Moneyway Welcome Pack - Procedure Guide - Flipbook - Page 20
Procedure Guide
2. Procedure
2.1
Dealer and Broker
Regulatory Responsibilities
Regulatory Compliance
As an FCA-authorised business, your 昀椀rm is
responsible for its own compliance with FCA
rules and guidance on the conduct of regulated
activities, including relevant requirements under
the Consumer Duty.
Guidance on key rules for credit brokers can be
viewed on the FCA’s website here:
Credit Broking Rules
Whilst you remain responsible for compliance,
we are required to maintain suf昀椀cient oversight
of your regulated activities under FCA rules. Your
agreement with us, in conjunction with this Guide,
sets out all requirements regarding adherence to
relevant laws and regulations.
Responsibilities under the Product,
Services, and Fair Value Outcome rules of
the Consumer Duty
You have certain responsibilities and obligations if
you distribute our Moneyway Finance Product:
• You must have distribution arrangements for
the Product that:
• Avoid causing foreseeable harm to customers.
• Support proper management of con昀氀icts
of interest.
• You must ensure the Product will be distributed
in accordance with the needs, characteristics,
and objectives of the
target market.
• You must not distribute the Product if you do
not understand it suf昀椀ciently.
• You must not distribute the Product
to customers outside the identi昀椀ed
target market
• If you set up your own or you implement a
speci昀椀c distribution strategy, this strategy must
be consistent with our distribution strategy and
our identi昀椀ed target market.
• You must regularly review your distribution
arrangements to ensure that they are still
appropriate and up to date.
• If you identify an issue with your Product
distribution arrangements, you must:
• Make appropriate amendments to the
Product distribution arrangements
• Inform us, and
• Take appropriate action to mitigate any harm
• If you apply any additional fees, charges,
commission, or other remuneration in
connection with the Product, you must
undertake your own fair value assessment
of these additional fees, charges, commission,
or other remuneration and ensure that the
Product continues to offer fair value
to customers.
• Ensure the needs, characteristics and
objectives of the target market are duly taken
into account.
• You must understand the Product, the
target market, and the distribution strategy
for the Product.
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