V12VF | Consumer Duty | April 23 - Flipbook - Page 19
For V12 Vehicle Finance Personal Contract Purchase (PCP)
Review assessment
Key data assessed
Product features
Expected price of product
Percentage of portfolio expected to run full term
Value added Products
Product (including any
product limitations)
•
•
•
•
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.
Price (including any fees,
charges, and nonfinancial 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
• Market rate and charges for a comparable product.
Summary
Our assessment concludes that V12 Vehicle Finance PCP Product offers customers in the
identified target market fair value.
We encourage the dealers and brokers we work with to continue to comply with our
Procedural Guides.
Our assessment concludes that V12 Vehicle Finance PCP 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 PCP Product offers customers in the
identified target market fair value.
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 PCP 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 PCP Product offers customers in the
identified target market fair value.
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