All firms regulated by the Financial Conduct Authority (FCA) must pay due regard to the interests of its customers and consequently, TCF is an integral part of our culture and has been embedded in all areas of our business for many years. From systems and controls to training, remuneration and staff behavior.
The principles of TCF are not new and are part of existing regulatory requirements, they aim to raise standards by introducing a series of changes that will benefit consumers and increase their confidence in the financial services industry.
As TCF is not a one size fits all concept Yorkshire Vehicle Finance Ltd (YVF) has put together some information and what TCF means to us including what you can expect for us, how we deliver this and what to do if you feel you have been treated unfairly.
As a FCA regulated firm, there are six outcomes that we strive to achieve to ensure fair treatment of our customers. These include:
Outcome 1: Customers can be confident 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: Customers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
Outcome 4: Where customers 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: Customers do not face unreasonable post sales barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
TCF is a vital part of Yorkshire Vehicle Finance Limited’s business values we are continuously working to ensure customers are treated fairly. As a result, you can expect the following services when dealing with us.
• Clear, fair and transparent pricing.
• Continual monitoring of competitive market to ensure consumers achieve value for money.
• Fair and quality advice from our experienced sales staff based on customer needs priority’s and circumstances.
• Clear and transparent information regarding our fees in our initial disclosure document.
• Continual advice and support throughout all stages of the product life-cycle.
• Clear and jargon free information on the product with adequate opportunity for customers to ask questions.
• After-sales information and services including contract reminders, product updates and help and advice regarding additional services.
• Full complaints handling procedure.
TCF is a continuous process and we’re implementing many processes throughout the business to ensure we comply.
These include:
• Obtaining feedback (where possible) from customers and staff to continually improve communication and processes.
• Robust training and competence programs to support sales staff and ensure we are listening to our customer’s and considering customer’s individual needs and circumstances.
• Any advice provided will be appropriate and consider the customers individual needs and circumstances.
• Offering only products and services which are appropriately targeted, clear, unambiguous and that highlight the risks and conditions as well as the key features and benefits.
• Ensuring customers understand all risks associated with products and services.
• We ensure our services are delivered with clarity and transparency and do not contain hidden conditions or rely on complex technical definitions.
• Continually reviewing our workplace environment and protocols (by senior management) to measure and monitor TCF performance.
• Regularly reviewing FCA material, disseminating appropriate content to staff and attending relevant industry conferences and meetings.
• We take our clients privacy seriously and ensure that our staff are aware of and follow rules in relation to data protection to ensure that clients details are kept secure and confidential.
• We take any compliant seriously and will deal with any complaints promptly and make improvements to our operations where required.
A crucial aspect of TCF is how we handle complaints from our customers. It is our aim to provide an excellent standard of customer service for every client. On occasion, we may get things wrong. If you have a complaint about any aspect of our service or products, we would like to hear from you. Please call our office on 0114 2361818, email us on customer.services@yvf.co.uk or write to us at Yorkshire Vehicle Finance Ltd, 92 Baslow Road, S17 4DQ where a member of staff will be available to help (Office hours: Monday-Friday, 9AM-5.30PM). Please refer to our complaints procedure if you have any queries.
