13/03/2008 - Treating Customers Fairly

Treating Customers Fairly is central to Bristol & West Mortgages’ business strategy and culture.

Achieving the 6 outcomes set out by the Financial Services Authority is embedded into the way in which we design, distribute and service products.

Controls, processes and management information within the business provide staff, management and executives the focus for delivering outcomes that ensure the fair treatment of customers. Our staff are recruited and trained on the basis of being customer focused and personal objectives include treating customers fairly measures; promoting responsible behaviours and decision making to meet these goals.

As part of this process we will work with distributors and intermediary partners who share the same values and commitment to the fair treatment of customers through open and transparent relationships.

Product offering

Bristol & West Mortgages currently offers products in the prime residential mortgage market including self certification and specific products targeted towards first time buyers. Buy to let is also a significant product area and the company also offers a lump sum Lifetime mortgage product.

Bristol & West Mortgages offers a variety of mortgage types and clear literature and communications indicate how each product is structured.

Product design and the review of existing products is carried out regularly using a full array of internal and external information to ensure that products targeted towards specific groups perform as expected.

As part of this process we will look to work closely with intermediary distributors to ensure the fair treatment of customers.

Lending philosophy

Bristol & West Mortgages residential mortgage lending is focused on delivering responsible lending. A clean credit philosophy underpins all lending activity as this defines the applicant’s ability to pay and propensity to pay.

Service proposition

Our service proposition is based on an automated online decision that provides a fast reliable decision. A ‘day 1’ list of information requirements is issued upon application to allow the business to gather all information required to offer a mortgage. This is backed up by having a one person case ownership philosophy to ensure that consistent and efficient dealings are maintained at all times.

Systems and processes are in place to query or challenge any decisions, monitor the service we offer and this feedback is fed back into our management information to ensure the fair treatment of our customers.

Communications

Communications form a vital part of the customer journey and indeed TCF process to ensure their fair treatment and to assist intermediaries in their advice process. Printed literature, website and online communications support face to face and telephone support offered to intermediary customers. Regular review, feedback and analysis takes place to ensure TCF is taken into account as part of business as usual processes.

Relationships with intermediaries Relationship management with our intermediary partners forms a key part of ensuring we are treating customers fairly.

This will involve the regular review and sharing of management information, review meetings where appropriate and taking action on feedback and information received and given.

We will strive to work with partners who share similar values and who hold the fair treatment of customers as a core part of their business strategy and culture.