Treating Customers Fairly & Consumer Duty
Our responsibilities as a business are part of what we do, every day, throughout the organisation. Being a responsible business makes complete sense to us. We're responsible for our customers, our business and our employees - without them we wouldn't be the business we are today.
At Select Car Leasing we are dedicated to providing the best possible customer service and treating you in the fairest possible manner. Ever since our formation in 2004 we have always prided ourselves on delivering the highest standards of service which our customers can be truly satisfied with.
Treating Customers Fairly (TCF) is a key principle set by the national financial regulator the Financial Conduct Authority (FCA) to ensure that customers are treated fairly.
It is a document which is crucial to how we carry out every aspect of our business. The FCA have set out six 'Treating Customers Fairly' principles which outline how we communicate and engage with our customers, the quality of service we provide and the fairness of our procedures. As a fully licensed broker we are proud to follow the FCA's treating customers fairly guidelines:
- Outcome One
- Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture, please detail how the firm ensure that fair treatment is embedded in the culture of the firm, examples are given below:
- • Policy Approval and Dissemination: The management body plays a vital role in approving policies that uphold fair treatment principles. These policies are not just confined to paper; they are actively communicated to employees, ensuring that everyone within the organisation understands their responsibilities in this regard.
- • Remuneration Structures: The design of remuneration structures is carefully crafted to discourage any behaviors that might lead to unfair outcomes for customers. By aligning incentives with fair treatment goals, the company ensures that employees are motivated to priortise customers over short-term gains. (Refer to the detailed remuneration policy for more detail.)
- • Comprehensive Training: To equip employees with the knowledge and skills necessary to fulfill their fair treatment obligations, comprehensive training programs are made available. This training isn't a one-time affair; it's an ongoing process via our access learning management system. Employees receive training during their induction, ensuring that they start on the right foot, and continue to undergo refresher courses on an annual basis thereafter.
- • Thorough Examination of Complaints: Complaints serve as valuable feedback, offering insights into potential areas of improvement regarding fair treatment. Hence, all complaints are meticulously investigated to identify any failings in adhering to fair treatment principles. Subsequently, appropriate actions are taken to address these issues, thereby reinforcing the commitment to fair treatment.
- Outcome Two
- Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly Please see below steps taken to ensure that products or services meet your customer’s needs and that they are marketed properly:
- • In the process of marketing and distribution strategies for our products and services, we prioritise understanding the specific information requirements of our target customers. This entails delving into their preferences, expectations, and any pertinent details that could influence their decision-making.
- • We maintain a proactive approach towards maintaining the clarity and relevance of our website content. Through regular reviews, we ensure that our online platform is equipped with comprehensive information, including helpful tool tips, transparent disclaimers, and detailed product specifications. This commitment to transparency and accuracy enhances the overall user experience and fosters trust in our brand.
- • We actively engage with customers post-sales through surveys. These surveys serve as a valuable tool for gauging customer satisfaction and comprehension of our services and processes. Specifically, we inquire about various aspects of the sales process, such as cost breakdowns, product specifications, and our role as a broker. By seeking feedback directly from customers, we aim to address any potential misunderstandings or areas for improvement, ultimately strengthening our customer relationships and enhancing the delivery of our service.
- Outcome Three
- Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale please see steps taken to communicate with customers in all interactions with them:
- • In our business dealings and all related correspondence with customers, we conscientiously steer clear of industry-specific jargon. This practice is integral to ensuring that our customers are consistently well-informed at every stage, be it prior to, during, or after a sale transaction.
- • When providing customers with quotations and Insurance Product Information Documents we also provide the relevant IDD), we prioritise clarity and transparency. Following this initial communication, we furnish customers with an order form. Upon its completion and return, we promptly send a confirmation email to validate the transaction. Subsequently, our dedicated Administration team proactively engages with the customer, personally guiding them through the order details and addressing any queries or concerns they may have.
