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SYNERGY CAR LEASING WAS FOUNDED TO GIVE OUR CLIENTS AN EXCELLENT LEASING EXPERIENCE.
We continue to achieve this by delivering a great service to our clients through industry knowledge and quality customer communication. All this is backed up by our Best Price Guarantee.
Our customer service focus remains at the heart of our business, offering greater choice and more convenience, evidenced by our Feefo 10 Years of Excellence Award, for a decade of best-in-class customer service, as well as our “world class” net promoter score (NPS) meaning our customers are highly likely to recommend us.
Established in 2006, Synergy Car Leasing is one of the leading automotive and finance credit brokers in the UK, providing a range of vehicle and finance solutions to both businesses and private individuals.
Newable Ltd, a London-based financial services, professional advice and workspace provider, acquired a majority shareholding in the business in early 2020, to further Synergy’s growth plans. Newable supports ambitious businesses with flexible finance solutions from patient capital investment, export finance, business finance and property finance. The organisation provides fully funded advice to businesses and hold 300 free events each year for SMEs; it also has a large range of workspaces across the UK suitable for all budgets.
Clients still remain at the heart of our business and we continue to offer a professional, friendly approach and a personal service. Our head office is based in the beautiful spa town of Harrogate, North Yorkshire, where our hard-working team, chosen for their extensive industry knowledge and expertise, are located.
We now have thousands of independent customer reviews which rate us 5 Stars for Customer Experience and Product.
Synergy has produced an Environmental, Social and Governance (ESG) strategy, to outline our commitment to drive responsible economic growth and prosperity. Our key goals around the three ESG areas focus on sustainability; creating a great place to work and giving back to the local community; strong governance to deliver fair value and to responsibly manage risks and opportunities.
We're also a member of the British Vehicle Rental and Leasing Association (BVRLA), so you can be assured of the highest standards of service, fair terms and conditions, as well as transparent and accurate information.
A member of the British Vehicle Rental and Leasing Association (BVRLA)
As a member of the British Vehicle Rental and Leasing Association (BVRLA), we adhere to the Leasing Brokers Member's code of conduct, so you can be assured of the highest levels of service, honesty and integrity. The code states that Leasing Broker Members agree to abide by the following principles:
- To provide clear pricing for all products and services sold via any sales channel, printed or digital, which promotes a member’s products.
- Not to misrepresent any information about their products or services.
- To behave at all times with integrity and ensure that any agents working on their behalf also follow the standards set out in the Code of Conduct.
- To understand and comply with all rules and regulations relating to the service or product provided.
- To provide customers with the information they need to make an informed decision about the product/service offered.
- To operate from an established place of business that is maintained to a professional standard.
- Not to use any advertising material containing misleading or inaccurate statements and to comply with the codes and standards set by the regulators.
- To resolve customer complaints according to the standards set out in the Code of Conduct.
- To ensure that employees, where appropriate, are adequately trained to a standard that enables them to adhere to the Code of Conduct.
- To display the BVRLA logo.
View in full the BVRLA Code of Conduct.
Synergy Automotive is authorised and regulated by the Financial Conduct Authority (FCA) FRN 660618.
Data Protection Number Z9922966.
TREATING CUSTOMERS FAIRLY
Our business has prospered over the last decade by ensuring we put our clients first and provide them with the very best leasing experience. We continue to follow the six consumer outcomes laid out by the Financial Conduct Authority (FCA) below:
- Consumers can be confident they are dealing with firms where the fair treatment of customers is central to the corporate culture.
Our customers are at the heart of our business and we take the time to listen to them and understand their needs. - Products and services promoted and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly.
We make sure we match the right product to our customer's individual requirements. As well as making clear the benefits of the product, we highlight any risks or considerations that may need to be taken into account. - Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.
We ensure that all documentation before, during and after the sale is clear, straightforward and sent to our customers in a timely manner. - Where consumers receive advice, the advice is suitable and takes account of their circumstances.
We make sure we understand our customers’ requirements as well as their individual circumstances so that we can offer suitable, clear advice. - 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.
