TREATING CUSTOMERS FAIRLY

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Treating Customers Fairly (TCF) is the notion supported by the Financial Conduct Authority to put your customers at the heart of your business, by listening and understanding their needs and creating a culture that treats them fairly.

Lenders and comparison sites in the payday loans industry are encouraged to create an environment for treating customers fairly and put customers at the centre of everything they do.

This involves putting procedures into place to ensure that customers are not taken advantage of and have reasonable expectations when they visit your website.

The Six Outcomes Of Treating Customers Fairly

The FCA highlight six outcomes for treating customers fairly:

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 both 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.

How Lenders Can Treat Customers Fairly

There are several ways that the lenders we feature can honour the principles of treating customers fairly.

Transparency: Lenders must clearly state their costs on their website including the representative APR and a repayment example. The loan providers must honour the prices that they charge so that consumers receive clear information before and after the point of sale.

Customers are expected to receive a loan agreement highlighting the terms of the loan and the lender must keep to these.

The lender must state whether they are a lender or a broker so that the customer is not misled.

Lenders must provide a warning label to emphasize the high cost of borrowing money and falling into arrears.

Checks: Payday lenders must provide adequate checks to assess the creditworthiness of the applicant. For instance, carrying out credit checks and affordability measures allows the lender to find the best product for the customer, the right amount to lend or not to lend at all.

Forbearance: Payday lenders must provide adequate checks to assess the creditworthiness of the applicant. For instance, carrying out credit checks and affordability measures allows the lender to find the best product for the customer, the right amount to lend or not to lend at all.

Culture: Loan vendors must create a culture that treats customers fairly. This includes providing adequate training to their staff, quality control and making compliant information and procedures accessible and available to staff when they need it.

How Quiddi Compare Treats Customers Fairly

As part of our commitment to treating customers fairly, we adhere to the following:

Transparency: The lenders we feature on our comparison table have been vetted beforehand to ensure that they are responsible lenders. The information provided on the tables are accurate and the customer has the ability to easily compare the costs of a loan, duration and loan amount.

We make it clear on our website that as a comparison site, we are a registered and licensed credit brokerage business and to receive funds, you have to apply through one of our featured lenders.

Security: We provide adequate security on our website including a secure server (https) and a tick box promising not to pass on customers’ details to other parties without their consent.

Training: We offer formal training to our staff in the areas of data protection, fraud, responsible lending and treating customers fairly.

Our Values

At Quiddi Compare, we are passionate about doing what is right for the customer and treating customers fairly. It is important that we give information on our site that is clear and easy to understand.

We are always contactable by email (info@quiddicompare.co.uk) or phone on 01244 676 732.

If we receive complaints or feedback, we are determined put things right if they are wrong.

Our site is completely free to use and we will not pass on your details or sell your data without your knowledge.

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