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Consumer Duty Statement
Aequitas Automotive Ltd
The FCA’s Consumer Duty requires all financial services firms to focus and deliver good outcomes for retail customers. At Aequitas Automotive Ltd, we place the interests of our customers at the heart of everything we do.
The Consumer Duty Principle
A firm must act to deliver good outcomes for retail clients. This principle underpins all of our activities and is supported by three cross-cutting rules:
- Act in good faith towards retail customers.
- Avoid foreseeable harm to retail customers.
- Enable and support retail customers to pursue their financial objectives.
The Four Outcomes
1. Communication
We aim to make our communications clear, fair, and not misleading. We aim to ensure our customers have the right information, at the right time, to make informed decisions about our products and services.
2. Products and Services
Our products are designed to meet the specific needs of motorists seeking additional insurance protection. They are only sold where suitable, and we continue to review them to ensure they remain fit for purpose.
3. Customer Service
We are committed to providing a service that allows customers to benefit from their cover fully. We aim to resolve questions and queries promptly and remove unnecessary barriers to customers using their policies.
4. Price and Value
We regularly assess our pricing to ensure our products offer fair value. This includes comparing against market benchmarks, reviewing claims performance, and analysing customer outcomes.
Monitoring and Evidence
To demonstrate compliance with the Consumer Duty, we regularly review and test the outcomes our customers are experiencing. This includes analysis of:
- Product sales, claims experience, and cancellation rates
- Complaints and root cause analysis
- Customer feedback and retention levels
- Distribution channels and customer journeys
- Staff training and compliance records
Where issues are identified, we act quickly to make improvements. This could involve revising product design, adjusting pricing, improving processes, or where necessary, providing redress.
Governance
Consumer Duty applies across all areas of our business. Oversight is provided at Board level, supported by regular management reviews. We carry out gap analyses and update our processes to ensure we continue to meet the required standards.
We also maintain:
- A Product Oversight and Governance Policy, and
- Fair Value Assessments for each product group.
Our Commitment
We are committed to ensuring that our products, services, and communications are fit for purpose, provide fair value, and support our customers in achieving positive financial outcomes.
Reviewed 28/8/25