Last year, the FCA introduced a new Consumer Duty. This sets a higher and clearer standard of consumer protection across financial services and highlights the requirement to put consumers’ needs first.
The FCA states that firms should take reasonable steps to:
- Act in good faith towards retail consumers
- Avoid causing foreseeable harm to retail consumers
- Enable and support retail consumers to pursue their financial objectives
What does this mean for MotoNovo?
Our aim is to help customers make effective choices, act in their interests and be able to make informed decisions. As a manufacturer of financial services products, it’s our duty to review our products and services and provide distributors (dealer/broker partners) with a guide to ensure they understand our products and can best support the customer’s buying journey.
The guide includes four key elements:
- Fair value statement
- Target market
- Characteristics and benefits of each product
- Our product matrix
To comply with FCA guidelines, it's important that all of our distributors have a copy of our Product & Services guide. If you’re a MotoNovo distributor, you should have already received this but in case you missed it, head to the Dealer Hub to download it or contact your Account Manager.
Supporting you along your Consumer Duty journey
Providing you with the tools you need to get Consumer Duty ready, take a look at our series of short videos explaining key Consumer Duty requirements and how together, we can deliver good outcomes for customers.
The information provided is for general information purposes only, and is not intended to constitute legal or other professional advice, and should not be relied on, or treated as a substitute for specific advice relevant to particular circumstances. You must ensure you take your own independent professional advice.
