Transparent information about products and services

The Bank’s entire sales personnel is trained to have knowledge about the products we are offering and to develop skills needed to match an offer to every client’s needs. We are making efforts to ensure that the products or services are presented after an in-depth needs analysis and they meet the expectations of our clients, while being fully comprehensible and transparent for them. In the process of opening the account and initiating the relationship with the client, our employees use advanced guidance materials that are prepared in an attractive format, are highly transparent and feature clear and comprehensible language. These materials have been developed on the basis of in-depth analyses and interviews with customers  and are used to correctly and optimally diagnose customer needs and adapt the sales pitch accordingly.

Additionally, the Your Needs section is available on the Bank’s website.  It contains detailed information about the offering and the dedicated services recommended by the Bank depending on the customer’s particular needs.

The Bank has prepared sales publications about its investment products in accordance with the laws and regulations applicable to this area, including the Canon of Best Financial Market Practices and the guidelines laid down by the Financial Supervision Commission. The sales publications are also opined by the Legal Department and the Compliance Department as the units responsible for ensuring compliance with the law and with the guidelines of supervisory authorities.

Additionally, before purchasing an investment product, a client fills out the Suitability Assessment Test to, among others:

• Examine the type of services and products familiar to the client;
• Evaluate the character, size and frequency of transactions.

Based on the responses provided, the client receives the Suitability Assessment Result with information about suitability and unsuitability of individual products. The client is also informed that in the case of an unsuitable result, the investment risk may be too high for the client’s declared knowledge and experience.

Provision of adequate information to clients: The Bank complies with the requirements of the Markets in Financial Instruments Directive (MiFID), which obligates the Bank to convey information to clients aligned to their knowledge and experience in investing in financial instruments and products. The Bank is also obligated to provide reliable and not misleading information about products and risks associated with investments in those products and to apply the policy of acting to the best interest of its clients and the policy to prevent the conflict of interest.

In addition to the products, which were covered by MiFID by the power of law, the Bank also included insurance investment products and investment (structured) deposits to provide clients with increased protection when investing in such products.

Relationship manager training: Before a relationship manager begins offering an investment product, he/she must undergo a mandatory product training in the e-learning form. The product training describes detailed characteristics of the product and clearly points to the risks associated with investments in the product or financial instrument.

If the law or internal regulations governing any investment product change, an e-learning refresher training is made available to the relationship managers. As a result, the employees have adequate and current knowledge of the investment products offered. Additionally, relationship managers take advantage of regular market and product conference calls. The Bank’s employees also have permanent access to up-to-date current product presentations.

Transparent information about the offering: All the marketing publications prepared by the Bank describe, among others, the risks associated with investments and sample scenarios related to the financial instrument or product. Clients are also presented with complete and reliable information on the Bank’s products and products distributed by the Bank, including their issuers and the terms of the complaint process. Information on services, bank agreements and documents, letters sent to clients are drafted in a precise, comprehensible and transparent manner.