V12VF | Consumer Duty | April 23 - Flipbook - Page 21
If you apply or wish to apply value-added products to the loans associated with V12VF products:
a) You must identify whether the product is regulated and have the necessary insurance distribution permissions where applicable.
b) You must be able to explain the product and your sales process to V12 Vehicle Finance, including:
•
the overall value and benefit of the product to the customer
•
the Pre-sales disclosure to the customer
•
the explanation to the customer of the length of cover versus the term length of loan (where not the same)
•
that there is clear transparency on the cost to the customer of adding the VAP to the V12VF loan. (e.g., adding £1000 to your loan
will cost £x over the term).
•
That a Quality Assurance process is in place to monitor transparency and disclosures in the sales process.
c) You must identify the VAP(s) as required on V12VF agreements
•
You identify the details and cost of the (agreed) VAP(s) where customer chooses to take and fund the product on the V12VF
agreement (not just added to the sales price)
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In the proposal submission (via Calms system or integration fields)
•
On the invoice
•
You retain and make available for audit any documents relating to the sale of VAP(s) on a V12VF loan.
•
You will share complaints data with V12VF where they are concerned with the VAP or the sales process.
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