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Treating Customers Fairly

Treating Customers Fairly at Liontrust

What is Treating Customers Fairly?

Treating Customers Fairly (TCF) is a core Financial Conduct Authority (FCA) Principle.  It requires regulated investment businesses like Liontrust to ensure that customers are treated in a fair and transparent manner in respect of any dealings with the company.  

What does it mean in practice?

The FCA requires firms to identify any shortfalls which could prevent them from meeting the TCF Principle.  We focus upon and review our performance against the six TCF Consumer Outcomes.  The Liontrust ethos ensures that customers lie at the centre of our business.

FCA TCF Consumer Outcomes

  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 in the “retail market” 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. Please note that Liontrust does not provide advice or offer individual recommendations.
  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.

Liontrust’s TCF Responsibilities and Principles

Liontrust is committed to TCF and aims to:

  • Treat all clients fairly
  • Ensure that investors understand products and their expectations of performance and service are satisfied
  • Enforce TCF Principles within the business so that our objectives are aligned with those of yours  
  1. Leadership, Strategy & Behaviours

    Our commercial strategy is communicated clearly by the Partners and is understood and implemented by the business. TCF is reviewed regularly to ensure synergy between our stated objectives and successful outcomes.

  2. Product Design & Governance

    We assess and understand the needs of different client groups, designing products to suit accordingly.  The appropriateness of products will be reviewed regularly against market demands. All of our funds are managed using thoroughly tested, proprietary investment processes. These processes are explained in detail in documents that are publicly available. Investors in our funds know exactly how their money is going to be managed because it has been fully documented. Therefore, the processes provide a consistency and predictability of investment approach.

  3. Marketing Communication

    We provide clear and concise information to sales teams and third party distributors to enable them to communicate fully the investment process and the benefits and risks of each product before any advised investor decides to make an investment in one of our funds.

  4. Sales & Advice

    If you are unsure or unclear of any aspect of our funds we will, of course, endeavour to help you but we do not advise upon the suitability of any of our products or services.  If you remain unsure we recommend that you seek independent advice before taking any action.

  5. After Sales Service

    Investors will be issued with a six monthly Manager’s Report & Accounts for their fund, together with a Valuation Report detailing the progress of their investments.  If you have accepted advice of an adviser, we will send copies of communications to them on your behalf. 

  6. Complaints Handling

    All complaints are taken seriously and we respond promptly and thoroughly to them in line with our Complaint Handling procedures. Any errors or omissions on our part will be readily acknowledged. In the event of a complaint not being satisfactorily resolved, we will direct clients to the Financial Ombudsman Services.

We are committed to TCF. We have developed and refined our internal TCF processes, and will continue to do so, in our commitment to meet the FCA Consumer Outcomes as part of our TCF responsibilities. The Treating Customers Fairly Committee, which is made up of senior managers across the business, meets on a quarterly basis to review our progress.  Minutes from the quarterly TCF meetings are circulated to the Liontrust Asset Management PLC Board as part of the agenda prior to each LAM PLC quarterly Board meeting.