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Treating Customers Fairly

The directors and senior management of NFB Finance Brokers Gauteng (Pty) Ltd are committed to ensuring that the Financial Services Board’s (FSB) principle of treating customers fairly (TCF) is applied to all areas of our day-to-day business activities.

In adopting TCF principles, we aim to:

  • Protect the interests of our clients at each stage of the product decision life cycle.
  • Meet as best we can, the unique needs of each client by offering a transparent, efficient and professional service and constantly reviewing our service to identify areas of improvement.

NFB’s commitment to TCF:

Outcome 1 of TCF: Customers can be confident that they are dealing with firms where TCF is central to the corporate culture.

At NFB, all stakeholders in our business have a fundamental interest in best practice for our clients. Our processes and systems are designed around our clients’ best interests. The NFB board drives our TCF objectives and communicates these to management and staff. TCF is a standing item on staff meeting agendas.

Outcome 2 of TCF: Products and services marketed and sold in the retail space must be designed to meet the needs of identified customer groups and must be targeted accordingly.

NFB, through its product committee and close association with its asset management arm, provide a suite of products designed to meet client needs in a simple and efficient manner. This practice is complemented by an in-depth client needs analysis process.

Outcome 3 of TCF: Customers must be provided with clear information and kept appropriately informed before, during and after point of sale.

NFB provides its clients with comprehensive product information, including a detailed proposal that incorporates product descriptions, risks, costs and rationale, in a clear and transparent manner with the aim of ensuring that clients can make informed decisions. Our clients receive regular portfolio updates from both NFB and additionally, in some instances, from the relevant institutions.

Outcome 4 of TCF: Where advice is given, it must be suitable and take account of a customer’s circumstances.

All private wealth managers are appropriately qualified and have an adequate knowledge and understanding of the products offered. NFB Private Wealth managers attend regular internal and external training sessions to keep up-to-date with product, legislative and industry knowledge. NFB ensures that the advice given by its private wealth managers is in the best interest of the client for their particular circumstances.

Outcome 5 of TCF: Products should perform as firms have led customers to expect, and service is of an acceptable standard, and as per customers have been led to expect.

NFB’s philosophy places clients at the forefront of everything we do with a view to establishing long term, mutually rewarding relationships. NFB endeavours to provide clients with advice, service and product that is in line with their expectations. We stand by our values, not by the small print.

Outcome 6 of TCF: Customers do not face unreasonable post-sale barriers imposed by firms to change product, switch providers, submit a claim or make a complaint.

NFB is confident in the quality of its advice and in the investment products it recommends. We do not rely on product restrictions as a mechanism to retain clients. Products recommended are typically flexible and can be adapted in line with client or market circumstances.