Treating Customers Fairly

When PIC commits to insuring a pension scheme, it agrees to provide levels of financial security over and above those required by the FSA. This commitment crucially extends to ensuring that our policyholders receive the highest levels of administrative support and customer service available.

The quality of service PIC provides to transitioning pension fund members and our policyholders is a key focus for the PIC management team and is formally reported at every PIC Board and Audit Committee meeting.

We have developed a highly effective communication strategy for members, spanning the entire transition period from contract signing, through the wind-up process and into annuity administration.

As the basis for the high quality of our customer service, we follow the relevant aspects of the FSA's six guiding principles on how to engage with our policyholders. These are known as the 'Treating Customers Fairly' principles and govern how we communicate with customers, the level of service we provide and the fairness of our products and procedures.

For example PIC:

Receives monthly service reports from its administrator, Xafinity Paymaster, and carries out independent file and call monitoringConstantly monitors our systems to ensure the right pensions are paid to the right people at the right timeHas in place a transparent and accountable process to evaluate performance and make improvements where required

These ensure that PIC is delivering a superior level of customer service to its policyholders.

You can find the FSA's TCF Guiding Principles on the FSA website, however they are summarised here:

Outcome 1

Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture

Outcome 2

Products and services marketed and sold in the retail market are designed to meet

the needs of identified consumer groups and are targeted accordingly

Outcome 3

Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale

Outcome 4

Where consumers receive advice, the advice is suitable and takes account of their circumstances

Outcome 5

Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect

Outcome 6

Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint