The Financial Conduct Authority has recently introduced the Consumer Duty, this new regulation requires businesses to “deliver good outcomes for retail customers”, cross-cutting rules, and four key outcomes for business-customer relationships.
The cross-cutting rules
- We must act in good faith towards our retail customers.
- We must avoid foreseeable harm to our retail customers.
- We must enable and support our retail customers to pursue their financial objectives.
The four outcomes
- Governance of products and services.
- Price and value.
- Consumer understanding.
- Consumer support.
VFX are committed to meeting all obligations outlined by regulators and would like to share our commitment to you in meeting the expectations set by the Consumer Duty. We treat all our customers equally and irrespective of your business model these new principles will apply.
In short, Consumer Duty is there to ensure customers receive communications they can understand, products and services that meet their needs and offer fair value, and the support they require.
You can read more about the Consumer Duty on the FCA website.
How we meet the rules and outcomes
- We have reviewed our products to ensure the best quality at a value you would expect.
- We have reviewed all customer facing interactions, documents, and agreements to ensure they are clear and easily understood.
- We have reviewed our pricing model and believe the price and value we offer is fair.
- We have created a Product Information Document that gives you an overview of what our products are and is available online.
- We have created a Vulnerable Customer Policy to help our customers whose Financial, Mental or Physical circumstances might have changed.
- We have produced a Complaints Guide for our customers to ensure they understand how they can make a complaint and how VFX will handle their complaints when made.
- We have a dedicated customer support team here to help you throughout the day.
How we determined our products offer fair price and value
We have completed market research to compare our products to our competitors and other payments organisations. We believe our products offer excellent features at a value you would expect.
How our products ensure you have a seamless customer experience;
- Reporting available in online accounts and back-office teams.
- Transactions are secured by 3DS, PCI.
- We safeguard your funds by holding your money separate from our own safely in segregated client safeguarding accounts at tier 1 UK banks.
- Swift and secure cloud-based transactions.
- Ability to perform cross border and international payments.
- Ability to accept debit and credit cards.
- We enable SWIFT, SEPA, BACS and CHAPS transfers.
- We provide dedicated support teams.
- We protect your business from fraud by using transaction monitoring tools.
- We assist you with your chargebacks and disputes to enable the right outcome in each situation for you and your customer.
If you feel we are missing anything you need, please let us know and we will investigate how we can be better. We very much welcome your feedback to enhance our product range.
We are here to help
If you need further information or support, please do not hesitate to contact our customer support team. You can email them using email@example.com or by calling 0207 959 6994. They are on hand to help, each business day, Monday – Friday, 09:00 - 17:30.
If your circumstances change
We understand that at times things can get difficult, we would like to assure you we are here to help. Please let us know if at any time your situation changes. We recommend viewing our Vulnerable Customers Policy which may also apply.
VFX strives to provide top-rated Foreign Exchange and payment services to its clients. However, sometimes things can go wrong and telling us about it gives us a chance to fix things. To assist in trying to resolve any issues in the case of a dispute, we have put together a simple guide for you to follow.