Where do these responsibilities lie?
Providers:
Your finance and insurance providers are responsible for ensuring their products meet the requirements of Principle 12. As such they need to have reviewed their offering in line with the need to put consumers at the heart of their business. They must also put a proper monitoring system in place to understand customers' practical experiences, so that they can amend the products to improve actions.
Dealership:
As a dealership, your responsibility is to ensure you get a copy of your provider's product review, so you know that the products you are offering to your customers are fit for purpose. This simply needs to sit on file, and be updated every time your provider does a new review or make changes to their products.
Ingeni gathers this information on your behalf and holds it on file so that you can access it at any time.
Consumer Duty: Delivering Good Outcomes, Price and Value
These are the four areas the FCA expects you to address, and today we’re looking at price and value:
Governance of products and services
Price and value
Consumer understanding
Consumer support
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