31st July is the date that additional regulation comes into force from the Financial Conduct Authority. Since the launch webinar two years ago, we have watched the progress of the new initiative closely, spending hours and hours assessing every facet of our business to ensure we do comply and more importantly, can evidence our compliance. Here’s what the FCA say:
We are introducing rules comprising
- A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers.
- Cross-cutting rules providing greater clarity on our expectations under the new Principle and helping firms interpret the four outcomes (see across).
- Rules relating to the four outcomes we want to see under the Consumer Duty. These represent key elements of the firm-consumer relationship which are instrumental in helping to drive good outcomes for customers.
These outcomes relate to:
- products and services
- price and value
- consumer understanding
- consumer support
Our rules require firms to consider the needs, characteristics and objectives of their customers – including those with characteristics of vulnerability – and how they behave, at every stage of the customer journey. As well as acting to deliver good customer outcomes, firms will need to understand and evidence whether those outcomes are being met.
I don’t particularly expect you to fully understand all of the above, after all the FCA are well known for their “corporate speak”. I just wanted you all to know the dull (but very essential Mr. FCA) world that our team lives in behind the scenes. I’m sure clients take for granted that they are dealing with an honest, reputable, caring firm when they entrust their life savings with us, but the way we conduct ourselves is far from the norm within the greater financial services community.
Expect blanket media coverage and a fancy advertising campaign paid for by yours truly and the rest of the UK regulated Financial Services firms.
Suffice to say – we comply. Every time the FCA commands that we jump, we simply ask – How high?
Back in 2006, exactly 17 years ago, the previous “principled based regulatory directive” appeared..It was christened “Treating Customers Fairly”. Much of today’s regulation follows on from that work, but adds more teeth.
Treating Customers Fairly – Towards Fair Outcomes For Consumers
- Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
- Outcome 2: Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
- Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
- Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
- Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is both of an acceptable standard and as they have been led to expect.
- Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
Being veterans of the profession, we obviously can see the new legislation is a progression from 2006. Unfortunately most of the individuals who created all of this new legislation weren’t around back then. Hence all of the necessary extra work on our behalf.
As you are probably aware, the banks and the larger financial advice firms (particularly the one with a St. in it’s name) have never truly adhered to these 2006 principles. I sincerely doubt it will make any of them change their direction today as evidenced by the major banks even refusing to give their customers reasonable levels of interest on their cash deposits.
Big Firms 1 – little individual consumers 0. They have never played a fair game, armed with huge budgets and legal teams prepared to fight for more profit and sod the principles.
Meanwhile from 2006 we continued to focus on the 6 principles of Treating Customers Fairly. We never really needed the regulator to suggest what we needed to do. 17 years later we have built a successful business that we can be proud of. A service regularly recommended to friends and family of existing clients who have become ambassadors for our small business. To be accurate, the previous 18 years in business were non too shabby either.
We have always believed every financial firms culture should be focused on great client outcomes.
Going forward we will obviously fully embrace the new principle by doing what comes naturally. However it’s no use just blowing our own trumpet, the FCA will assess us based on the evidence that we collect to show we are complying.
Evidence – We need help!
What we achieve for each client differs, every relationship is different as no two peoples lives, hopes, dreams, goals and fears are the same. Collecting evidence is not going to be a simple tick box exercise.
Could you help us to collect the evidence we may need to confirm that we are already complying with the new rules? I don’t believe in regular surveys and I won’t trouble you with them every time we meet. Please could you comment below, or by email with some feedback. And honestly – we want to know what we get wrong as well as what we get right. Two minutes from each reader of this blog will give me the initial evidence I need on file to keep the FCA happy. I can then concentrate my time in more productive areas like looking after 200 families and £90 million.
I don’t often ask, but please give me two minutes of your time.
Howard, I love the way that you look after my money but just wish you’d remember to turn the bathroom light off 😬 x
Howard
I trust and believe in everything you do
HJS is most definitely a firm which ensures it’s customers are treated individually; investments made and amended are those that suit our principles and lifestyle. Our investment has, and continues to be, responded to personally by all members of the team when we have any queries or actions required.
