Treating Customers Fairly

At Online Motor Group Ltd T/A NewCarsOnline.co.uk we are committed to giving you excellent customer service and treating you fairly. We are fully committed to providing the highest standards of client service and advice and we never forget that you have a choice of supplier and are grateful that you've chosen us.

Treating Customers Fairly (TCF) is one of the key principles set by the Financial Conduct Authority to ensure fair treatment of customers, by improving standards across the financial industry.

As a part of this, Online Motor Group Ltd T/A NewCarsOnline.co.uk follows the relevant aspects of the Financial Conduct Authority's six guiding principles on how to engage with our customers. These are known as the 'Treating Customers Fairly' principles and govern how we communicate with customers, the level of service we provide and the fairness of our products and procedures.

What is Treating Customers Fairly?

The principle of Treating Customers Fairly (TCF), introduced by the Financial Conduct Authority (FCA), is designed to ensure that consumers in the financial services sector are treated with fairness and respect. Its core objective is to enhance industry standards by setting clear outcomes that safeguard consumer interests and boost public confidence in financial institutions.

TCF is fundamental to fostering a culture of trust, openness, and responsibility within the financial sector. By adopting TCF values, firms can enhance customer experiences, foster loyalty, and clearly show that the interests of clients are central to their operations. This approach not only serves customers well but also helps to uphold the credibility and ethical standing of the industry as a whole.

To monitor adherence to TCF standards, the FCA conducts ongoing oversight through a variety of supervisory actions. These include evaluating firms’ risk management, performing inspections, and reviewing internal policies and practices. If a firm is found to be falling short, the FCA has the power to impose penalties, sanctions, or other corrective actions to enforce proper treatment of customers.

Four TCF Consumer Outcomes;

Outcome 1- Products and Services

Firms must ensure their products and services are designed to meet the needs of specific target markets, provide fair value and be distributed appropriately. They must align with the actual needs, characteristics and objectives of the intended consumer groups.

Outcome 2- Price and Value

Products and services must represent fair value customers. This means that the priced paid by the customer should be reasonable compared to the benefits they receive. Firms should avoid excessive fees or charges and ensure pricing structures are transparent.

Outcome 3- Consumer Understanding

Communications should enable consumers to make informed decision. Firms must provide clear, relevant and timely information at every stage of the customer journey to help customers understand the features, risks and costs of services and products.

Outcome 4- Consumer Support

Firm must provide effective and accessible customer support to ensure consumers can use their products and services as intended. This includes making it easy for customers to raise concerns issues, or cancel products without unreasonable barriers.

Our commitment to TCF

At NewCarsOnline, we are committed to integrating TCF (Treating Customers Fairly) into the core of our business. We continuously work to enhance our practices to ensure our customers receive fair treatment. We have outlined how we align with each TCF outcome, demonstrating our dedication to meeting the highest standards of fairness in customer interactions.

Outcome 1: Products and Services

We focus on offering products and services that cater to the diverse needs of our customers. Understanding that every customer has different requirements, we work to provide tailored solutions. Here’s how we approach this:

Customer Research: We conduct in-depth research, including surveys and focus groups, to understand the needs of different customer groups, shaping our product development.
Market Monitoring: We keep a close eye on market trends, industry developments, and competitors to ensure our customers receive value for their money.
Customisation Options: We offer flexibility, allowing customers to customise products and services to meet their specific needs.
Ongoing Feedback: Throughout the product lifecycle, we gather customer feedback via surveys and beta programs to improve our offerings.
After-Sales Support: We provide essential after-sales information, such as contract reminders, updates, and advice on additional services.
Regulatory Compliance: We ensure our products comply with all relevant regulations, protecting our customers’ rights and interests.

At NewCarsOnline, we are committed to always upholding the principles of fairness, transparency, and customer satisfaction, ensuring that our customers are treated with the respect and care they deserve.

Outcome 2: Customer Centric Culture

Our customer centric culture is at the heart of NewCarsOnline, with fair treatment serving as the cornerstone of everything we do. We recognise that customer satisfaction and trust are essential to our success, so we go the extra mile to meet their needs. Here’s how we ensure fairness is central to our culture:

Clear Communication: We ensure that every customer interaction is transparent, using simple, jargon-free language to empower customers to make informed decisions.
Personalised Approach: We take the time to understand each customer's unique situation, tailoring our products and services to meet their specific needs.
Employee Training: We equip our team members with the training and authority to prioritize fair treatment and resolve issues promptly and effectively.
Customer Feedback: We actively seek feedback through surveys and reviews to constantly refine our products, services, and processes.
Complaint Handling: Customer complaints are treated with utmost importance, and we have a robust, transparent system to ensure fair and swift resolution.
Vulnerable Customers: We identify and provide additional support to vulnerable customers, ensuring that their needs are met appropriately.
Continuous Improvement: We regularly review our practices to ensure they stay aligned with customer needs, regulatory standards, and industry best practices.

