TCF Policy Statement

This policy has been adopted by Wise Auto, reflecting how, in the context of its motor retail business, the intention is to operate according to the "Treating Customers Fairly" (TCF) principle in the mediation of sales of General Motors, along with the role of acting as a credit facilitator/intermediary.

Introduction

The fair treatment of customers is believed to be essential to the success of the business by Wise Auto. Customers play a crucial role in Wise Auto's motor retail businesses, both directly and due to the influence, the quality of the customer experience has on the relationships of the businesses with other important stakeholders, primarily finance companies, providers of consumer credit, and suppliers of general insurance products.

What is meant by "treating customers fairly" (TCF)?

TCF is considered core to what is expected from regulated firms by the Financial Conduct Authority and is outlined by the following six outcomes:

1. Confidence can be had by consumers that they are dealing with firms where the central aspect of the corporate culture is the fair treatment of customers.

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.

3. Consumers are provided with clear information and are kept appropriately informed before, during, and after the point of sale.

4. In cases where consumers receive advice, the advice is made suitable and takes account of their circumstances.

5. Products provided to consumers 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.

6. Consumers do not face unreasonable post-sale barriers imposed by firms to change products, switch providers, submit a claim, or make a complaint.

How will fair treatment of our customers be ensured?

At Wise Auto, pride is taken in being able to assist customers in finding the best possible car financing option for their circumstances. The aim is best stated in the mission statement: 'Working together to ensure customers' expectations are met and treating customers as we like to be treated ourselves.'

These words reflect the culture and philosophy that is central to the activity. However, it is recognized that to fulfil this objective, the following must be done:

  • Investment in the training and development of staff to ensure they are competent and focused on the importance of treating every customer fairly.
  • Calls and activities are monitored to ensure that each car financing inquiry is treated consistently and that any advice given is in the best interests of the customers.
  • Continuous assessment of the services provided to ensure changing requirements can be met.
  • Provision of documentation to clearly and unambiguously explain how contract hire agreements work.
  • Empowerment of staff to immediately address any concerns raised by a customer.

The ability to achieve these standards is constantly monitored through:

  • We regularly conduct written assessments of individual performance.
  • We benchmark performance against quality standards.
  • We perform internal and external audits.
  • We conduct customer satisfaction surveys.