At Heritage Wealth Solutions, our financial planners consider this fundamental to our dealings with Yorkshire-based clients. That’s because as experienced financial planners, we are able to view the pros and cons of our advice and ensure, on balance, our solutions best meet client needs.
The FCA’s Treating Customers Fairly Initiative
Principles-based regulation
In the past, detailed rules have not always delivered the outcomes they were supposed to achieve. This is because detailed rules cannot cover all circumstances and eventualities. We cannot hope to devise a set of detailed rules to cover all types of business and all types of firm; and we cannot expect detailed rules to be responsive to market innovations and structural changes. A rule-based system will always be trying to catch up with the market, writing yet more detailed rules to address yesterday’s problems.
Detailed rules also tend to address processes and not outcomes. This can encourage a narrow approach to compliance with a focus on the letter of the rule and not the spirit.
So our experienced financial approach is to tackle the root causes. That is why we want to shift the balance more towards high-level requirements and away from detailed rules. And we want to make this shift not only in terms of regulation, but also – and more importantly – in the way that both we, and firms, behave. As such, a principles-based approach challenges both firms and regulator to focus on the outcomes that really matter.
Source: FCA website
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If you are based within Leeds, Wakefield or the surrounding Yorkshire area and you would like to speak to our financial advisers on their aim to treat customers fairly, please do not hesitate to contact us on 0113 350 2080. For more information on the financial services we provide, including investments, pensions and retirement planning, click here.
Andrew is the only financial adviser I have dealt with that I trust, and I have dealt with quite a few. I find his advice clear and honest.
We now have a lovely new home and financial security, what more could you ask of a financial advisor. Thanks Claire
We have found Andrew is very transparent about the charges he makes for his services and we feel gives great value for money.
Trustworthy, Intelligent, and Creative. Could not think of a better person to look after my wealth.
Claire explains often complicated financial products in a way which allows us to make informed decisions based on her sound advice on the various options on the market.