General Principles

Further to the Code of Conduct, and in line with the CBI’s Consumer Protection Code, PSC must ensure that in all its dealings with customers and within the context of its authorisation it:

• acts honestly, fairly and professionally in the best interests of its customers and the integrity of the market;

• acts with due skill, care and diligence in the best interests of its customers;

• does not recklessly, negligently or deliberately mislead a customer as to the real or perceived advantages or disadvantages of any product or service;

• has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are necessary for compliance with the Consumer Protection Code;

• seeks from its customers information relevant to the product or service requested;

• makes full disclosure of all relevant material information, including all charges, in a way that seeks to inform the customer;

• seeks to avoid conflicts of interest;

• corrects errors and handles complaints speedily, efficiently and fairly;

• does not exert undue pressure or undue influence on a customer;

• ensures that any outsourced activity complies with the requirements of the Consumer Protection Code;

• without prejudice to the pursuit of its legitimate commercial aims, does not,through its policies, procedures, or working practices, prevent access to basic financial services; and

• complies with the letter and spirit of the Consumer Protection Code.