Consumer Duty

 

The FCA's Consumer Duty represents what the regulator terms a “paradigm shift” in its expectations of firms. The Consumer Duty introduces a new Consumer Principle, which requires firms “to act to deliver good outcomes for retail customers”.

 

Scope

CRUX has conducted a full review to determine which products and services are within the scope of the Duty. This includes all products and services where CRUX are part of the distribution chain to UK retail customers, where we may determine or materially influence their outcome.

Funds which fall into the scope of the Duty are: 

  •      All sub-funds of the TM CRUX Funds ICVC
  •     All sub-funds of the TM OEIC
  •     All sub-funds of the CRUX Global Fund SICAV*

* The CRUX Global Fund SICAV is a Luxembourg-domiciled fund

 

 

Discuss the Duty

If you would like to discuss any part of the Duty, including data requirements or Due Diligence, please get in touch with us or email info@cruxam.com

 

 

Information for Distributors

We intend to provide distributors with information through the European MiFID II Template ('EMT'), enhanced with a new section for UK funds.

The EMT is available via numerous data providers from which you may already receive data feeds relating to other information on CRUX Funds. 

The EMT is also available via email. Please get in touch with cruxops@cruxam.com with your request. 

Please also find a copy of the latest Assessment of Value Report concerning the sub-funds of the TM OEIC and TM CRUX Funds ICVC on the Authorised Corporate Directors (ACD) website. https://www.tutman.co.uk/literature/  

As the CRUX Global Fund SICAV is a Luxembourg-domiciled fund, the management company in Luxembourg and the fund's board have the responsibility, as defined by the Commission de Surveillance du Secteur Financier  (CSSF), for the costs and charges incurred by the sub-funds. For this reason, a UK Assessment of Value Report is not published for these sub-funds. 

CRUX will provide all other required information regarding CRUX funds, our product approval and the target market process on request. Please email all requests to info@cruxam.com  

 

 

Information requested by CRUX

The FCA expects information to be shared across the manufacturing and distribution chain to allow firms to comply with the Duty. As CRUX is defined as manufacturers, we are required to monitor that our funds are delivering good consumer outcomes.

CRUX will rely on the following information from distributors to assess and provide evidence that our funds are delivering good consumer outcomes or not:

  • Data regarding sales within the defined target market.
  • Information regarding sales within the defined distribution strategy.
  • Detail of actions taken relating to sales outside of the target market
  • Data on vulnerable customers and fund-related complaints.