This seems to be the new buzz word in financial services when applied to investment and pension propositions. However I am very uncomfortable indeed with this concept.
I wasn’t aware that treating customers fairly was now consigned to the rubbish bin. How is it then that if a client has say, for example, £98,000 to invest, he gets a lesser service than somebody who has £101,000 to invest, or indeed any other demarcation you may wish to consider. I well understand the commercial impetus and that firms wish to be more efficient, but if a client is worth having I would maintain he is worth treating properly. ]
If you don’t want a client or feel that they are not worthy of your best efforts then don’t take them on. I would have thought that is fairly simple. Somebody that has £50,000 values their money just as much as somebody who has £500,000. To each individual their money is of equal importance, so why should we treat them any differently?
No doubt there will be many who will undergo logical, and dare I even say it, ethical gyrations to justify providing some clients with a more offhand service than others, but I for one cannot see how it is justified and wonder quite why the regulator is prepared to stand by and let this happen.