The Prism Culture
The culture of our business is driven by our shared values, our fundamental beliefs and our moral standards, all of which influence our day-to-day behaviours.
Independent Financial Advisers ● Established 2005 ● Nationwide Service
When it comes to providing financial advice, our aim is to be the adviser of choice, by providing tailored solutions that consistently meet the needs and objectives of those consumers who would engage our services.
We will continually work to build relationships with clients so that they enjoy financial peace of mind knowing that their future financial wellbeing is in good hands.
We never forget that clients place their trust in us to look after their finances and we fully understand that it is their money that we are entrusted with, so we will never take that trust for granted and we will always work to repay it.
As a business that want to make a positive difference in people's lives, we strive every day to enhance who we are, what we do, how we do what we do.
Prism Financial Advice Limited was voted as one of the top 100 financial advice firms in the UK for 2021 and 2022, in independent surveys carried out by the Financial Times.
Consumer Duty - Putting Clients Front & Centre
The 31st July 2023 saw the long awaited introduction of 'Consumer Duty', an initiative spearheaded by the Financial Conduct Authority (FCA) to improve and enhance the standards of consumer protection across UK financial services industry.
The final rules and guidance for 'Consumer Duty' comprises of three distinct elements:
Consumer Principles
A firm must act to deliver good customer outcomes for retail customers. This means customers get products that are designed to meet their needs, represent value for money, and that they have the information and support they need to be able to make informed decisions that are in their financial interests.
Cross Cutting Rules
A firm must act in good faith at all times, work to avoid foreseeable harm to retail customers and enable those retail customers to pursue their financial objectives.
Client Outcomes
A firm must consider and satisfy four main pillars that underpin the values of 'Consumer Duty' all of which are aimed at delivering good outcomes for retail customers.
Product & Services - Ensure the products and services offered to consumers are fit for purpose and appropriate for the those who would engage/use them.
Price & Value - Ensure the prices paid for the products and/or services represents the true costs of manufacture and delivery and they offer fair value for the consumers. It must also clearly evidence the products and services being paid for, are actually being delivered.
Consumer Understanding - Ensure details of the products and/or services being offered are clear, fair and not misleading and that they are presented and delivered in a way that the customer can understand and evaluate prior to committing to a course of action.
Consumer Support - Ensure that customers receive the support and guidance they need when they need it and that it is the right support for their circumstances.
In introducing 'Consumer Duty', the FCA are making a clear statement of intent, namely, that financial institutions must put customers front and centre of product and service delivery. They must do the right things, morally, socially, ethically and professionally so that customers confidence and financial wellbeing is improved and maintained.
We fully understand and accept that consumers prefer to deal with people they like, but we also know that they will only want to do business with people they trust.
"I will no longer listen to what people say, I will just watch what they do as behaviour never lies"
Winston Churchill UK Statesman
Risk Warning: The value of your investments and any income you take from them can go down as well as up, and you may get back less than you invested. You should also note that past performance is not a reliable guide for future performance.