Consumer Duty and Client Protection

Raymond James’ approach to the Consumer Duty

The Consumer Duty, a regulatory framework introduced by the Financial Conduct Authority (FCA) on 31 July 2023, imposes higher standards of consumer protection on firms and introduces a new Consumer Principle that provides a high-level expectation of conduct and associated outcomes, plus three cross-cutting rules that set the overarching conduct which firms must demonstrate when they act to deliver good outcomes for retail customers:

  • Act in good faith
  • Avoid causing foreseeable harm to retail customers
  • Enable and support retail customers to pursue their financial objectives

The framework also provides four specific outcomes, which are a suite of rules and guidance setting more detailed expectations for a firm’s conduct relating to:

  • Products and services
  • Consumer understanding
  • Price and value
  • Consumer support

We believe our Client First culture, and our focus on supporting clients, aligns well with the Consumer Duty and we believe the regulation has been an excellent opportunity for us to ensure that:

  • We proactively seek to deliver good outcomes and put consumers’ interests at the heart of our activities;
  • We focus on the outcomes that consumers receive, whilst enabling them to pursue their financial objectives;
  • Clients have sufficient understanding of how our services function;
  • Where we identify that good outcomes are not being achieved, we address it comprehensively and promptly; and
  • We consistently challenge ourselves to ensure our actions are compatible with consumers’ interests and financial objectives.

To learn more, visit the Raymond James website.

Security of assets and client protection

This means:

  • Your cash is held in the Pershing Cash Account
  • Pershing holds your cash balances as Client Money, which means that money in your Cash Account is held by Pershing acting as trustee.
  • It is segregated from Pershing’s own corporate assets and held in  designated trust accounts at one or more banks.
  • Should any of the banks that Pershing uses fail, investor protection provided by the FSCS applies. The limit is currently £85,000 per eligible claimant per FCA authorised financial institution.

Client Access

Raymond James Client Access enables you to view your holdings, valued at the previous business day’s closing price, detailed at the account level as well as with a consolidated total where you have multiple accounts.

Client Access provides you with the most up-to-date information on your Raymond James accounts in an easy-to-use format at your convenience – 24 hours a day, 7 days a week – via computer, smart phone or tablet.

If you would like to start the conversation about how we can help you,
please get in touch