15 Manufacturer responsibilities Consumer understanding outcome • Communicate in a way that customers can understand • Where a discretionary manager sets up a relationship with an adviser firm on the ‘agent as client’ basis, there is no direct contractual arrangement between the discretionary manager and the underlying retail investor. Instead, the discretionary manager normally classifies the adviser firm as a professional client. However, the ‘target market’ for the discretionary manager’s proposition is retail investors. It’s therefore important that the discretionary manager’s communications, for which the target market is retail investors, are appropriate for that target market i.e. retail clients. Customer support outcome • Offer appropriate customer support standards
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