HJS is a `family firm’ that knows its clients well enough to take initiatives on their behalf and to advise based on a comprehensive knowledge of our situation as time passes and things change. I have recommended family and friends to HJS based on our high level of satisfaction with the service provided and our confidence in the actions taken on our behalf.
Howard, in all the years you have been investing our money for us,the only thing of any problem we have had was the time taken to move from nucleus to transact. Think a few opertunities were missed due to the transfer time. Apart from that everything seems to be working as good as it can .Regards Peter and Janet Root
I wish to commend the service provided recently by Howard and team. Our family have been “passive” investors for a decade but recently needed help when our daughter wanted help with her mortgage. The service provided was instant and exemplary. Thanks Howard and Melissa. Priya and NIrmal KUMAR
Thank you HJS for looking after our money all these years. We trust and believe in you.
HJ Scott is the most trustworthy financial service I have encountered, and I have encountered several. I am kept informed of market conditions and expectations on a regular basis. I have easy access to information and, of course, my money. I have, and will continue to, recommend HJ Scott to friends and family. If I had any enemies, I’d probably send them to NatWest. Seriously, HJ Scott was recommended to me and I’ve never regretted, for one minute, my decision to entrust my life savings to Howard and his team.
HJ Scott was recommended to me and I have complete confidence in the firm. I would certainly recommend them to friends and family. I find the firm extremely efficient and always ready to respond to my requests.
Thanks, Howard. Can’t say I’m a big supporter of the Financially Complicit Authority… However, I really appreciate the fact that you have looked after my money so well over the years. I know I can “leave it to you” to get good outcomes for me, without me having to worry about my money! Long may it continue! Thank you!
Howard & Lesley having been a client of yours for over 25 years, i have never had reason to doubt the level of service you have provided, our yearly meetings always put a spring in my step, we discuss the past, the present, the future, i really listen to the things you say, not only from a financial perspective but also from a living perspective, you have given me some wonderful advice, which i refer back to every now and again, when i feel i need to refocus. I know we are around the same age and that’s one of the things we would discuss all those years ago, i hope a feeling that what would happen to you would happen to me as we get older and we would be looking for the same outcomes across the board, you have certainly kept to your side of the agreement and i hope i have kept to mine, it’s a pleasure to be a client and friend of HJ Scott & Co, looking forward to it remaining that way for many years to come.
I was recommended to HJS and I have not regretted a thing. They look after everything for me and are always ready to help explain things. You are all doing an excellent job.
Thank you.
Ian Bennett
Howard was recommended to us when my husband took his retirement in 2010 and needed a financial planner to invest the lump sum. We went along to his office for the initial meeting, the rest is history!
Over the past few years we have had excellent service from the entire team that recognise our voices over the telephone when we call, our requests are dealt with efficiently. We especially value their unique approach of personal customer service. This is extremely important as they are managing our entire life savings and is the basis on which trust is built and fostered.
In the recent past we have had to request service whilst we were overseas, we connected with Howard by a video call for security purposes. A few years ago my email was hacked and the scammers tried their best to clean out our savings pretending to be me down to using my style of salutations, signatures and writing style. Thanks to Melissa’s alertness and insisting on following strict protocols, our savings were secure.
HJ Scott most definitely follow strict protocols whilst delivering excellent individual service, I would be really hard pressed to find anything that they could improve upon.
I am writing this on behalf of my husband as well as myself.
Hi Howard. I’m very happy with the service you provide! Apart from the initial hiccup of us spending too much money there has really been no reason to worry about money. The only thing of slight concern is now we are on the dark side of 70 how are we doing against our original budget? I have recommended HJS and Co to others. I sincerely will again.
Howard was recommended to me over 10 years ago by a close friend when I was frustrated by being ‘a little fish in a very large sea’ with a huge, corporate investment planning company and the impersonal service that brought, together with dealing with an ever-changing team of advisors.
What a refreshing change it’s been since I put my money – and my trust – with Howard.
Although recent years have proved a challenging time for investments, Howard has always explained his strategies clearly and informed me of changes or adjustments. The continuity of dealing with him and his team has been especially appreciated by myself – particularly in comparison to my previous experience, as explained above.
Dealing directly with the owner of the business is always beneficial but Howard’s personable, relaxed and reassuring nature, together with support and attention by his team has proved I made the right move.
