Consumer Duty Policy
Consumer Duty Policy
Effective Date: 1 January 2025
At Priceless Auto Services Ltd, we are passionate about providing every customer with a transparent, professional, and enjoyable experience.
We recognise that the financial services industry is continually evolving, and we are committed to ensuring our staff remain fully trained and compliant with the latest FCA Consumer Duty standards.
The FCA Consumer Duty
Introduced by the Financial Conduct Authority (FCA), the Consumer Duty sets higher expectations for firms to deliver good outcomes for retail customers.
It requires all regulated businesses to act in a way that ensures fairness, clarity, and support at every stage of the customer journey.
The Duty is built around three key principles:
- Act in good faith towards customers.
- Avoid causing foreseeable harm to customers.
- Enable and support customers to pursue their financial objectives.
Our Commitment
At Priceless Auto Services Ltd, we are dedicated to doing what is right for the customer, not just what is permitted by regulation.
This means:
- We always act honestly and transparently.
- We prioritise customer understanding over sales.
- We ensure that any product or finance option offered is suitable and affordable.
How We Apply the Consumer Duty
1. Understanding the Customer
When a customer expresses interest in vehicle finance, we take the time to understand their:
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Individual needs and preferences,
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Budget and affordability,
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Credit history and financial situation.
We use this information to identify the most appropriate finance products and lenders. We never submit applications to lenders simply to earn higher commission or to increase approval chances without good reason, each recommendation is made in the customer's best interest.
2. Providing Clear and Fair Information
We explain all finance options, key terms, and obligations in plain language.
Customers are given adequate time to consider any finance agreement before signing.
We make sure every customer:
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Understands the total cost of finance (including interest, fees, and options at the end of the term),
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Knows who the lender is and what their responsibilities are,
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Has time to review documents independently if they wish.
3. Transparency About Commission
We are open and honest about how we are paid.
Customers are informed that we may receive a commission from the lender for introducing them, and we disclose the amount upon request in accordance with FCA requirements.
4. Supporting Vulnerable Customers
Our team is trained to recognise and support customers who may be vulnerable due to health, financial, or personal circumstances.
We adapt our communication, provide extra time, or offer alternative options where appropriate.
For more details, please see our Vulnerable Customer Policy.
5. Handling Complaints
If a customer raises a concern, we take it seriously.
We aim to resolve complaints quickly, fairly, and transparently.
Customers can find full details of our complaints process on our Complaints Procedure page or by emailing [email protected] / [email protected]
Our Ongoing Commitment
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All staff receive regular FCA and Consumer Duty training.
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We review customer outcomes regularly to identify areas for improvement.
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We welcome feedback to help us continually improve our service.
Our guiding principle is simple:
"Treat customers as you would expect to be treated yourself."
By following the Consumer Duty, we ensure that every interaction with Priceless Auto Services Ltd is fair, transparent, and focused on achieving the best possible outcome for the customer.
© 2025 Priceless Auto Services Ltd. All rights reserved.
