We support our staff to recognise signs of vulnerability, providing them with training and resources. Additionally, we establish robust systems and processes to facilitate customers in expressing their needs if they wish to do so.
Our policies and procedures are crafted to ensure that vulnerable consumers receive outcomes that are on par with those of other consumers. We are committed to delivering consistently fair treatment across all our products and services, irrespective of a customer's circumstances.
The Consumer Duty has been designed by the Financial Conduct Authority to set higher and clearer consumer protection standards across financial services and improve the quality of products and services to retail consumers.
The Consumer Duty has been designed by the Financial Conduct Authority to set higher and clearer consumer protection standards across financial services and improve the quality of products and services to retail consumers.
The Financial Conduct Authority has introduced a new Principle for businesses.
A firm must act to deliver good outcomes for retail customers.
The cross-cutting rules set out the overarching standards of conduct which Drivespeed must demonstrate when we act to deliver good outcomes.
The cross-cutting rules are supported by the four outcomes, which set out more detailed rules in key areas of the customer relationship:
Outcome 1 - the governance of products and services;
Outcome 2 - price and value;
Outcome 3 - consumer understanding; and
Outcome 4 - consumer support.
At Drivespeed, we care about giving our customers the best experience. Our goal is to deliver exceptional service to each of our valued customers.
We are committed to upholding the principles of Consumer Duty throughout every interaction, we pledge to prioritise transparency, excellence in customer service, efficient complaint resolution, and continuous evaluation of our offerings.
Our commitment to these principles is woven into every aspect of our operations, ensuring we consistently meet and exceed expectations across our business.
We endeavour to provide the highest levels of service and provide clear and not misleading marketing materials that suit their target audience.
We have a dedicated Consumer Duty champion at the board level. This helps to ensure that business decisions are viewed through the lens of the consumer where applicable.
Regular monitoring and evaluation of customer outcomes is conducted to ensure ongoing suitability and address any potential issues promptly.
Provide clear and transparent information about costs, charges and potential risks associated with our products and services.
The Consumer Duty Principle imposes a higher standard of conduct than Principle 6 “A firm must pay due regard to the interests of its customers and treat them fairly”. Treating Customers Fairly (TCF) applies in circumstances where the Consumer Duty does not apply.
The ‘TCF’ initiative aims to deliver six improved outcomes – commonly known as the six TCF consumer outcomes.
The FCA believes that putting consumers at the centre of the corporate culture means that TCF, rather than simply being about processes, should translate into practical outputs in the shape of fair outcomes for consumers.
FCA expects firms to focus on delivering the Treating Customers Fairly Outcomes. In practice, this means firms should:
The six TCF Consumer Outcomes form the cornerstone of ‘TCF’ and are summarised below:
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 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 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.
At Drivespeed, Treating Customers Fairly (TCF) is not just a principle; it's the cornerstone of our culture. We are dedicated to enhancing our practices to guarantee equitable treatment for all our customers. Our commitment is evidenced through clear demonstrations of how we fulfil each TCF outcome. These illustrations showcase our proactive approach, surpassing industry standards to ensure our customers consistently receive the exceptional treatment they rightfully deserve.
1
We take our clients’ privacy seriously and ensure that our staff are aware of and follow rules about data protection to ensure that clients’ details are kept secure and confidential.
2
Personalising our approach to understanding each customer's unique circumstances and tailoring our products and services to meet their specific needs.
3
Ensure our services are delivered with clarity and transparency and do not contain hidden conditions or rely on complex technical definitions.
4
Empower our team through comprehensive training to grasp the direct impact of their roles on ensuring fair treatment for our customers. Equip them to communicate and engage with customers so that they can make informed decisions.
5
We commit to clear information about the features, benefits, and performance of our products and services. We refrain from exaggerated claims or misleading information, ensuring that our customers have accurate expectations set.
6
We support our customers and act in their interests without unreasonable barriers, ensuring our post-sale support is as good as the pre-sale support.
