Uncle Buck recognises that Treating Customers Fairly (TCF), with its focus on consumer outcomes, is central to the Financial Conduct Authority’s (FCA’s) work in ensuring a fair deal for consumers. It underpins the delivery of the FCA’s statutory consumer protection objective and the future objectives of the FCA. The FCA believes that consumers need protection the most at times when economic and financial conditions are difficult as this may tempt businesses to focus away from fair treatment of customers. Uncle Buck acknowledges and embraces the FCA’s expectation that customers’ interests must be at the heart of how it does business.
Uncle Buck strives to operate a commercially viable business within a compliant framework and adopts practical compliance policies with a strong consumer focus that help us to “do business”.
Our customers can expect to get a small sum short term credit product that meets their needs at this time and they can trust us to be transparent and fair in our dealings with them. We believe that our website is clear and outlines both the risks and benefits of taking a payday loan online. Our documentation is clear, we uphold the Good Practice Customer Charter for payday loans and in doing so give consumers protections over and above those set out as minimums. We encourage our customers to repay what they owe in full and on time, but we recognise that there may be circumstances in which our customers need some additional time and we treat cases of genuine financial difficulty sympathetically and positively. Of course, it is always easier when customers engage with us in discussing these kinds of issues and we encourage our customers to get in touch with us so that we can outline possible options available.
With the new regulatory regime from 1 April 2014 we are re-training our staff so they understand the new regulatory framework and the key principles.
The six consumer outcomes explain what the FCA wants TCF to achieve for consumers. They will continue to be used as an important factor in guiding regulatory decisions and actions.
6 TCF Outcomes
Outcome 1: Consumers can be confident that 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: Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale
Outcome 4: Where consumers 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 of an acceptable standard and as they have been led to expect
Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint