TREATING CUSTOMERS FAIRLY

 

The Financial Conduct Authority launched its “Treating Customers Fairly” (TCF)  initiative as part of a wide-ranging move away from prescriptive rules and regulations, to a more “principles-based” approach. In particular, TCF is geared towards delivering one of the FCA's key aims and objectives - “helping retail consumers achieve a fair deal.”

 

FCA Rules have always required fair treatment of customers. The FCA “Principles for Businesses” include Principle 6 - “A firm must pay due regard to the interests of their customers and treat them fairly”.  

 

TCF, however, requires regulated firms to demonstrate more formally that the fair treatment of their customers is fundamental to their everyday operations, and to set out measures and processes to evidence fair treatment of customers is being delivered.

 

Statement and Policy on Treating Customers Fairly

 

The Money Bee has always placed a strong emphasis on providing the highest standards of customer service.

We believe our existing and potential customers' satisfaction is essential to our business model. Customers who feel they have been treated well are likely to refer their friends and family to us as new customers. Those customers, in turn, will also refer us, to their friends and family, if they are satisfied with our service levels.

 

However, we appreciate because a customer is satisfied, it does not necessarily mean they have been treated fairly.

We therefore regularly review our business practices to ensure we not only deliver exceptional customer service, but we also make certain our customers receive a fair deal.

 

Senior Management Responsibility

 

Senior management of regulated firms are also responsible for ensuring the fair treatment of customers is central to the firm's culture and everyday operations.

 

The owner of The Money Bee will, therefore, be responsible for delivering this fair treatment to the company's customers and ensuring all staff have the customer's best interests at the forefront of their minds at all times.

 

Failure to deliver consistently fair treatment to customers is likely to be seen by the FCA as a failure by the company's senior management to implement adequate systems and controls.

 

What does TCF mean to The Money Bee ( a trading name of Mortgages & Loans Limited)?

 

In the context of our business which provides advice on mortgages, general insurance, and pure protection products, primarily (but not solely) to private customers, we have identified the following objectives we believe will deliver fair treatment to The Money Bee's customers.

 

We have published these objectives in The Money Bee - Bee Sure Customer Charter.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR
PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP
REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

 

CALLS ARE RECORDED FOR TRAINING AND MONITORING PURPOSES

Legal Information

.The Money Bee, which is a trading style of Promise Solutions Ltd and is authorised and regulated by the Financial Conduct Authority– Number 681423. Registered in England, company number 04822774. Data Protection Reference Z8661889
Registered Office: 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

Terms and Conditions

There may be circumstances where we need to charge a fee.  In these instances, we will notify you at an early stage which could be £125.00 upon application and an arrangement fee up to 1% of the advance subject to a maximum of £2500.00, on receipt of the mortgage offer.

Follow Us

  • White Facebook Icon
  • White Twitter Icon
  • White Instagram Icon

Contact Us

2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.

2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

 

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker/processing fee and £125 application fee. Total repayable £119,873.

 

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, the total charge for credit is £42,584.52 which includes a £2,690 broker/processing fee. Total repayable £105,584.52.

 

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.