We have been clients of H J Scott since 2009. We have always been kept updated of any changes to the financial conditions of the markets as and when it has happened.
Whenever we have emailed Howard with a query, it has always been dealt with promptly, within 24 hours and I must stress, with a fully detailed explanation.
The service is excellent from Howard and the team at H J Scott.
Hi Howard, it must be about 20 years ago that I got dismayed by the financial advice given to me by the representative of my reputable pension firm. So, I went for interviews with four supposedly independent financial advisers. Only you were truly independent, both by charging a fee and by going it alone, without the protection of an employer.
You skipped the smooth talk and explained with a slide demonstration the service you can provide. You answered my awkward questions with clarity and interest there and then, and by email. Over the years, my visits to the office were always useful and interesting. The friendly atmosphere between you and your team made them feel more like family visits.
Telling my son how I would recommend you, helped him to choose a financial adviser he was willing to trust. My thanks to you and your team.
Thank you Howard and all the team for looking after us so well over the years.
We could not trust any one else with our investments.
Thank you Diane & John McGarry
I feel that I was lucky to have been in the right place at the right time to get on board with Howard and his company. Dealing with one’s financial affairs can be extremely daunting and I find it very reassuring to have a personal relationship with those who are managing my money and appreciate the calm, informative and down-to-earth tone of Howard’s blogs and indeed all interactions with him and his team.
We have had the privilege of being clients of HJ Scott for over 20 years and have complete faith in the services and advice provided by Howard and his team who work to the highest professional standards.
Hi Howard
We have never been any doubt whatsoever that we have been treated fairly throughout the decades of our association and that integrity has been at the heart of everything that you do. As your company has grown and developed new products, you have always taken the time to explain the reasoning behind each evolution and why it was appropriate for our circumstances. We especially appreciated the complete lack of jargon and the way that you made the complex seem simple.
I guess that the most critical advice you gave concerned our retirement and pension planning. We will be forever in your debt for your guidance and, 10 years later, has proved to be 100% the right decision.
It goes without saying that your office team have always been very helpful and consummately professional. Please pass on our gratitude to Lesley, Melissa and Charlotte for all their help and diligence over the years.
Sincere Thanks
Ken & Geri
Once recommended Howard to at least 3 new investors. I don’t recommend.
I think that says everything.
Choosing and trusting Howard was easy once you met him and the team. His financial knowledge and ability to respond to questions relating to your own personal circumstances was very reassuring. That, coupled with a family recommendation, made our decision to trust HJ Scott with our life savings easy. Ten years on we know it was the right decision. The last few years have proved challenging but the regular personal reviews and blogs from Howard, crafted in a way to help us understand the issues and relate them to our own situation, have proved invaluable. Even when Howard’s frustration is jumping out at you from the content!! As happy clients we recommended Howard to our next generation who are now themselves, as investors, into year 5. Thank you Howard and the team for all your knowledge, efficiency and caring approach.
First and foremost Howard we know our money is in your safe hands and has been for 14 years. We would not want our money to be anywhere else.
You always define the risks clearly with tirelessly researched, individually balanced portfolios. The recent move to Transact was clearly a difficult task but resulted in significant improvement in our portfolio status with instant visibility and at very low management cost.
You and your team’s professional, open-book approach, instant availability and support is a rare asset which we very much appreciate. Most importantly our money is always quickly accessible when we need it.
Finally, we are honoured to be your ‘Goldilocks’ clients!
We shamefully carry on with our life leaving the responsibility of our life time savings in the hands of HJ Scott and the reason is we have great trust in the service they provide and confident they are working hard to provide us with good investment practices. The whole team mean a lot to us and though we do not have regular personal communication we know they are always there at the end of a phone to help. The information provided through blogs and the fact we can follow our personal investment portfolio on line is also highly valuable to us.
Hi Howard,
I am pretty sure we have been investing with you for over 20 years and have been through a roller coaster of business and family events. We find ourselves now at age 59 retired and living our best life in the West Country away from Bolton after the sale of our business. Through out this period you have provided clear investment advice every step of the way and always been there to answer and advise ,even on the simplest of questions.
