Treating Partners Fairly – KPIs, Targets and Results

The FCA Treating Customers Fairly process:

The Financial Conduct Authority (FCA) requires its regulated firms to be able to demonstrate that they are consistently delivering fair outcomes to consumers and that senior management are taking responsibility for ensuring that the firm and staff at all levels deliver the consumer outcomes relevant to their business through establishing an appropriate culture.

The FCA expects regulated firms to:

  • demonstrate that senior management have instilled a culture within the firm whereby they understand what the fair treatment of customers means; where they expect their staff to achieve this at all times; and where firms promptly identify errors, put things right and learn from them;
  • be appropriately and accurately measuring performance against all customer fairness issues materially relevant to their business, and be acting on the results;
  • be demonstrating through those measures that they are delivering fair outcomes; and
    have no serious failings – whether seen through management information (MI) or known to us directly – including in areas of particular regulatory interest we have previously publicised.

Go to where more information from the FCA is available.

About Joint Equity Treating Partners Fairly:

Treating Partners Fairly (TPF) is our response to the FCA requirement for ‘Treating Customers Fairly’.

At Joint Equity our Resident Partners and Non Resident Partners really are partners, not customers, and that is why we have adopted this terminology.

Joint Equity Ltd is not regulated by the FCA, so we are not obliged to act in accordance with their guidance, but we feel that Treating Customers Fairly is an extremely important principle, so we aim to exceed the FCA requirements with our TPF process. In fact Treating Partners Fairly is key to the way we work and it makes sense for good management of our business that we measure our performance in areas that you are Partners are most interested in – how well we do at paying you your money and answering your questions.

Our 3 Treating Partners Fairly Key Performance Indicators are:

  • Repayment of Deposits and Non Resident Partner Returns
  • Communications with our Partners
  • Non Compliance with the Treating Partners Fairly Policy or Charter

Partner payments and communication KPIs

  • Repayment of Resident Partner and Non Resident Partner deposits, by post or bank transfer. Target – 100% within 1 working day of request.
  • Payment of Non Resident Partner Payment Target – 100% within 1 working day of due date
  • Reply to all Partner questions. Target – 90% within 1 working day.

TPF Non-Compliance KPIs:

  • Number of Notices of Non-Compliance
  • Time to respond on Notice of Non-Compliance. Target – 100% within 1 working day.
  • Time required for CEO initial report on Non-Compliance with time bound action plan. Target – 100% within a further 2 working days (3 days from Notice).
  • Time required for the CEO to report on problem and action required to all staff. Target – 100% within a further 5 working days from resolving the problem (8 days from Notice)

Our Current Treating Partners Fairly performance:

These pages are updated with our Treating Partners Fairly (TPF) performance  in April, July, October and January each year for the previous 3 months. We think that it’s important for you to know how we’re doing on things including, responding to your enquiries quickly, returning Partners Commitment Deposits on time, and the information here will tell you how we’re doing.

These Key Performance Indicators, KPIs, are also very important to us and the same statistics are reported to our CEO on a monthly basis as part of the board meeting agenda.

The results are published here on a quarterly basis and if we change the presentation of the reports or change what we measure we will add the information on the page.

If you have any questions or comments about our TPF policy or charter, please email us. We’d be happy to hear from you.