Credit: BMW Group

To mark the first anniversary of Consumer Duty, ALPHERA Financial Services has unveiled the Consumer Duty+ Code of Excellence.

Introduced by the City regulator in July 2023, Consumer Duty has significantly impacted the motor finance industry by enhancing the relationships between lenders, vehicle retailers, and motorists.

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In a press release, ALPHERA said the Code aims to further elevate standards with six clear promises, focusing on specific processes and outcomes for partners to adopt.

The Consumer Duty+ promises are as follows:

  1. Continuous Improvement: Committed to ongoing enhancement of services in line with Consumer Duty.
  2. Good Customer Outcomes: Placing customer outcomes at the core of all operations.
  3. Informed Decisions: Empowering customers with timely, relevant information.
  4. Fair Value: Demonstrating fair value pricing for all customers.
  5. Customer Recognition: Acknowledging the unique needs of each customer.
  6. Long-term Care: Maintaining duty of care throughout and beyond the finance agreement.

The first commitment emphasises ongoing service improvement by staying updated with regulatory changes, fostering a culture of continuous enhancement, providing accessible Consumer Duty contact points, and encouraging customer feedback.

Ensuring ‘good customer outcomes’ involves defining what constitutes ‘good’ for customers, monitoring performance through robust KPIs, appointing a Consumer Duty Champion, and implementing continuous staff training.

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The third promise supports customers in making informed decisions about finance products. This includes ensuring clear communication from sales teams and maintaining ongoing communication throughout the agreement’s duration.

Demonstrating fair value underscores ALPHERA’s transparent pricing approach.

Recognising the individuality of customers involves early identification of vulnerabilities and personalised support to help customers choose suitable finance products.

The final promise focuses on maintaining a long-term duty of care, including regular check-ins to assess satisfaction and address concerns.

Alex Royall, Director of ALPHERA Financial Services, said: “The automotive sector is constantly evolving, and so are we. While the launch of Consumer Duty last year established fundamental principles, our Consumer Duty+ Code of Excellence advances our commitment to customer service. This framework allows our colleagues and partners to benchmark and refine their approach, fostering stronger customer relationships and promoting mutual success.”

Adoption of the ALPHERA Consumer Duty+ Code of Excellence is voluntary. ALPHERA invites dealer and broker partners to sign up, with several partners, including Marriott Motor Group, Octane Finance, Howards Motor Group, VR EPS Warrington, Phantom Motor Company, Eastern Western Group, and Hippo Motor Group, already committed prior to the Code’s official launch.

ALPHERA Financial Services was founded by BMW Group in 2001.

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