V12VF | Consumer Duty | April 23 - Flipbook - Page 18
Our fair value assessments have considered the following:
For V12 Vehicle Finance Prime Hire Purchase (HP)
Review assessment
Key data assessed
Product (including any
product limitations)
• Product features
• Expected price of product
• Percentage of portfolio expected to run full term
• Value added Products
Target market and
distribution (including
characteristics of
vulnerability)
• Characteristics of customers in the target market - objectives,
interests, needs and characteristics
• Customers for whom this product is clearly not intended for
• Characteristics of vulnerability in the target market and
considerations required for vulnerable customers as part of the: (I)
design; (ii) distribution; and (iii) on-going servicing of this product.
For V12 Vehicle Finance Prime Hire Purchase (HP)
We encourage the dealers and brokers we work with to continue to comply with our
Procedural Guides.
Our assessment concludes that V12 Vehicle Finance HP Product offers customers in
the identified target market fair value.
Dealers and brokers we work with must continue to ensure that their distribution
strategy is aligned with our identified target market.
Our assessment concludes that V12 Vehicle Finance HP Product offers customers in
the identified target market fair value.
Price (including any fees,
charges, and non-financial
cost)
• Costs incurred in manufacturing the product.
• Fees and charges applied.
Customer benefits
• Key qualities of the product.
• Risks are associated with the product and mitigations in place to
prevent foreseeable harm.
• Product limitations and clarity of customer explanations.
• Research, testing and feedback.
Competitive positioning
Summary
Our assessment concludes that V12 Vehicle Finance HP Product offers customers in
the identified target market fair value.
• Market rate and charges for a comparable product.
Dealers and brokers we work with must continue to ensure that any additional costs
they add offers fair value for the service the distributor provides and/or the value of
any add-ons.
Our assessment concludes that V12 Vehicle Finance HP Product offers customers in
the identified target market fair value.
Dealers and brokers we work with must continue to ensure that they align their
distribution strategy with our identified target market.
We continue to work with these dealers and brokers to obtain and assess information,
and agree actions as required, to ensure the ongoing value of this product.
Our assessment concludes that V12 Vehicle Finance HP Product offers customers in
the identified target market fair value.
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