LVC Central Ltd aims to treat customers fairly in a manner that is open and transparent, and with communications that are fair, clear and not misleading. The most important component to be adhered to achieve the aim of treating customers fairly has recently been introduced by the Financial Conduct Authority, namely “Customer Duty”. The aim of “Customer Duty” is best summed up by its Principle 12.
Principle 12: Consumer Duty
“A firm must act to deliver good outcomes for retail customers” requires firms to:
- Pro-actively seek to deliver good outcomes for consumers
- Put consumers ’interests at the heart of their activities
- Focus on the outcomes consumers get and act to pursue their financial objectives
- Ensure we have sufficient understanding of customer behaviour and how products and services
function - Put in place processes to tackle factors that are leading to poor outcomes
- Consistently challenge themselves to ensure their actions are compatible with consumers’ interests and financial objectives
Four Outcomes
The main“ Four Outcomes” are a suite of rules and guidance setting more detailed expectations for
firm conduct in four areas that represent key elements of our relationships with consumers:
- Products and Services
“Products and services are specifically designed to meet the needs of consumers, and sold to those
whose needs they meet” - Price and Value
“The price of products and services represent fair value for consumers” - Consumer Understanding
“Communications equip consumers to make effective, timely and properly informed decisions about financial products and services” - Consumer Support
“Customer support meets the needs of consumers, enabling them to realise the benefits of products and services and act in their interests without undue hindrance”
LVC Central Ltd aims to deliver the FCA’s TCF outcomes in the following ways:
The responsibility for ensuring that TCF is implemented in the systems and culture of LVC Central Ltd lies with the Managing Director. This includes working to ensure that everyone in the business understands how to deliver the TCF outcomes. Furthermore, we will act with integrity in everything
that we do and aim to be in partnership with our clients.
Marketing
All LVC Central Ltd’s financial promotions and marketing literature are reviewed to ensure that they are appropriate and are presented in a clear, fair and not misleading manner.
The Sales Process
When providing advice, our employees will seek to obtain a detailed understanding of the clients’ objectives. We ensure that our clients understand the risks involved with any service or product offered and are aware of all applicable charges. Our staff will adhere to the conditions outlined in our fact sheet “TCF In The Sales Process”. A copy is available to our customers if requested.
Post-Sale Information and Support
LVC Central Ltd strives to keep its clients informed at all times.
Policies and Procedures
LVC Central Ltd has a number of documents, policies and procedures that are relevant to the fair treatment of clients and also achieve adherence to FCA requirements, these include:
- Conflicts of Interest Policy
- Initial Disclosure Document
- Complaints Policy
- Terms and Conditions
- Commission Disclosure Document
- Compliance Procedures
Management Information
LVC Central Ltd produces MI in order to assess its performance against TCF principles and practice.
This includes a Dissatisfaction Report and a Complaints Log. We deal with customer complaints fairly and objectively and attempt to put things right as quickly as possible, in accordance with the rules laid down by the FCA. All complaints are recorded and monitored We ensure that this information is accurate, timely and consistent
Awareness/Training
LVC Central Ltd ensures that all advisers and staff are familiar and suitably trained in the fundamental principles of TCF.
We frequently review our policies, procedures and practices to ensure that TCF remains a crucial part of our business. Moreover, we ask our clients to provide us feedback, so that we can improve our service.
LVC Central Ltd is a credit broker not a lender and is authorised and regulated by the Financial Conduct Authority -Reference number: 718938. We may receive a commission payment from the finance provider, one of our selected panel of funders. Terms and conditions are available on request. webcars is a trading styles of LVC Central Ltd. Registered in England Number 3102865. Registered Office: 2 Cosgrove Road, Old Stratford, Milton Keynes MK19 6AF. BVRLA membership number: 2126