Consumer Duty

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Autedia Consumer Duty Document

Assessment of Fair Price and Value, Target Market and Distribution Strategy

I. Introduction

Autedia Limited is a platform dedicated to providing the necessary resources and support to drivers in the UK to navigate the world of motoring. Central to our mission is our unwavering commitment to acting in the best interests of our consumers. We understand that to fulfil this commitment; we must integrate it into every aspect of our operations.

II. The Consumer Principle

At Autedia, we believe that acting in our consumers’ best interest means more than just providing high-quality products and services. It means putting our consumers at the heart of everything we do, making decisions that prioritise their needs and well-being, and continuously seeking to understand and improve their experiences with our platform.

Applications of this principle at Autedia include:

– Partnering with finance companies that want to deal with drivers to offer competitive rates and terms.
– Allowing users to compare car insurance from leading driver insurers to make informed decisions.
– Providing guidance on how to buy the right used car and avoid pitfalls.
– Protecting consumers’ personal information registered with the Information Commission’s Office (ICO).

III. Cross-Cutting Rules

1. Avoiding Harm to Customers

To prevent harm to our customers, we have instituted several measures in the areas of car finance, car insurance, and learning to drive:

– We ensure transparency in all our financial and insurance services, providing comprehensive and accurate information about all options and terms.
– We partner with reputable finance and insurance companies known for their fair dealings.
– We offer content to help consumers understand car financing and insurance.
– Our Partners conduct thorough affordability checks before recommending a finance option.
– We provide a tool that allows consumers to compare car insurance options from leading insurers.

2. Enabling Customers to Pursue Financial Objectives

We help our customers pursue their financial objectives by providing resources to help them understand and navigate car finance and insurance options. This includes clear communication of details, comparison tools, and our Partner support throughout the decision-making process.

3. Acting in Good Faith

We strive to act in good faith in all our dealings with customers. This includes providing accurate information, maintaining transparency in all our operations, and treating all customers equitably.

IV. Key Outcomes

1. Communications

We are committed to ensuring transparent, fair, and not misleading communication with consumers. We strive to provide comprehensive and understandable information about car finance and insurance options.

2. Products and Services

We continuously review and update our platform to ensure accurate and up-to-date information. We are dedicated to providing high-quality, reliable resources and support.

3. Customer Service

We aim to provide high-quality customer service, effectively addressing consumer concerns and complaints. We respect our consumers’ autonomy and individuality and strive to offer flexible solutions that can be tailored to each individual’s circumstances.

4. Price and Value

Our Partners ensure the price and value of products and services are fair and transparent. We take steps to offer competitive pricing for drivers by partnering with finance companies and insurers willing to provide competitive offers to all demographic.

V. Implementation and Oversight

We will implement these principles and rules throughout our organisation and monitor adherence through internal oversight mechanisms. We will periodically review and revise this Consumer Duty document as necessary to ensure it remains accurate and effective.

VI. Conclusion

At Autedia, we are committed to acting in the best interests of our consumers.

1. Ensuring Product and Service Alignment:
As a car finance broker, we consistently strive to ensure that our products and services align with the needs of consumers in the target market and perform as expected. Rigorous testing procedures are conducted to evaluate the functionality and suitability of our offerings. This includes a comprehensive assessment of loan terms, interest rates, repayment options, and overall affordability to ensure they cater to consumer requirements.

2. Mitigating Risks for Vulnerable Groups:
Acknowledging the significance of addressing the needs of vulnerable customers, we conduct careful assessments of our products and services to identify any features that may pose risks for such groups. If any potential risks are identified, we take prompt action to modify the design of our offerings. Our objective is to ensure inclusivity and fairness and to prevent the exacerbation of vulnerabilities.

3. Enhancing Consumer Outcomes through Fair Value Assessments:
We conduct thorough, fair value assessments to assess the fairness of our pricing and ensure favourable outcomes for consumers. These assessments consider market standards, competitor offerings, and valuable customer feedback. In cases where discrepancies or areas for improvement are identified, appropriate actions are taken promptly. Regular monitoring and analysis help us evaluate the effectiveness of these actions in enhancing consumer outcomes.

4. Ongoing Monitoring of Fair Value:
To ensure the continuous fair value of our products and services, we rely on various data sources, including market research, internal management information (MI), and customer feedback. This allows us to monitor the competitiveness of our offerings, identify potential issues, and make necessary adjustments to maintain fair value.

5. Effective Communication Assessment and Implementation:
We employ a range of methods to assess the effectiveness of our communications. This includes gathering customer surveys and feedback and analysing customer interactions. By carefully analysing this data, we identify areas for improvement and make necessary changes to enhance our communication strategies. We aim to ensure our communications are clear, transparent, and informative.

6. Adapting Communications for Vulnerable Customers:
Recognising the importance of adapting our communications to cater to vulnerable customers, we utilise clear and accessible language and additional support channels and present information efficiently. Regular feedback from vulnerable customers and customer satisfaction surveys are instrumental in assessing the effectiveness of these adaptations.

7. Assessing Customer Support for Vulnerable Customers:
Ongoing assessments are conducted to evaluate whether our customer support adequately meets customers’ needs with vulnerability characteristics. This involves analysing customer support interactions, tracking complaint resolution, and soliciting feedback through surveys or focus groups. The data collected, along with management information, assists us in evaluating our performance and making necessary improvements to enhance support for vulnerable customers.

8. Ensuring Consistency in Pre-Sale and Post-Sale Support:
To maintain consistency and quality, we and our Partners emphasise post-sale support to ensure customer satisfaction throughout their journey. Response times, customer feedback, and regular assessments are monitored to identify areas of improvement. This includes analysing customer satisfaction surveys, tracking resolution times for post-sale queries or issues, and conducting internal audits to uphold consistent service standards.

9. Clear Understanding of Roles and Responsibilities:
We prioritise ensuring that all individuals within our firm, including those in control and support functions, clearly understand their roles and responsibilities in delivering the Duty. Through comprehensive training programs and regular communications, we ensure that all employees are well-informed about their obligations under the Consumer Duty and can effectively fulfil their responsibilities.

10. Mitigating Key Risks for Customer Outcomes:
We have implemented a robust risk management framework to identify and assess critical risks that may impact our ability to deliver positive customer outcomes. Regular risk assessments, analysis of market trends, and reviewing regulatory developments are integral parts of our proactive approach. Once identified, appropriate mitigating measures are implemented to minimise the impact of these risks and ensure the protection of customer outcomes.