Policies & Compliance
Primus Capital is committed to the highest standards in its service to clients and in all its business dealings. If at any point you become dissatisfied or concerned about the service we’ve provided and want to make a complaint, then please contact the consultant responsible for your matter who will be happy to discuss this with you. If you are still dissatisfied, you may contact us directly using the Contact Us form.
Please note that the procedure for complaints regarding FCA-regulated and unregulated products and services differ, and we will advise you accordingly following your complaint. We do not charge for the handling of any complaints and your concerns will be dealt with in confidence.
In the event that a customer wishes to make a complaint, this can be made verbally, by telephone or in person, or via a written communication delivered in person, via post, e-mail or fax. In the first instance, the complaint should be handled by the account manager responsible for the account, in consultation with the Compliance Officer, and resolution of the complaint sought. If the complaint is capable of being resolved the same business day as it is received, any agreed course of action should be taken and a file note made and inserted on the customer’s file, together with any copy correspondence.
Primus Capital must disclose information to its clients regarding access the Financial Ombudsmen Service (FOS) where applicable in the case of eligible complainants.
In the event that a complaint is not capable of resolution the same business day as it is received, a brief written explanation of the substance of the complaint should be provided by the account manager responsible. An entry should be made in the Complaints Register and the date of receipt recorded.
If the complaint has not been resolved by the close of business on the second day, the account manager is responsible for ensuring that a copy of these internal procedures are sent to the customer and receipt of the complaint acknowledged in writing within 5 business days. The name and job title of the person handling the complaint must be advised to the customer.
In order to ensure that complaints are fairly, consistently and promptly dealt with, the Compliance Officer must be consulted, and any proposed course of action or correspondence signed off by him. The Compliance Officer will be responsible for ensuring that any complaint is properly investigated and that the required timetable set by the FCA rules is adhered to.
Where a complaint has been resolved, a final response should be issued to the customer, unless it was resolved by the close of business on the business day following receipt. A final response accepts the complaint and offers redress; or offers redress without accepting; or rejects the complaint giving reasons for doing so — and informs the customer that, if they remain dissatisfied, they may refer the complaint to the Financial Ombudsman Service (FOS) within 6 months.
Within 4 weeks of receiving a complaint, unless the customer has already accepted a response, a holding response must be sent explaining why the company is not yet in a position to resolve the complaint. Within 8 weeks a final response must be issued, or an explanation of why one cannot be provided along with information on FOS referral rights.
A record of the complaint must be retained for 3 years from the date of receipt. A report must be made to the FCA twice a year, as at 31 March and 30 September via the FCA’s Firms on Line electronic reporting system. The Complaints Log must be updated. A complaint will be deemed closed where the company has sent a final response or where the customer has indicated in writing acceptance of the company’s earlier response.
All investment employees are required to sign a copy of these internal complaints procedures to confirm that they have received, read and agree to be bound by the requirements placed upon them by these procedures as part of their contract of employment.
It is in our own interests to treat customers fairly — not only to meet regulatory requirements and guard against mis-selling, but also as a central feature in maintaining our customer centred approach. The aim of the FCA’s Treating Customers Fairly (TCF) initiative is to ensure that firms meet the requirements of Principle 6 to “pay due regard to the interests of its customers and treat them fairly”.
Poor customer understanding of financial services means that competitive forces alone will not ensure fair treatment or adequate customer protection. TCF does not seek to create new rules or obligations. It is, quite simply, a process which will enable Primus to keep the customer central to everything we do.
The FCA identified a product life-cycle as a simple framework for structuring thinking about TCF. It means considering TCF in respect of a firm’s activities in:
- Product design
- Marketing, including the production of promotional material and disclosures
- The sales process and information provided to customers
- The way that employees are remunerated
- Information and customer support after the point of sale
- Complaint handling
- Management information
We do not deal with Retail clients. As such, our TCF processes will be proportionate to our client base. In formulating our strategy, we took account of our current and planned activities, products and services, customer base and strategy.
Good complaint-handling does not mean always finding in favour of the customer. It is about treating customers’ complaints fairly and efficiently and learning whatever lessons there are to be learned. It is important for Management to understand what TCF means in practice for Primus, and to demonstrate that they are monitoring its impact on the business.
During any marketing or sales activity, financial promotions of any sort will be clear, fair and not misleading. It is important that we maintain adequate records of customer profiles and instructions, and on each stage of the sales process. We will review all aspects of our business and organisational structures to identify risks that might have an impact on our ability to treat customers fairly.
Primus Capital is committed to treating clients fairly and in particular we work hard to ensure that Vulnerable Persons are identified and treated accordingly.
The aim of this policy is to outline the practice and procedures for PCL staff to contribute to the prevention of detriment to clients who find themselves in vulnerable circumstances. The policy covers all staff within the firm and in particular those operating in areas that deal directly with customers.
The FCA defines a vulnerable consumer as “someone who, due to their personal circumstances, is especially susceptible to detriment, particularly when a firm is not acting with appropriate levels of care.” Vulnerability occurs in a variety of forms — permanent, temporary, or sporadic. Clients who might be considered in vulnerable circumstances include:
- Clients with mental capacity deficiencies, including mental illness and dementia
- Clients under stress or subject to financial shock, such as employment concerns, bereavement, or relationship difficulties
- Clients with a physical impairment
- Clients with severe and long-term illness
- Clients who are financially unsophisticated or inexperienced
- Clients with low income or already in financial distress
- Those acting as carers or operating a power of attorney
- Those without access to the internet or digital media
- Those with poor language skills
Vulnerability is broad and may occur at any time. We only deal with customers in vulnerable circumstances where we are aware of their needs. Mental capacity deficiencies may be identifiable through conversation or interview. Physical impairment, financial distress and inexperience may similarly be identified through interview and credit profile.
Primus does not discriminate against clients in vulnerable circumstances by way of adjustment to fees or any refusal to assist purely on the grounds of the client’s circumstance. We will review our practices periodically for consistency and to determine adherence to the stated policy.
Responsibilities of Primus: To abide by the FCA’s principles and rules in this area. To ensure staff are aware of this policy and are adequately trained to identify and deal with clients who are or may appear “vulnerable”. To provide means of reporting any instance where a client might be in vulnerable circumstances.
Responsibilities of our staff: To be familiar with this policy and procedures, and be able to recognise where additional support may be required. To take appropriate action in line with the policies of Primus. To complete the mandatory CISI training on vulnerable clients.