One of the main reasons for people not seeking advice is not knowing who to trust. As a consumer, the bedrock on which any relationship is built is confidence; being assured that any adviser/planner is acting in your best interests.
In the modern financial services sector, it is an absolute priority that compliance is at the heart of any business model. Thistle Initiatives undertake compliance services for many areas of the industry, including enforcement work. Unusually, they have provided Blue Sky with an evaluation of how we meet the FCA’s Treating Customers Fairly (TCF) requirements with a particular emphasis on six main outcomes.
Hopefully this will help you make an informed decision to contact and ultimately work with Blue Sky.
The Six Treating Customers Fairly Outcomes
Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
Thistle has been immensely impressed with the attitude of the staff at Blue Sky to get compliance issues right first time. Thistle believes this attitude of being meticulous in all matters stems from a leadership at the top, which puts the interests of the clients first.
Outcome 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.
All of the client files reviewed have a clear logic as to why they were advised. None of the files reviewed had any issues revolving around meeting the needs of the client.
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
The Suitability Reports are well written and pitched at a level which most non-financial services professionals will understand. The FCA has communicated to the IFA profession that Suitability Reports are too long winded and cover the IFA in the event of a complaint as opposed to adding value to the client, which Blue Sky’s suitability reports do add value to the client.
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
The Life Time Cash flow forecasting and high level investigative fact finding permits Blue Sky to fully understand clients’ circumstances and plans. Following the file reviews Thistle has not disagreed with the suitability of the advice given.
Outcome 5: 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.
The well written suitability reports and the recommendation of main stream financial services companies and products should mean the policies and services should perform to the expectations raised.
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
None of the file reviews have demonstrated any post sale barriers, or that there would be grounds for a valid complaint to be upheld at the Ombudsman. From the compliance meetings Thistle has attended there is an attitude at Blue Sky of putting clients’ interests first. Thistle is confident the client base would not encounter any issues with switching provider or pursuing a complaint.
This is the opinion of Thistle Initiatives on 28.07.2015. Thistle Initiatives Limited does not accept liability for a prospective client choosing to follow any financial advice given by Blue Sky Financial Planning. These comments are not to be relied upon to select an independent financial advisor.
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