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
Outcomes
- 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.