Moving forward we both feel that a 12 monthly face to face meeting would be beneficial as I believe the last one we had was December 2021.
Beyond that keep up the good work.
After we retired, my wife and I were looking for someone to advise on and look after our pensions and savings. Out those firms and people we met, Howard and his team were certainly the most impressive. We felt he clearly understood our needs and our approach to investments. His explanation and illustration of how he considered each clients individual requirements were delivered in away that could be easily understood.
In our meetings, we have always felt that we are important to the firm. We are sure all other clients will say the same!
There is always accessibility and clarity and all members of Howard’s team are a pleasure to speak to and deal with.
We are delighted to be clients.
Howard and co look after mine and all my family money and i am extremely happy and confident with the service you provide.
You’ve been looking after our finances for at least 25 years and we have complete confidence in your judgement.
We have been happy to recommend you to friends and have no desire to see you do anything differently !
Howard, absolutely no complaints at all. It’s frightening to trust someone with your life savings but the last 15 years have shown that I made the right choice.
H J Scott had been recommended to me I have been impressed with their efficient performance during difficult financial and look forward to our continuing relationship with Howard, Lesley, Mellissa and Charlotte.
Our family has been with Howard and the rest of the team for some 18 years now, through several changes of circumstances and finances. They have always given us great and clearly explained advice about investments and beyond. We’ve trusted them throughout and are sure that we are more secure, knowledgeable and confident that we would have been without their great service. We never hesitate to recommend them. Many thanks to all at HJS
Afternoon Howard & team,
I haven’t got the years in with you that many of your other clients have, you came highly recomended and I haven’t been disappointed.
A point though that I will mention now which I was saving for our next chat.
Since the move to Transact, I’ve been a little confused WRT the visibility grandkids investment as it doesn’t appear to be in a different pot to my own unless I’m not using the system correctly.
As reviously stated, more than happy with the service you & the team provide and can wait until our next chat.
Regards Michael
We have been with H.J. Scott since 2017 and it has probably been one of the most challenging 6 years to invest in recent history as sometimes it appeared we were going no where fast.
We was recommended by a close friend and despite the challenging period we are more than happy with the efforts of Howard and his team
Bill & Margaret Melling
Howard and Leslie have looked after my coppers for almost 35 years now and as a childhood friend and fellow skiers, would recommend their services to anybody who wants it told as it is, not embellished like some other rogue investors.
Norman and Valerie Jones Re-Client feedback. Firstly there are no negative all positives. We have been clients of yours for quite a few years and in all that time we have been 100% happy with your services and everything you have done for us, and if we did need any advice you are only a phone call away. Thanks to you and your excellent team.
Many years ago, I was a victim of the Equitable Life fiasco. Initially persuaded to remain with the prospect of becoming a ‘share holder’. Later managed to cash out but the financial firm I used took a very large commission. I was then £200k ‘lighter’.
A walking chum recommended H.J.Scott as a reliable, open and very supportive IFA.
My pension savings have been rescued and revived by Howard and I can now look forward to a secure retirement. Due diligence was carried out and my investment objectives clearly identified enabling me to have full confidence that Howard’s advice was always in my best interest.
I and my wife have also found the services of H.J.Scott of great value after my mother in law’s bereavement. Estate planning along with planning for the financing of potential long-term care was very well structured by Howard and the team. Further invaluable advice was forth coming after our bereavement.
I am in my eight decade and feel confident my finances are well looked after both now and when I am no longer around.
Hi Howard,
You’ve been looking after my cash for more than 20 years. I’m happy with your frank and honest approach to savings and investments. I always read your informative blogs. I’ve recommended you to others and would have no hesitation in doing so in future.
Implicit and professional in everything you do
Extremely happy with Howard and his team. Always available for guidance and advice. To be honest I just let Howard get on with it as I trust his judgement and because of his hard work we have been enjoying our early retirement. Thank you Howard and your team
I have entrusted my pension to H J Scott & Co for well over 20 years, please find my comments:
In the first instance I received clear, easy to read documentation explaining about the services we should expect from H J Scott & Co, together with assurance of Howard’s commitment to meet with Financial Regulation requirements. To my mind, this showed that Howard and his team are fully aware of their responsibilities towards my pension, helping to build my confidence in his serious commitment to provide me, and later my family, with top quality service.
