Transparent about investor protection
At Callisto we aim to build long-term relationships with our clients that are built to last. We have never had a complaint and do not lose clients, but if a disagreement did occur in the future, we are happy to be open and transparent about our complaints handling process, your rights as a consumer and further protection should institutions fail.
If a client complains we have a duty to investigate their concerns and our compliance officer will look into their complaint on an impartial basis, and within a set time frame. If we cannot settle a disagreement with a client, they will be made aware at the end of our internal complaints handling process that they can then contact various public bodies to look into their concerns. Below we lay out the various measures and bodies that will put our prospective clients’ minds at rest, so that they may invest with confidence.
Settling disputes between clients and companies
The Financial Ombudsman Service (FOS) is an independent official body, established by Parliament, for settling disputes between UK-based financial companies and their clients, should this not conclude with a satisfactory outcome. Regulations state these companies must ‘treat customers fairly’. If they don’t, the FOS is there to provide a free way to seek a fair outcome.
Professional indemnity insurance
Why is it needed?
Professional indemnity insurance (PII) is liability insurance that covers firms when a third party, like a client claims to have suffered a loss, usually due to professional negligence.
Safety of your money is paramount
Clients investing in an Open-Ended Investment Company (OEIC) or a unit trust are protected by a trust structure. Funds are held in the client’s name and protected by a custodian. The custodian holds our client’s securities for safekeeping and is responsible for the safety our client’s funds.
Online access is important, but so is security
At Callisto we invest a lot of our client’s assets onto online platforms that allow them to see their portfolio and any transactions that have been carried out, whenever they want to. The platform is the custodian of the client’s assets and it is important for our clients to understand that protections are in place, should the platform experience any future difficulties.
The Financial Services Compensation Scheme
Why is it important? How it works.
The Financial Services Compensation Scheme is the UK’s statutory fund of last resort for clients of financial services firms. This means the FSCS can pay compensation to consumers if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body set up under the Financial Services and Markets Act 2000 (FSMA).
Financial Planners’ Group
The Power of More
Prospective clients often ask what would happen to them and ongoing advice and service if their adviser at Callisto suffered a serious illness, or something worse. Callisto has been a member of the Financial Planners Group since its inception in 2015. The Financial Planners Group are a group of like-minded financial planning businesses, committed to applying the best financial thinking for the benefit of our clients. At the heart of the way we all operate is a fundamental belief in the power of financial planning and its ability to transform people’s lives. We have locum arrangements in place to ensure that our clients have access to good advice should something happen.
The Callisto App
How secure is it?
We understand that we are dealing with sensitive financial information and that’s why we take data protection and security so seriously. The Callisto app uses the same level of data encryption and security as banks to ensure that your data is protected at all times. We don’t store any of your bank or credit card account usernames or passwords. In fact, you simply see a view of your banking or credit card accounts so no transactions take place through the Callisto app; all that is still safely handled by your bank or credit card supplier. Using the Callisto app is as safe as using your online banking service.
The details on this page cover the basics of the protection in place should you wish to invest. For prospective clients who want to know more please click here.