Treating Customers Fairly
Treating Customers Fairly (TCF) is a key principle set by the national financial regulator the Financial Conduct Authority (FCA) to ensure that customers are treated fairly.
This principle defines how we carry out our business, from start to finish. At Van Ninja, the TCF principles are built into our processes to ensure we communicate and engage with our customers in the correct way and to ensure fairness and quality of service.
How do we ensure customers are treated fairly?
- Always put the needs and requirements of our customers at the forefront of everything we do.
- Ensure our customers understand from the outset about any risks associated with the services we provide.
- Keep customers informed of all information without being misleading or ambiguous.
- Ensure transparency with customers at all times.
- Remain clear with regards to services and products, and not using technical or industry jargon to obscure information.
- Offer accurate advice that is appropriate to a customer’s specific circumstances and requirements.
- Maintain customer privacy.
- Regularly review internal processes and systems to make sure our customers are getting the best possible service.
- Respond to customer complaints in a prompt and professional manner.
Vulnerable Customers
Van Ninja has a Vulnerable Customers policy in place to ensure that all customers are treated fairly and so we can work to achieve good outcomes for all customers. The policy provides direction to ensure staff act with appropriate levels of care in regards to any customers who are identified as being vulnerable.
How do we identify vulnerable customers?
The FCA defines a vulnerable customer as someone who, due to their personal circumstances, is especially susceptible to harm – particularly when a firm is not acting with appropriate levels of care.
A customer could be regarded as ‘vulnerable’ for many different reasons and a firm should think about vulnerability as a spectrum of risk.
All customers are at risk of becoming vulnerable and the risk is increased by characteristics of vulnerability related to 4 key drivers:
- Health – health conditions or illness that affect ability to carry out day to day tasks.
- Life Events – life events such as bereavement, job loss or relationship breakdown.
- Resilience – low ability to withstand financial or emotional shocks
- Capability – low knowledge of financial matters or low confidence in managing money (financial capability). Low capability in other relevant areas such as literacy, or digital skills.
Achieving good outcomes
To achieve good outcomes for vulnerable customers, Van Ninja will undertake the following:
- Understand the needs of their target market / customer base.
- Make sure staff have the right skills and capability to recognise and respond to the needs of vulnerable customers.
- Respond to customer needs throughout product design, flexible customer service provision and communications.
- Monitor and assess whether they are meeting and responding to the needs of customers with characteristics of vulnerability and make improvements where this is not happening.
