Consumer Duty

In 2022 the Financial Conduct Authority launched a new set of rules called Consumer Duty.

The rules have been put in place to raise standards and trust in financial services, and to improve outcomes for consumers.

The idea is that financial services providers, including credit unions, must always act in good faith to customers (in our case members) and avoid any foreseeable harm caused by using our services. The aim is to support people in pursuing their financial objectives.

Hoot is expected to have the interests of members at heart and treat them fairly. We must strive to deliver good outcomes for our members.

Consumer Principle

Deliver good outcomes for customers

Overarching Rules
  • Act in good faith towards customers
  • Avoid foreseeable harm to customers
  • Enable and support customers to pursue their financial objectives
  • Product & Services
  • Price & Value
  • Consumer Understanding
  • Consumer Support

Our Policy

Hoot is committed to providing an appropriate level of service and access to products that deliver good outcomes for members.

Products & Services

All members have access to appropriate products and services, and individual applications will be assessed to ensure that a product will not be offered that would be knowingly detrimental to the member.

Price & Value

Members will have access to products that compare favourably with alternative, like for like products and services.

Consumer Understanding

Hoot will use various means to educate its members on all aspects of borrowing, consequences of arrears and the general management of money.

Consumer Support

Staff will be trained to recognise signs of financial vulnerability and members will be provided with timely and appropriate information and support according to their circumstance.