- • We uphold a commitment to ongoing improvement by conducting regular assessments of the communications issued throughout the process. Utilising our Customer Relationship Management (CRM) system and customer portal, we meticulously review each interaction to ensure consistency, accuracy, and effectiveness in our communication strategy. This proactive approach underscores our dedication to providing a seamless and comprehensible experience for our valued customers.
- Outcome Four
- Where consumers receive advice, the advice is suitable and takes account of their circumstances:
- • With the authorisation to offer advice, our organisation adheres to a stringent suitability process that ensures the recommendations provided align with the individual needs and circumstances of our clients. This process undergoes thorough monitoring to uphold its effectiveness and compliance with regulatory standards.
- • As part of our commitment to transparency and responsible practice, we conduct meticulous call audits. These audits serve as a mechanism to verify that our representatives consistently deliver clear and accurate information during client interactions. Additionally, we assess affordability considerations, identify any potential vulnerabilities, and ensure that all necessary consent is obtained. Our team ensure that relevant qualifications are performed.
- • By adhering to these protocols, we uphold the highest standards of professionalism and integrity in our advisory services. This ensures that our clients receive personalised recommendations that are not only suitable but also aligned with their best interests’ requirements and financial well-being.
- Outcome Five
- 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. We ensure that the customer’s expectations of your product/service will be managed, example given below:
- We will ensure that the products and services we distribute meet the needs, characteristics and objectives of our customers and perform as they are expected to.
- As a distributor of products and services we will:
- • Understand the features, benefits and limitations of the products and services we distribute, along with who the target market is and what the distribution channels are, to enable us to sell them in an appropriate and correct manner. Therefore, we must make sure that we have obtained all the information we need to fully understand and appropriately sell them to consumers. Encourage customers to test drive the vehicle and conduct their own research using the configurator tool.
- • Have appropriate distribution arrangements in place for each product and service that we distribute, which will be in line with guidelines set out by the manufacturer.
- • Monitor and review how products and services are being sold to make sure that they are being sold to the identified target market and are distributed in the correct way.
- • Share relevant information with manufacturers to support their review of products and services.
- Outcome Six
- Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint please see below how a customer may cancel, or complain as relevant to your business model, examples given below.
- • Complaints procedures have been put in place by the Management Body and this is available on our website, we have a customer service department that can assist with any questions or issues, and an end of contracts team that provides advise and support at the end of the lease or if the customer needs any assistance with contract amendments/ early termination.
- • A cancellation policy and procedure has been put in place by the management body that provides clear guidance and information to our customers on how they can cancel their order and if any fees will be refunded or retained. This is available on our website and within the order form.
- • As advised above the Management body has put in place a Customer Service Team to support customers and provide answers regarding any post sales queries/ questions.
How do we ensure customers are treated fairly?
- Always put the needs and requirements of our customers at the forefront of everything we do.
- Continue to make certain our customers understand from the outset about any risks associated with the services we provide.
- Keeping customers informed of all information at all times in a way that isn't misleading or ambiguous.
- Maintaining transparency at all times with customers.
- Maintaining clarity. We don't want our customers to feel like any information is being kept from them, our services are free from any hidden terms and conditions or complex technical jargon.
- Offer accurate advice that is appropriate to a customer's specific circumstances and requirements.
- We understand the importance of customer privacy, you can read more about our Privacy Policy and Data Protection
- Regularly reviewing internal processes and systems to make sure our customers are getting the best possible service.
- Dealing with and responding customer complaints. We understand that sometimes you may not feel satisfied with the service provided, if that is the case we always respond and deal with complaints in a prompt and professional manner. You can read more about what to do if you have a complaint.
Vulnerable Customers
Select Car Leasing are committed to treating all customers fairly and in line with this we have a policy on Vulnerability. Our policy sets out guidance for our staff around vulnerability to ensure we act with appropriate levels of care for any customers who are identified as being vulnerable. Please email our compliance manager directly should you wish for further information or wish to see a copy of our policy - stevetongue@selectcarleasing.co.uk