Outcome 3: Consumer Understanding

Our advisory process is designed to provide tailored advice that considers each customer’s unique situation. We understand that every individual has different financial goals, risk tolerance, and personal circumstances, which influence their needs. Here’s how we ensure a personalised approach in our advisory process:

Team Training and Competence: We prioritise the training and expertise of our team members to meet customer expectations, ensuring they are well-versed in TCF principles and can offer informed advice.
Comprehensive Assessments: Our advice is based on a thorough understanding of each customer's financial situation, goals, preferences, and risk tolerance, ensuring it aligns with their unique needs.
Personalised Recommendations: We provide tailored recommendations that are specifically designed to suit the customer’s circumstances and objectives.
Transparent Options: We clearly explain all available options, outlining the benefits, risks, and potential outcomes, helping customers make informed decisions.
Ongoing Communication: We maintain regular contact with customers, reviewing their situations and ensuring that our advice remains suitable as their circumstances evolve.
Regulatory Compliance: Our advisory process strictly adheres to regulatory guidelines and industry best practices, ensuring our advice is always appropriate and in the best interest of our customers.

Outcome 4: Consumer Support

Meeting and exceeding our service commitments is at the core of what we do. We work tirelessly to ensure that our products and services meet the highest standards and customer expectations. Here’s how we deliver on our promises:

Clear and Realistic Assurances: We provide accurate information about the features, benefits, and performance of our products, avoiding exaggerated claims to set proper expectations with our customers.
Quality Control: We implement strict quality control measures and industry best practices to ensure our products and services are of the highest quality, aiming for maximum customer satisfaction.
Continuous Improvement: We regularly review customer feedback and conduct internal assessments to identify areas for improvement, always striving to provide more value to our customers.
Reliable Customer Support: Our dedicated customer support team is trained to offer prompt and efficient assistance, addressing concerns and ensuring customer satisfaction at every touchpoint.
Performance Monitoring: We track the performance of our products and services through KPIs and customer satisfaction surveys, using this data to make informed decisions and improve our offerings.

Ways we meet these requirements in the day to day running of our business

We continually aim to understand the needs of our clients.

We ensure that the marketing of our products is appropriately targeted, clear, not misleading and highlights the risks/conditions as well as the key features/benefits of a product.

We make certain our clients understand the risks associated with our services at the outset of an instruction.

We keep our clients fully informed in a clear and fair manner that is unambiguous and not misleading.

We ensure our services are delivered with clarity and transparency and do not contain hidden conditions or rely on complex technical definitions.

Any advice provided will be appropriate and take into account the customer's individual needs and circumstances.

We take our clients' privacy seriously and ensure that our staff are aware of and follow rules in relation to data protection to ensure that clients' details are kept secure and confidential.

Consumer Duty Compliance

Our Promise to Customers

At NewCarsOnline, we fully embrace the standards set by the FCA's Consumer Duty, ensuring that every interaction with our products and services leads to fair and positive outcomes for our customers. We are dedicated to putting customer needs first by embedding fairness, transparency, and value into all aspects of our operations. Our goal is to build trust through honest communication and services that genuinely benefit those we serve.

How We Meet Consumer Duty Outcomes;

Outcome 1- Products and Services

Firms must ensure their products and services are designed to meet the needs of specific target markets, provide fair value and be distributed appropriately. They must align with the actual needs, characteristics and objectives of the intended consumer groups.

Outcome 2- Price and Value

Products and services must represent fair value customers. This means that the priced paid by the customer should be reasonable compared to the benefits they receive. Firms should avoid excessive fees or charges and ensure pricing structures are transparent.

Outcome 3- Consumer Understanding

Communications should enable consumers to make informed decision. Firms must provide clear, relevant and timely information at every stage of the customer journey to help customers understand the features, risks and costs of services and products.

Outcome 4- Consumer Support

Firm must provide effective and accessible customer support to ensure consumers can use their products and services as intended. This includes making it easy for customers to raise concerns issues, or cancel products without unreasonable barriers.

Minimising Foreseeable Harm

We take a proactive approach to identifying and mitigating potential risks to prevent foreseeable harm. This involves thorough testing and ongoing reviews of our policies, processes, and terms to ensure customer protection remains a top priority. By focusing on safe, transparent, and accessible practices, we help shield our customers from unfair or misleading experiences.

Governance and Responsibility

Our Consumer Duty framework is firmly integrated across all levels of the organisation. We maintain regular oversight and performance monitoring to ensure our practices align with the Duty’s principles. Ultimate responsibility lies with senior leadership and the board, who are fully committed to driving accountability and continuously enhancing customer outcomes.

What to Do If You Feel You've Been Treated Unfairly

At NewCarsOnline, we strive to deliver outstanding service to every customer. However, we recognise that sometimes things may not go as expected. If you feel you've been treated unfairly or have concerns about any part of our service, we want to hear from you so we can put things right.

To raise a concern or make a complaint, please get in touch with our Customer Services team by calling 01472 563 600 , or by emailing sales@newcarsonline.co.uk. The sooner we hear from you, the quicker we can investigate and work towards a resolution.

Our full Complaints Procedure outlines how we’ll handle your complaint and the steps to take if you’re not satisfied with the outcome.

If your agreement with us falls under FCA regulation and you’re unhappy with our final response, you may be able to refer your complaint to the Financial Ombudsman Service. You’ll need to do this within six months of receiving our final response. We’ll include details and an explanatory leaflet from the Financial Ombudsman when we send that final reply.