Phillip: Many retailers have changed channels and their wider proposition, what's important to us about that is understanding risk, and the oversight of that risk. PPL need to understand the impact of our clients' planned changes.
Tim: Yeah, let me give you three examples of that:
- senior management regime or SMCR
- buy now pay later, and that's changed rapidly and will continue to change with the implications of the Woolard review
- and commission disclosure
So, what our clients understand is what's right today isn't necessarily right tomorrow. but here at PPL we're keen to offer a solution that works.
Phillip: we've adapted our approach and continue to adapt our approach, we've looked at our proposition and how we deliver our service.
So let me give you some example:we've got our PPL platform which our clients have got access to, that has a number of services from training, and a document library, policies, procedures and such like.
But what's important to us again, is that face to face account management and support functions, so we've got a legal team, we've got account managers, we have compliance people and they interact with clients at different points in time throughout the year, for example when we do an audit, they'll meet a real human being that carries our that audit and explains some of the implications.
So in summary, awareness of risk within our client's needs and the changing face of compliance means we constantly need to adapt our approach and re-look at that proposition.