The challenge in complying with principles-based regulation in general and ‘Treating Customers Fairly’ in particular is they depend on one’s point of view.
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We all have principles. These are the codes by which we lead our lives, and are built on our values and beliefs, developed by upbringing and experiences. When someone says: ‘That person has no principles,’ what they mean is: ‘That person is not showing the same principles as me.’
In our early years we accept the voice of authority and are confused if there is no such voice. As we get older, we select values and beliefs that fit our personality and self-image. We determine what we do not want to be as much as what we do want to be. It would take something drastic to change our values.
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We make judgements about people, events and ideas based on these beliefs. In the short term, of course, our behaviour is determined by attitude and both can be changed quickly.
We all have a view of what is meant by ‘fairly’. Fairness is not a fact, it is an opinion. The only true judge in the advice process is the client and each client is different. Before any action is taken on behalf of clients, their values and beliefs must be taken into account. While the client might not have any experience of the subject, they will have a view about what they want to achieve. The skills of brokers include the ability to set aside their own beliefs and listen to the clients.mi
Adrian Lewis ishead of marketing Burns-Anderson plc
