From the 31st July 2023 the FCA required firms to implement the Consumer Duty.
GB Vehicle Leasing are a ‘Distributor’ of products on behalf of our Funder Partners, who are the ‘Manufacturer’.
GB Vehicle Leasing is committed in providing products that adhere to the code of the Consumer Duty namely:
Principle 12: Consumer Duty
- 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.
The Cross Cutting Rules
- Act in Good Faith towards retail Customers.
- Avoid Foreseeable Harm to retail Customers.
- Enable and Support retail Customers.
The Four Outcomes
- Products and Services are fit for purpose, designed to meet customers needs and target at the Consumer types receiving the products.
- Price and Value – Ensuring our charges or price over the lifetime of the product are proportionate for the consumer.
- Consumer Understanding – Communicate in a way that products can be understood enabling the consumer to make and informed decision.
- Consumer Support – Provide the necessary support, which will not unduly hinder consumers from acting in their own interest or lead to unreasonable additional cost.
GB Vehicle Leasing are committed to protecting Vulnerable Customers. Where we feel a consumer may meet the criteria set out within our own Vulnerable Customer Policy, we will over support, offer further guidance and if necessary, involve the relevant ‘Manufacturer’ (Funder).
Further information on the FCA Consumer can be found at https://www.fca.org.uk/firms/consumer-duty
GB Car Loans Limited T/A GB Vehicle Leasing are a credit broker and not a lender, we are authorised and regulated by the Financial Conduct Authority. Firm reference No: 660674.