Even during the bad times of covid 19, Howard and his team didn’t falter in their commitment.
I occasionally ask Howard questions that ask for advice regarding financial issues or changes in circumstances. Sometimes I am sure that my question could be dismissed as irrelevant, but nevertheless Howard always answers, he considers my question carefully, researches the facts, and replies with relevant advice that makes sense and has been carefully reasoned through. My pension is probably relatively small in comparison with his other clients, but nevertheless I always receive the help I need.
Regular updates on the status of pensions is important, nowadays there is more of a reliance on the Transact website, I suppose it’s the modern way, but I am not sure that this is the clearest way to deliver this information.
HJ Scott & Co doesn’t try to push any other services, such as insurance, mortgages, loans etc and I think this is important and would detract from the delivery of his top quality core financial services.
Valerie Head MBA
Always been impressed by the sheer professionalism of both Howard and the rest of the team. Howard has been looking after our Sipps and pension funds for over 14 years and we feel that he has done a great job through some very difficult times.
We would now be a lot poorer if we hadn’t switched away from the traditional pension firms.
Regarding our journey as new investors.
Firstly I’d like to say thank you and commend the service you and the team have provided to myself and Sue.
From our initial introductory meetings to subsequent regular reviews of our investments and other financial advice we both felt fully informed of the products and services that you offer. We both felt as the customer that you understood our situation, our expectations and gave very clear advice on planning for the present and the future.
It was very apparent to us both that this is a long term working relationship built on honesty, openness and trust by both parties. This is pinnacle to our relationship and is compounded by the customer support and efficiency that you and the team offer.
I really enjoy reading the regular Bloggs you send out and always look forward to the next one arriving in my in box.
You came highly recommended to us and we have not regretted entrusting our savings with HJ Scott & Co and it’s a pleasure to be your client.
We look forward to our next catch up.
Many thanks
Phil & Sue
We are more than happy with the way you look after our savings, and treat us as individuals.
We trust your advice, and enjoy the benefits of having our savings combined with the savings of your other clients. We see no benefit to move our savings elsewhere, to somewhere we don’t know or don’t trust.
We are all on the same page – any gain in my savings benefits you and your family – win, win!
There are always going to be short term ups and downs, but I believe the overall long term results are in safe hands – yours.
Howard i would like to say a big thankyou to you and your team for your committed professional and dedicated approch in taking care of our savings
I am fully aware that since i came on board with H J Scott some five years ago that the financial climate has been somewhat challenging.
However we trust your knowledge and hard work and commitment to our causes will pay dividends in the long term.
Get your magic wand out and get the footsie upto 10k and all will be fine
Regards Colin and Julie.
Hello Howard
You’ve always been very transparent in your methods and charges. On the rare occasion I have had cause to get in touch with either you or one of the team, I’ve always got the answers or help I needed.
Mostly I’m happy that you are trustworthy. FCA, along with other scores can be manipulated, years of dealing with you, the actual experience is worth far more.
Jane Gibson
Hi Howard, our paths crossed originally when you gave us some advice on life insurance when you worked at Abbey Life (all those years ago!) and we found you to be honest, reliable and trustworthy. It was therefore a “no brainer” to entrust our pension with you when you set up your own company and we have not regretted that decision. It’s nice to see that your friendly team share the same traits as you.
We’ll book a review with you when you’ve made us some money to pay for some chocolates for Charlotte and Melissa!
Hello Howard
In response to your request, our feedback is as follows. We have written this on the basis of responding to the FCA required outcomes.
Howard has been our financial advisor since 2015 following a personal referral. From the outset we have felt very confident in the products and services provided by him. Howard took time to understand our situation, our investments and our views on risk.
The products themselves have performed well despite the impact of global issues such as the pandemic and Ukraine.
We are able to access information at any time on our investments via a secure on-line platform. Additionally, Howard writes blogs on a regular basis with his assessment of any issues which are impacting our investments. These are written in a style which enables us to gain a good understanding and insight. On a more personal note, we have annual reviews with Howard to discuss any changes to our circumstances and to ensure that any risk to our investments is being suitably managed. Howard and the team are always available to deal with any queries or requests from ourselves and will take time to make sure we understand.
