Santander Consumer Finance (SCF) has launched a motor finance guide on vulnerable customers, providing dealers with support on the subject.
The guide, written by national debt charity Money Advice Trust with input from SCF, builds on the work done by SCF’s regulatory policy and governance team in raising awareness on how to serve vulnerable customers.
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SCF will be launching the guide through a series of national roadshows across UK venues, visiting dealers in Bristol, Northampton, Leeds, Manchester, Glasgow, Ballyclare in Northern Ireland and at its headquarters in Redhill, Surrey.
The 90-minute training sessions will cover decision making when purchasing a vehicle as well as SCF’s approach to vulnerability, the regulatory environment, obligations under the Senior Managers and Certification Regime (SMCR), the challenges of identifying vulnerability and how SCF will support their dealers.
Andy Green, Santander Consumer Finance’s director of marketing and innovation, said: “Vulnerability is an important part of the FCA’s business plan and with the SMCR coming into effect for Consumer Credit and Insurance in December increasing personal accountability we wanted to provide practical guidance for dealers and support them.”
Chris Fitch, vulnerability lead consultant at the Money Advice Trust, said: “When purchasing a vehicle from a car dealership, customers will make lots of big and small decisions. Importantly, as our new guide explains, we can identify customers who might need extra support or help during their purchase, by carefully watching the way in which they make these decisions.
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By GlobalData“Our guide provides staff working in car dealerships with the tools to better identify these vulnerable customers, support them in their decision-making, and to treat them fairly.”
To improve support for vulnerable customers, a comprehensive review of relevant processes and procedures was undertaken by Money Advice Trust which included visits to dealers to understand the challenges faced at point of sale. The guide is intended to address those challenges.
