Client funds received by Saxo Capital Markets (including cash balances, unrealised profits and funds used as margin collateral) are held and protected in accordance with the Financial Institutions (Protection of Funds) Act, No 28 of 2001 and are held in a secured segregated bank account and cannot be used by Saxo Capital Markets in the course of its day to day business operations.
Saxo Capital Markets undertakes initial and periodic assessments in the course of its selection and appointment of credit institutions holding client funds.
Treating Customers Fairly
Firms such as Saxo Capital Markets SA (“SCMSA”) that are authorised and regulated by the FSB have to adhere to the key principle that requires firms to pay due regard to the interests of its customers and treat them fairly.
Treating customers fairly (TCF) is central to the delivery of the FSB’s regulatory agenda, which aims to ensure an efficient and effective market and thereby helping customers achieve a fair deal.
The specific aims of the TCF initiative are twofold:
- Make it easier for clients to understand the features, benefits, risks and costs of the products which SCMSA offer; and
- Reduce the offering of unsuitable products by adhering to best industry practice before, during and after the point of sale.
Fair treatment of customers is central to the behavior and values of the Senior Management and we communicate messages about the fair treatment of customers effectively, by ensuring that there are appropriate effective systems and controls which are monitored and assessed to ensure that the fair treatment of customers is delivered.
SCMSA has a clear vision and risk appetite which supports the fair treatment of customers. This is reflected within the formulation and implementation of our strategic decision making process.
Decision making at all levels reflects the fair treatment of customers. SCMSA uses staff, customer and other external feedback where appropriate, with timely action. The interests of customers are properly balanced against those of our shareholders.
CONTROLS SCMSA controls the management of information, which aims to ensure and demonstrate the fair treatment of customers. These controls are integral to the risk assessment framework.
The Senior Management of SCMSA ensures that positive behaviors and attitudes that encourage the fair treatment of customers is a key criterion in the selection of staff. Managers use TCF performance indicators in the development of its employees by, identifying and acting on poor performance and rewarding good performance.
SCMSA’s reward framework throughout the business is transparent and supports the fair treatment of customers. The FSB expects SCMSA to be able to demonstrate that we are consistently delivering fair outcomes to its customers and the FSB will measure our performance against the following six TCF Fairness
- Customers can be confident that they are dealing with firms where fair treatment of customers is central to the corporate culture;
- Customers are provided with clear information and are kept appropriately informed before, during and after the point of sale;
- Where customers receive advice, the advice is suitable and takes account of their circumstances;
- Customers are provided with products that perform as firms have led them to expect and the associated service is of an acceptable standard and as they have been led to expect;
- Customers do not face unreasonable post-sale barriers imposed by firms to change products, switch provider, submit a claim or make a complaint.
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