Howard and his team are always available when we make requests such as advice on pensions, tax management, etc. He and his team readily respond and provide useful clear direction, or perhaps complete actions associated with requested investment changes.
In summary, we are very happy with Howard and his team and our experience is very much in line with the FCA required outcomes.
With thanks and regards
to Howard and the team . i would like to thank the team for looking after my investments, of which i know nothing ,but appear to be well looked after, without me ( at 82yrs ) having to be worried about. Thank You All.
Irving Brown
I have never had any doubt that my money is in the right hands with HJS. Despite a turbulent past 5/6 years I have always had confidence that my money is safe and the best route going forward will always be taken. The regular blog updates put my mind at ease amidst the chaos of what you see in the news. I have recommended to friends and will continue to do so. Thanks.
To Howard and all the team,
You have all changed our lives for the better, as we can now do what we want, when want to and not have any worries over the cost.
You guys are very efficient/quick response when we have a query or we are in need releasing more funds.
We have every confidence that our money is safe and well invested.
We have always had excellent advice, especially over an issue with a previous advisor, over which I had a successful outcome.
Love the blogs.
Cheers Dave & Ann
Hi Howard and the team. You tick all the boxes and more that the FCA require of you. I guess that compliance work takes up a disproportionate amount of time compared with what you are better at – making us all money and securing our future.
Happy with the service you have provided over the last 12 years. Keep up the good work. Peter
I have been a client of H.J.Scott for many years and been well looked after. When my father died I was faced with some serious financial decisions after probate. My principal concern was to ensure my mother’s investments were well managed to provide for her day to day expenses and protect and grow her capital. I had POA finance already in place when my mum and I met Howard to plan the road forward. The reception with Howard and the team was very reassuring for my mother and she was given time to ask questions and was reassured that her best interests were going to be met regarding immediate income requirements and the possible financing of long term care if required.
Unfortunately due to deteriorating mental capacity my mum needed long term care. The advice and forward planning managed by Howard and the team ensured that the cost of care could be met and capital was preserved. My mum passed away after a number of years in care. The guidance received from H.J.Scott enabled me to negotiate the probate process in a timely manner.
My husband and I feel reassured that as we grow older and potentially need care our financial situation will be looked after as well as Howard and the team has done for my Mum.
HJ Scott, what a great team thanks for all the hard work and confidence you give.
Hi Howard,
I hope everyone’s well at your end?
In reply to your request for feedback. The directors at AMC made their original decision on who to intrust with their personal savings many years ago and we’ve had no reason to regret that decision.
Your office is good at responding to queries in a timely manner. I feel Melissa’s knowledge base has grown over the years and therefore can deal with a lot of the day to day issues. When we meet, your communication is clear with a number of illustrations to help underpin the knowledge..
Maybe one thing we can improve on, and it’s nobody’s fault, is a more regular personal update to discuss any options looking forward. I don’t pencil anything to remind me then time flies by. I did a quick calculation at the end of June and worked out I’ve spent more nights away than I have at home since January. I’m writing this from my hotel room in Spain so it’s not stopped.
Your blog is informative and reassuring although I don’t always understand the connection to all the decisions governments and BoE/Fed make to the layman like me.
All in all, very pleased with the service and your investment decisions.
All the best
Diane & Peter
Hi Howard
I think you have advised Fiona and i since before HJ Scott commenced.
As we have nearly always been busy with our respective careers its been wonderful to have you and your team investing our money, advising and looking after us.
We never have any reservations about recommending you to family and friends.
We are probably guilty of taking you for granted and I’m sorry if this next comment disappoints you but I’m sorry I’m not bright enough to think of anything i could suggest that could improve the service you deliver.
Thanks to all the team.
Initially we weren’t sure about moving our pensions but we are sure glad we did. From a recommendation of a friend the decision to move our pension fund to your company has been one of our best moves ever. Really appreciate the advise and work of you and your team. Would highly recommend your company. Trustworthy and professional service.
Really appreciate all the hard work from Howard and the team!
Open, honest and thoroughly nice people.
Wouldn’t think twice about recommending you to friends and family.
The blogs are great!
Thank you