All of our customers receive written information about their leasing agreement prior to commitment. In addition, our Account Managers, Client Services Team and other members of staff are aware of and compliant with FCA regulations. - Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint.
We ensure all of our customers are treated fairly and with respect. Furthermore, our complaints policy is displayed on our website and any complaints are dealt with promptly and satisfactorily, with any future learnings taken into account.
ASSESSING AND IMPLEMENTING OUR TCF PRINCIPLES
- Synergy’s marketing and financial promotions are developed to ensure that they are appropriate for the target audience and are presented in a clear, fair and not misleading manner. They are also reviewed and signed off as approved by the Compliance Manager.
- Communication of the application process, key details of the product and disclosure of the customer’s rights are provided in a number of formal documents before and after the customer enters into an agreement. There are no hidden terms, conditions or fees and they are written in easy to understand language. Quotations and order forms are presented in a format which are easily legible and understood.
- All calls are recorded for quality and training purposes so customers can be confident that any conversations can be relied upon at a later stage if required.
- Our customers view of their leasing experience with Synergy Automotive is important to us so we work with independent feedback company - Feefo to gain feedback. We also monitor our Net Promoter Score (NPS) within Feefo. Feefo is reviewed regularly in Sales Meetings, responded to and any learnings taken into account in future decision making.
- We take our customers’ data seriously, and ensure all staff are trained to keep our customers’ details secure and confidential.
MANAGEMENT INFORMATION (MI)
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.
Awareness/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.
Synergy Car Leasing operates a remuneration model that mitigates sales bias and rewards non-sales staff so as to not impact negatively on the treatment of clients.
Consumer Duty
Consumer Duty sets higher and clearer standards of consumer protection across all financial services, with a focus on good outcomes for retail customers.The Consumer Duty comes into force on 31 July 2023 for new and existing products and services. The Consumer Duty applies to the regulated activities and ancillary activities of all firms authorised by the Financial Conduct Authority (FCA).
What is the Consumer Principle?
The Consumer Principle is a higher standard of customer protection where firms are required to act to deliver good outcomes for retail customers. This Principle 12 sets a higher level of standard and care than previously set out through the ‘Treating Customers Fairly’ Principle. The Consumer Duty is underpinned by the concept of reasonableness.
What are the Cross-Cutting Rules?
The Cross-Cutting rules define how firms should act to deliver good outcomes to retail customers:
- Act in good faith towards retail customers
- Avoid forseeable harm to retail customers
- Enable and support retail customers to pursue their financial objectives
What are the four outcomes?
The four outcomes give more guidance to firms on key areas of Consumer Duty
- Products and Services
- Price and Value
- Consumer Understanding and
- Consumer Support
How does Synergy ensure it meets the requirements of Consumer Duty?
Synergy has undertaken a comprehensive review to ensure that the company meets the requirements of Consumer Duty as part of the Consumer Duty implementation plan. Synergy also undertakes annual reviews to ensure the standards are still met and maintained, as well as daily, weekly and monthly data monitoring.
Meeting our Consumer Duty requirements includes but is not limited to:
Staff training on Consumer Duty requirement, with the requirements being driven by the board of directors and throughout the organisation. It is also considered as part of the recruitment process.
Ensuring fair value for our customers through a focus on the four outcomes of:
Price and Value – offering fair value and support services throughout the lifecycle of the product for our customers
Product and services - meeting the needs of our target market and understanding the needs and requirements of our individual customers
Consumer understanding – ensuring our customers understand the nature of their leasing agreement and are given the right information through clear communications to make informed decisions at the right time.
Consumer support – supporting our customers throughout their leasing journey, meeting the needs of customers with characteristics of vulnerability and allowing for appropriate friction points.
It is everyone’s responsibility in the organisation to ensure that customers receive good outcomes
Complaints
Synergy'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
Synergy Car Leasing regularly reviews our processes, policies and procedures to ensure that TCF remains at the heart of our business. Any learnings are taken into account and are used to help shape any strategic decisions and the future direction of the company. Please see our full Treating Customers Fairly Policy for further information.
