurance
Institute, Society of Mortgage Professionals, Personal Finance
Society, Ethical Investment Association and UKSIF (the sustainable
investment and finance association).
If
you require any further guidance on the information above,
contact
us today and we will be happy to talk with you.
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