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The Financial Conduct Authority’s (FCA) Treating Customers Fairly (TCF) initiative is primarily based on the obligation set out in Principle 6 requiring a firm to pay due regard to the interests of its clients and treat them fairly.
Synergy Automotive Ltd is fully committed to TCF and this policy demonstrates its application of TCF during the course of its day-to-day activities. TCF is embedded throughout its policies and procedures, including although not limited to:
Consumer Outcomes
The FCA has specified six treating customers fairly outcomes that firms should seek to achieve for their customers:
Synergy’s Culture
The FCA believe there are six areas of management behaviour that can influence a firm’s culture of customer treatment:
Assessing and Implementing our TCF Principles
Vulnerable Customers
Synergy’s practises are developed to ensure vulnerable customers are identified in a timely manner and the service provided is appropriate for their circumstances. All customer-facing employees are aware to gain explicit consent to record information if possible and pass through to the relevant department or finance provider.
Staff Awareness and Training
TCF is already instilled in the culture of Synergy. Synergy ensures its teams are trained and competent in order to provide our service to the level of satisfaction the client expects. In addition, all teams are provided with internal training on the fundamental principles of TCF, including BVRLA e-learning modules.
Complaints
Synergy Automotive’s Complaints Policy is clearly displayed on our website and is also detailed in our Initial Disclosure Document. We aim to deal with complaints swiftly in accordance with FCA rules, and as a member of the BVRLA, we have access to a conciliation service if required. All complaints and queries are logged and the outcome noted in the Complaints Log, which is reviewed and analysed in Management Meetings.
Management Information
Management Information (MI) is vital for firms in analysing trends and assisting in identifying and solving any problems which are identified. Firms should use it to monitor customer treatment, expectations and outcomes.
This information – whether anecdotal or quantified – should be active rather than merely reactive. It should identify future risks rather than just dealing with known problems and should be acted on as required.
MI has no purpose if it is not used, and firms can improve their service and business performance with good MI. How the firm uses and collects MI is down to the directors and senior management of the firm.
Types of Management Information
Management Information can come in many different forms of which some common types are:
The FCA expects firms to make use of suitable MI to monitor and measure their achievement of the 6 customer outcomes.
Principles of good Management Information
Management Information (MI) is information that is collected during a period of business activity. It may be about customers, staff, calls, visits, meetings, sales, opinions, parts of a process, predictions etc. MI is not just numbers. Quantitative data is valuable to any business, but commentary or opinions are also MI and can help provide a comprehensive, balanced view. All information relevant to a firm, from whatever source, can be described as MI. Good MI should enable management to make good decisions.
Synergy Automotive produces Management Information (MI) to assess its performance against TCF principles. In order to ensure the business makes informed decisions to continue to treat our customers fairly, the MI is accurate, timely, consistent and relevant. The MI is regularly reviewed by the Management Team and in Account Management Team meetings, and includes analysis of sales data and other types of information.
Conclusion
Synergy’s culture is and has been throughout the years in line with the outcomes specified by the FCA’s TCF initiative. However, Synergy frequently reviews its policies, procedures and practices to ensure that TCF remains an integral part of the business. Synergy ask its clients to provide us with feedback, through an independent provider ‘Feefo’, so that the firm can improve our service. The information collated from clients can be reflected in company management information and is regularly reviewed by senior managers and management team to help shape any strategic decisions.
Our business is built on repeat orders, recommendations and referrals. We're passionate about delivering an excellent customer experience.
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Synergy Automotive Ltd trading as Synergy Car Leasing is authorised and regulated by the Financial Conduct Authority (FCA) FRN 660618. Synergy Automotive Ltd trading as Synergy Car Leasing is a credit broker and not a lender.