Prime legal information

TCF Policy

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Treating our customers fairly

We have a strong focus on customer satisfaction and aims to be respected and recognised for the fair treatment of its customers. At Prime, we are fully committed to delivering service of the highest standard as its customers are its most valuable asset. Prime’s Treating the Customer Fairly (“TCF”) policy is structured according to the guidance provided by the Financial Services Conduct Authority (“FSCA”) to ensure it consistently delivers fair outcomes to its customers.

TCF was clearly raised as one of the compliance objectives during Prime’s annual strategy meeting and formally adopted by the Board, our TCF policy is reviewed annually and on an ad hoc basis. To implement Prime’s policies on TCF our affiliated Insurer, reinsurers, administrators and employees are expected to understand and apply this policy and are bound thereto in terms of the standards of service delivery set out below.

Approach to Service Delivery

The Financial Conduct Authority has outlined six key themes, which are central to the TCF initiative. We strive to comply with and contribute to these 6 TCF fairness outcomes viewed from the perspective of its customers as follows:

Customers are confident that they are dealing with a provider where the fair treatment of customers is central to its culture.
Products and services marketed and sold in the retail market are designed to meet the needs of identified customer groups and are targeted accordingly.
Customers are given clear information and are kept appropriately informed before, during and after the time of contracting.
Where customers receive advice, the advice is suitable and takes account of their circumstances.
Customers are provided with products that perform as providers have led them to expect, and the associated service is both of an acceptable standard and what they have been led to expect.
Customers do not face unreasonable post-sale barriers to change products, submit a claim or make a complaint.

We aim to demonstrate, through our behaviours and monitoring, that we are consistently treating customers fairly throughout the stages of the product life cycle to which we can contribute. These may include:

Product and service design
Promotion and marketing
Point-of-sale

Information after point-of-sale
Complaints and claims handling

Standards of Service Delivery

Prime will aim to demonstrate, through its behaviours and monitoring, that it is consistently treating customers fairly throughout the stages of the product life cycle to which it can contribute. To achieve these service standards, we undertake to:

adhere to Prime’s corporate culture of ensuring that customers fully understand the features, benefits, exclusions, risks and costs associated with the financial products they buy;
ensure that customers are provided with clear, concise information and kept appropriately informed before, during and after the purchase of their products allowing them to make informed decisions;
ensure that regular, clear and appropriate correspondence is maintained with customers at all times and that the relevant communication protocols are strictly followed;
adhere to Prime’s phone etiquette standards and to provide excellent service to the customer;
follow the principle that customer service, at all stages, must meet customer expectations and that any promises or commitments made must be met
NOT give any financial advice to customers but to direct them to the organisation’s Key Individuals or Representatives where such advice is required or sought;
ensure that any request from a customer is attended to without any unnecessary barriers or delays;
leave the customer feeling pleased about their experience with the Company and confident that they are dealing with an honest, professional and ethical organisation where the fair treatment of clients is central to the company’s culture;
ensure all third parties contracted with are committed to treating our customers fairly;
fairly manage the customer’s expectation at all times;

Complaints Handling Service Standards

We respond in a timely manner to our customers and prospective customers questions and queries, addressing any issues or concerns promptly.
All customer complaints are dealt with and escalated appropriately to meet our obligations to our clients.
Complaints are therefore handled fairly, promptly and impartially.
All valid claims are paid promptly.
The principles of “fairness and equity” are applied in all decisions, always giving the customer the benefit of the doubt where information is not perfectly clear.
In dealing with complaints Prime will ‘treat like situations alike’ and give careful consideration to whether an error might have affected a wider class of customers and what should be done to remedy this.
Prime will investigate the root causes of complaints and obtain feedback from customers who have experienced our complaints process to improve the level of service that is provided.