NEVA Consultants is helping customers understand how they – and their data – will be treated from leasing enquiry to vehicle delivery.
The company has produced a customer journey document that details the six steps from initial quotation to actual delivery so customers will be aware at every stage how they will be updated and by whom.
Neva says it wants to ensure customers are fully informed and won’t commit a customer to a financial agreement they may not be able to afford.
“With so many media articles discussing the mis-selling of personal motor finance products following the FCA investigation into motor finance, we wanted to reassure our customers that we put ‘Treating Customers Fairly’ at the core of everything we do,” explained Graham Prince, director at Neva Consultants.
“To demonstrate this, we have introduced a document (pictured above) which will help our customers better understand their journey with Neva. This allows them to see who will be handling their data and the six steps from quotation to delivery. We’re looking forward to explaining the benefits of this new approach to all of our customers.”
Customer reaction has been positive so far said Neva.
The FCA said it was looking at these key questions regarding motor finance:
- Are firms taking the right steps to ensure that they lend responsibly, in particular by appropriately assessing whether potential customers can afford the product in question?
- Are there conflicts of interest arising from commission arrangements between lenders and dealers, and if so are these appropriately managed to avoid harm to consumers?
- Is the information provided to potential customers by firms sufficiently clear and transparent, so that they can understand the risks involved and make informed decisions?
- Are firms managing the risk that asset valuations could fall and ensuring that they are adequately pricing risk?
The FCA said it would publish an update on this work in Q1 2018.
