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WYSIWYG is ever more important

15 September 2023

There is much press attention at the moment on some large financial advice companies having to adjust their charging structures because of the implementation of the Financial Conduct Authority's (FCA's) new Consumer Duty regulations. These are designed to ensure that clients gain good outcomes from their arrangements both in the shorter and longer terms. Exit penalties have also come into sharp focus for funds already invested, where performance and charges are indicated to be poor value.

This blog is a little simplistic in its wording of the title (WYSIWYG), but cuts to the core of all we do at Chapters Financial from a business ethic perspective and the way we deliver service and implementation of financial plans to our clients.

We have always maintained a view that our work and the service we provide should be transparent and clear from the start of a new client contact, through to the implementation of any agreed plans, to ongoing service and review. No dramas, no unexplained fees, and a healthy scepticism of new products or 'investment opportunities' until they have a proven track record. This stance has proved a solid approach over the last 18 years or so of trading and is why our clients have not been caught by the recent issues with large providers that the press has identified, some of which feature some usually hefty exit penalties.

Indeed, transparency has reached the headlines for fund management in recent weeks with the integration of Consumer Duty launched at the very end of July 2023. It is good to see these regulatory changes gaining momentum early.

Our approach is universal in each part of the process in keeping a client informed and up to date on where they are in the process and what they have achieved. Clear valuations in funds (that we put in place) that have no exit penalties. A 'what you see is what you get' approach, or 'WYSIWYG - wizzy-wig' - for short. The number of clients who have been with us for over a decade is a testament, we believe, to this approach and ethos and to treating clients fairly and meeting our Consumer Duty obligations.

Our website features our Terms of Business and independent financial advice process; however, talk to Chapters Financial about your financial, pension and investment planning needs for the future. We look forward to your enquiry.

No individual advice is provided during the course of this blog.

Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.


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