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JAMBOHUT - Treating Our Customers Fairly

Introduction
In a competitive market, treating customers fairly (TCF), and building a company reputation for that will help to build and maintain Jambohut`s market share. It will help improve customer loyalty, trust and confidence. But treating customers fairly is not about keeping on good terms with a customer, but rather a philosophy about how the business should be conducted. Being ‘fair’ to customers not only fits with the ‘Jambohut culture` it is paramount to our brand and ethnic values.

The requirement for modern day businesses to treat their customer’s fairly is set out in a set of principles, the first being Principle (6); i.e. that a firm must pay due regard to the interests of its customers and treat them fairly. In addition, a number of other principles apply to how a firm deals with their customers:

Principle 1: A firm must conduct its business with integrity.
Principle 7: A firm must pay due regard to the information needs of its clients, and communicate information to them in way that is clear, fair and not misleading.
Principle 8: A firm must manage conflicts of interests fairly, both between itself and its customers and between a customer and another client.

Firms that choose to embed the principles of fairness into their strategy and culture, and can show that this has led to fair treatment of its customers, will benefit from less intrusive scrutiny from any regulatory or legal bodies.

The requirement to treat customers fairly applies not just at outset, but throughout the lifecycle of the sales agreements with customers and providers.

Policy
Treating customers fairly does not mean that the customer is always right, nor does it mean that customers will be provided with a silver service. Jambohut takes pride in providing quality products and service to all customers, and each member of staff should seek to achieve this objective.

The following specific standards will be adopted:

TCF Culture
All Jambohut staff will be briefed on the importance of TCF
Any review of Jambobut`s culture, brand and ethnic values will include consideration of TCF
All roles and responsibilities will include the TCF principle and values.

Product Development & Distribution
Jambohut will help develop its Kenyan product range and market products, based on a clear understanding of the likely needs and financial capability of each of its customer market.
Jambohut will monitor and respond appropriately to changes in the wider environment that may affect its products and impact on particular classes of new or existing customers.
The Founder is responsible for certifying that product offerings meet Fair Trade requirements.

Remuneration
Jambohut will not put in place remuneration structures that could encourage commission bias.
An assessment of the risks that remuneration (both internally and externally) might encourage product bias will be carried out for each sales strategy.

Servicing and Administration
All staff will be competent (or supervised by a competent person) to fulfil their role.
Jambohut will honour representations, assurances and promises that lead to legitimate customer expectations.

Communications
Jambohut will provide clear, fair and not misleading communications at all times.
Just Retirement will be clear to customers about what our products and services are available.
Communications will be in plain English, and must not use jargon.
Charges and associated commission structures will be transparent.

Complaints
Any complaints will be handled in a timely manner, and will be thoroughly and impartially investigated, and responded to.
A review will be undertaken to identify the underlying cause of a complaint and action taken to eliminate the root cause.

Management Information
Jambohut will put in place appropriate management information in order to monitor its TCF performance.

The Policy in Practice
Every member of Jambohut staff are responsible for treating our customers fairly.
Specific responsibilities are laid out below:

Jambohut Founder & Directors are responsible for the following areas:
Define what treating customers fairly means at Jambohut, taking account of:
  - Business profile and
  - Customer structure
Embedding the treating customers fairly policy into both strategy and culture
Regularly review progress against policy, and addressing any shortfalls
Ensure that any delegated responsibilities are clearly defined
Embedding the treating customers fairly policy, both procedurally and culturally
Ensuring that the day to day operational decisions made that impact on customers are fair, and in line with this policy

All staff are responsible for:
Understanding what treating customers fairly means in relation to the role that they perform.
Seeking clarification from the Founder in case of query or doubt.
Adhering to this policy.
Challenging others who do not act in accordance with this policy.