TREATING CUSTOMERS FAIRLY
The Financial Services Authority (FSA) has launched and implemented an initiative called Treating Customers Fairly. Whilst Business Lending does not come under the umbrella of the FSA, we are nonetheless keen to adhere to the principles of the regulations and have reviewed their stated outcomes and considered them as an integral part of how we do business.
The six outcomes are as follows:
Outcome 1: Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture.
- Our customers are at the centre of our strategy. Our priority is to provide them with products and a quality service that is appropriate to their requirements.
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.
- Our products are developed with the need of our customers in mind. Whilst our products are not targeted at the retail market, we are nonetheless always striving to ensure that our advertising and promotional literature is clear and not misleading.
- We will ensure our products do not contain hidden conditions or rely on complex technical definitions and can be easily explained.
- We lend responsibly.
Outcome 3: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
- Our documentation is as clear as possible.
- We provide information throughout the life of a transaction that is up-to-date and accurate.
- We will deal quickly and sympathetically with things that go wrong.
Outcome 4: Where consumers receive advice, the advice is suitable and takes account of their circumstances.
- We do not provide advice but seek to provide our customers with clear information and products.
- We choose our intermediaries carefully to ensure that our products and services are represented properly.
Outcome 5: Consumers are provided with products that perform as firms have led them to expect, and the associated service is of an acceptable standard and as they have been led to expect.
- Our documentation sets out how our products work.
- We will continue to review our products and improve our offering.
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.
- We publicise this code and make all our staff aware of it.
- Fees for switching to another provider are clearly defined and not excessive.
- We will correct errors and resolve them within the framework set by the Financial Ombudsman.