Consumer Duty

The FCA has certain expectations from companies like Organon and firms across financial services and has established rules and principles that we must all adhere to ensure that firms act in the best interests of their customers.

This move was welcomed by the team at Organon as we have always felt that consumer duty was part of the DNA of our company and something that has always been a key selling point to our customer base.

At the core of the FCA’s expectations are four consumer duty outcomes and below, we outline how we embrace them.

1. Products and services
   • The Organon SIPP is designed to meet the needs of the following target market:
   • Retail investors with substantial funds (£200k +) who wish to invest in a wide range of assets using the services of an Independent Financial Advisor (“IFA”)
   • Clients with substantial funs (£200k +) who don’t have an IFA but who have appointed a regulated Discretionary Investment Manager to manage their investments
   • Non-advised clients with substantial funds (£200k +) who are experienced investors who want to manage their own investments with access to a wider range of options than might be available through more restricted personal pension arrangements
   • Advised clients who wish to directly hold commercial property via their SIPP or where they are experienced investors, non-advised clients who wish to directly own commercial property
   • Regarding the above, we track the type of new business we are receiving and quickly identify any trends in the business
   • Organon have never had any real appetite for high-risk investments and are exceptionally careful when considering any investment requests and carry out ongoing due diligence on products held within client portfolios.
2. Price and value
   • Fair value has always been a cornerstone of Organon’s ethos. Our fee structure is uncomplicated and easy to follow without excessive or unnecessary transactional costs
   • We have always been keenly aware that the cost of our SIPP product mustn’t eat into the performance of a client’s investments and strive to ensure value for money is paramount and a key part of our service.
   • Organon keeps a watching brief on the charges of our peers in the SIPP market and benchmarks competitor costs against our own to ensure we maintain what we feel is fair value and attractive to the target market.
3. Consumer understanding
   • All our communications, in whatever format, are set out to make sure they are accessible and easy to understand. Annual statements are sent out in a timely fashion to enable to have as much up-to-date information about the value of their pension as possible.
   • From application through to taking benefits, Organon monitor all feedback on product understanding with the aim of learning from and improving client expectations.
   • Every aspect of our charges and their advisers are set out clearly so there can be no misunderstanding of how much it costs to hold and manage a SIPP with Organon.
4. Consumer support
   • There are no waiting times, impersonal SLAs or chatbots – clients and their advisors can easily speak to a member of the team or administrator managing their pension.
   • We understand the need for taking benefits has to be efficient and timely and are able to cope with the last-minute requests that are sometimes necessary to meet unexpected expenses.
   • Should a client have a query or complaint, this is dealt with professionally and in a timely manner – all customers are of equal importance and their opinions always welcomed.