The Financial Conduct Authority’s (FCA) Treating Customers Fairly (TCF) initiative is primarily based on the obligation set out in Principle 6 requiring a firm to pay due regard to the interests of its customers and treat them fairly.
The board of Motorfinity UK is fully committed to treating customers fairly and this statement is designed to demonstrate the application of TCF during our day-to-day activities.
This policy has been adopted by the Board of Directors and applies to everyone involved in our business. For the avoidance of doubt, this includes all officers and beneficial owners of the firm as well as all employees (i.e., permanent, contract, self-employed and temporary staff).
This policy also applies to all our Appointed Representatives (ARs) and Consultants. In all our dealings with our ARs and Consultants we will take appropriate action if we have reason to suspect that they are failing to comply with this policy.
If anyone covered by the scope of this policy statement has any queries, these should be raised with the CEO, Daniel Briggs.
Treating Customers Fairly is about creating an open, transparent, fair, and honest environment for customers in relation to financial services and products. It means providing only those products and/or services that are relevant and suitable for the customer, taking the time to establish what is required and what is not, ensuring that customers understand what we are providing and how it will benefit them.
Providing a product or service that meets the expectations of the customer and does what we have advised it will do and removing any post-sale barriers to enable the customer to cancel a service or raise a complaint without encountering any obstacles.
The main aims of TCF are to increase consumer confidence in the financial markets and companies and to receive fair, clear, and relevant products and services that are suitable and fit for purpose.
The FCA has advised that they “expect customers’ interests to be at the heart of how firms do business. Customers can expect to get financial services and products that meet their needs from firms that they can trust. Meeting customers’ fair and reasonable expectations should be the responsibility of firms, not that of the regulator.”
The six TCF outcomes detail what the FCA is trying to achieve for consumers. They are used for guiding regulatory decisions and actions and remain at the core of what the FCA expects of firms.
Our firm is committed to ensuring the culture and philosophy of treating customers fairly and ensuring appropriate customer outcomes is central to our activity. We recognize, however, that to fulfil this objective we must:
This framework guides us to six business areas:
1. Conflicts of Interest
We are committed to the identification and fair management of any conflict of interest which may arise in the normal course of business. In accordance with the Financial Conduct Authority (FCA) handbook and specifically Principle 8 and SYSC 10, we aim to manage conflicts of interest fairly, both between our firm and our clients.
2. Financial Promotions
Our policy and procedures on any financial promotions or communications with customers and/or clients, have been developed and implemented with the regulatory requirements under FCA Principles for Business, Principle 7 and CONC 3.3 of the FCA Handbook, taken into consideration. Communication methods include post, email, e-commerce and telephone and we are dedicated to ensuring that all such communications are fair, clear and not misleading in any way.
3. Sales and Service process
We endeavour to ensure that the products/service that we provide are fit for purpose and adequate for the customer’s needs whilst gaining an understanding of their knowledge and experience of the product/service. We aim to treat our customers fairly and deliver high quality products/services that meet their requirements and expectations prior to, and during, their relationship with us.
4. Complaint Handling
We maintain an open and transparent complaints system which is continuously monitored and reviewed. An ongoing record of complaints is maintained, and the appointed Complaints Officer is responsible for reviewing and monitoring outcomes and root causes to ascertain a compliant TCF environment.
Our remuneration structure aims to ensure that our director/s and staff are rewarded fairly and competitively and according to performance in four key business areas. Rewards are based on the long- term value generated for our business, which is dependent upon the management of risk, the long-term satisfaction of our clients, the smooth running of our working environment and profitability.
6. Management Information
Generating high quality and effective Management Information (MI) on TCF to allow staff and senior management to review and assess our ongoing compliance with the 6 outcomes and FCA’s principles.
For the avoidance of doubt, the firm’s Directors shall ensure that there is clear allocation of responsibilities for developing and maintaining a fair treatment of customers ethos across the Senior Management team. This shall be documented in job descriptions and shall be a consideration in individual performance reviews.
Complaints Officer Contact Details:
Name: Sharon Kirk
Telephone: 01636 558 885
Address: Unit 3 Northgate Terrace, Northern Road, Newark, Nottinghamshire. NG24 2EU
We aim to provide a very high standard of service to every client. It is important to us that all complaints are resolved as quickly as possible and to the complete satisfaction of our clients.
Any complaint verbal or written will be referred to our Complaints Officer at the earliest opportunity or to a member of the senior management if the Complaints Officer is unavailable. Our Complaints Officer is responsible for ensuring that we thoroughly investigate any complaints.
On receipt of a complaint, we will:
Clients often express dissatisfaction to their adviser about the product provider, or the quality of the goods. We will need to establish whether your complaint relates to the advice given, the advisers service, the service or performance of the product provider, or the quality of the goods. If unclear, this must not delay investigation and we will proceed with our own investigation.
If the complaint is about another party, we will refer details of the complaint to the third party and confirm this course of action to you in writing.
The Complaints Officer will establish the nature and scope of your complaint having due regards to the Financial Conduct Authority’s direction:
Where the Complaints Officer judges that your complaint cannot be resolved within three business days, or they were unable to resolve your complaint in this period, the formal FCA complaints procedure will be followed. This process requires that we:
Telephone: 0800 023 4567 (free for most people ringing from a fixed line)
0300 123 9123 (cheaper for those calling using a mobile)
44 20 7964 0500 (if calling from abroad)