We wanted to let you know about some regulatory changes that are coming into force this year and which will impact the financial industry. Below is a brief overview of what to expect and the steps we are taking to integrate them into our existing business practices.

NEW LEGISLATION

General Data Protection Regulation (GDPR)

GDPR comes into force in May 2018 and it changes the way everyone’s personal data will be collected, processed and stored in the future. One of the implications to you, is that it requires us to get positive confirmation from yourselves, in order for us to continue communicating with you through our newsletters and updates. We will be sending an e-mail to you shortly which will give more information about how Carrington deals with your personal information and details of how to confirm you’re happy to receive emails from us going forward. If you have any questions around this, please do let us know.

MiFID II

At the start of this year MiFID II came into effect. The directive has been implemented to bring more transparency to the financial industry. Although we already had a lot of the policies in place, there were some new processes which needed to be implemented and amendments applied. This has involved a great deal of behind the scenes compliance and reporting work, process and policy updates, additional product governance and changes to how we will need to report back to you in the future. The extra internal reporting may necessitate some additional information from yourselves, so don’t be surprised if we need to ask more questions than normal. The changes that will affect you directly are:

  • you will receive an updated copy of our service agreement (TOB);
  • we will be updating your service and payment (S&P) agreements throughout the course of the year; and
  • you will be receiving additional cost reporting from ourselves and your platform providers on an annual basis.

Moving forward, however, we are convinced this extra administration will be in your best interests, providing clarity and transparency to the planning and investment process.

OUR COMMITMENT TO YOU

It has always been part of our vision to create a forward-thinking wealth management company that provided a personal service to clients, where you are treated as an individual and not just a number. Over the last few years many organisations have resorted to call centres and automated service levels, removing the personal touch. This is not our style and we believe that we have stayed true to this vision and we will continue to provide services to clients based on this ethos. 

We also continue to invest heavily in people and their development, as well as first class systems to stay at the top of our industry. Our highly qualified staff are available for you to speak to during office hours, we prioritise meeting face to face, and we are continually investing back into the business to improve the services we provide to you.

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