Treating customers fairly
As a funder and a broker, Mann Island is committed to treating its customers fairly. This means that retail customers who deal with us should have confidence at each stage of our relationship that:
- the fair treatment of customers is central to our corporate culture;
- our products and services are designed to meet the needs of specific customer groups and will only be marketed in a way which is consistent with that design;
- they will receive appropriate and “clear, fair and not misleading” information from us both during and after the sales process and, where you enter a finance agreement with us, through the life of that agreement;
- where we make a product recommendation to you, this will be suitable and take due account of your circumstances;
- where finance is arranged through us, the agreement will operate as we have led you to expect and our service will be of a high standard and also meet your expectations; and
- we won’t put unreasonable barriers in your way should you wish to complain, change your finance arrangements or end our relationship.
These commitments go above and beyond our compliance with applicable legislative requirements (including the rules of the Financial Conduct Authority) because we recognise that, even where we have complied with the detailed rules, we may still not have delivered the outcome which we led you to believe you would get or which you had the right to expect.
We also seek to apply the same standards of integrity and even-handedness in our dealings with all our business partners, including dealers and our other funders and brokers.
As a funder, responsible lending is at the heart of Mann Island’s business. This means that you can be assured that:
- within the broad range of finance products to which we have access, we will either find one which meets your needs or we will not be able to provide funding for you;
- our products are fairly priced, accurately and clearly described, marketed to highlight the costs of borrowing and to give equal prominence to both the risks and benefits;
- we won’t put you under pressure to take out finance and are always happy to provide you with further information and guidance, including from independent sources;
- our systems and procedures for assessing creditworthiness are tried and tested, robust and thorough and will focus as much on the risk to you that you may not be able to afford or sustain payments as on the risk to us that you might not be able to make them;
- we won’t lend you more than is necessary to finance your transaction or over an unnecessarily long term or at a higher rate of interest than is appropriate;
- we will always treat you with respect and consideration should you experience any payment difficulties and any formal action will only be taken where all other avenues to come to an acceptable arrangement with you have been exhausted;
- your personal information will be treated confidentially and in accordance with data protection legislation;
- under strict controls we may share credit data with credit reference agencies to improve the quality of our decisions and to reduce the risk of you becoming over-committed.
In return, we ask that you:
- provide us with accurate and complete information when you apply for finance and let us know of any changes in your circumstances which might affect your application;
- ensure you understand the commitment you are making and the terms and conditions on which the finance product is being offered to you and, in particular, satisfy yourself that you can afford the payments;
- inform us of any changes we need to know about in order to administer your agreement properly;
- regularly assess your borrowing and other financial commitments and, if you are having difficulty managing your contractual payments or expect to face difficulty in the future, contact us so that we can discuss your situation and provide help where we can.