Treating customers fairly
When PIC commits to insuring a pension scheme, it agrees to provide financial security for member benefits. However, this commitment also 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. In addition, we hold what we believe to be the industry’s only Policyholder Days, at which our policyholders have the opportunity to meet with and question senior management. This brings a high level of transparency and accountability about our business to policyholders.
In addition, 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.
For example, PIC:
- Receives monthly service reports from its administrators and carries out independent file and call monitoring
- Constantly monitors our systems to ensure the right pensions are paid to the right people at the right time
- Has 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.
As a part of this, PIC follows the relevant aspects of the FCA’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. You can find them on the FCA website but to summarise:
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 firm imposed post-sale barriers to change product, switch provider, submit a claim or make a complaint.