What is emphasized by PRIN 9 regarding relationships with customers?

PRIN 9 emphasizes that relationships with customers should be built on trust. This principle highlights the importance of fostering a trustworthy environment between firms and their customers, which is essential for satisfactory business interactions and long-term loyalty. Trust is foundational in financial services, as customers need to feel confident that their financial providers are acting in their best interests.

When firms prioritize trust in their customer relationships, it leads to enhanced transparency, better customer experiences, and more resilient business models. This principle addresses the moral and ethical obligations that financial firms have in engaging with their clients, ensuring that customers feel valued and treated fairly throughout their dealings.

Establishing trust helps mitigate potential conflicts that may arise and contributes to a positive reputation for the firm, ultimately benefiting both the customer and the business.