What You Can Expect: Treating Customers Fairly
Young Finance has embraced all aspects of The Financial Services Authority's 'Treating Customers Fairly' (TCF) policy and we have reviewed our procedures and practices accordingly.
The FSA, is an independent watchdog overseeing the financial services industry and offers rules and guidelines to assist companies in managing and developing their clients and clients' needs.
The FSA has defined six consumer 'outcomes', to explain what they expect from companies on behalf of consumers. We are proud to say that our policies and procedures comply with these guidelines:
1. Consumers can be confident that they are dealing with firms where the fair treatment of customers is central to the corporate culture
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We have always conducted our business with the best interest of our clients being the fundamental goal. We follow very clear processes when dealing with both potential and existing clients. Our advice process enables all our Advisers to fully understand our clients' financial needs as well as any specific goals they may have, now or in the future. We have access to the whole of market for mortgage products, which ensures that our recommendations are both suitable and specific for each of our clients' individual requirements.
Our Advisors are regularly reviewed to ensure that the advice given was suitable and compliant with FSA guidelines. Findings from these reviews form part of our Advisors' continuous professional development (CPD).
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2. Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and targeted accordingly
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We agree with our clients to contact them prior to the expiry of any previously agreed product sale or when we are aware of a client's future specific financial need and are authorised to recommend suitable solutions.
In addition we provide our clients with our monthly newsletter, London Update. The newsletter's market and economic updates provide useful and up to date details of news and product information from the financial sector. Clients that have opted to unsubscribe from marketing updates will be excluded from this communication upon request, as per our privacy policy.
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3. Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale
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We are committed to continued communication with both potential and existing clients and are rightly proud of the positive feedback received from our clients.
After an initial meeting, our Advisers will maintain agreed regular contact with their clients until both parties are ready to complete the product solution required. After an agreed sale, our Advisors remain in regular contact to ensure that the client is kept informed of their application's progress and to offer any additional assistance if required. Furthermore, we will not only contact the client after the completion of their product sale but throughout the future by way of our monthly London Update newsletter and our mortgage renewal letter/telephone call.
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4. Where consumers receive advice, the advice is suitable and takes account of their circumstances
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Our Advisers are qualified to give both advice and recommendations to their clients, having achieved the necessary industry qualifications, such as CeMap.
Prior to offering any advice or recommendations our Advisers will complete a comprehensive fact find of their clients present circumstances and future goals and will use this information to inform their advice in recommending and providing appropriate solutions.
Young Finance Limited is an Appointed Representative of Pink Home Loans.
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5. 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 believe
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We have internal measurements to monitor the performance of a number of our recommended product providers and we use this knowledge when offering financial solutions to match our clients' needs.
All sales are administrated from application to completion, with further contact made by Young Finance to ensure full client satisfaction with the service afforded by all of our staff. Feedback is subsequently used for both individual staff development and company review purposes.
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6. Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint
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We undertake to ensure that prior to any agreed product sale, our Advisers have discussed all the features and benefits of their recommended product and have ensured that any restrictions or penalties involved with the contract are clearly understood by our clients and do not conflict with their current circumstances, future plans or requirements.
All our Advisers, prior to recommending a product solution, will review any restrictions, time clauses and penalties in line with the client's details to confirm suitability.
We also undertake to contact our clients prior to the expiry of a previously agreed product sale to discuss future actions required to maintain maximum product benefits.
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You can download and print a copy of our commitment to treating customers fairly.
Current Bank Rate
0.5% - Next due: 05 Aug 10
Current Inflation (CPI)
3.2% - Next due: 17 Aug 10
3-month Sterling LIBOR
0.73344% - 13 July 10
