ALD Automotive is a responsible lender and we have in place appropriate procedures for identifying and dealing with vulnerable customers to ensure that they are:
- Treated fairly and appropriately
- Treated on an individual basis, with a suitable level of forbearance and consideration.
- Communicated with in an ethical manner that is suitable to their circumstances and any limitations they may have.
- Generally supported in the appropriate manner.
All of ALD’s Processes and Procedures in relation to vulnerable customers are in line with the following (and are continually reviewed and updated on a regular basis to ensure that this remains the case)
- The latest regulation and guidance issued by the Financial Conduct Authority (FCA)
- The latest regulation and guidance issued by the Finance & Leasing Association (FLA) (which is the leading trade body for the asset, consumer and motor finance sectors in the UK, of which ALD is an active member)
- Industry ‘best practice’ initiatives including those produced by various specialist organisations including;
- Money Advice Trust
- National Debtline
- Citizens Advice Bureau
- Royal College of Psychiatrists
Furthermore, ALD’s Consumer Vulnerability Policy is an integral component of ALD’s overarching Treating Customers Fairly policy and is subject to the same level of management review, oversight and control i.e.
Customer Vulnerability management information is provided to ALD’s Risk and Management committees to ensure Board-Level involvement and oversight.
ALD’s formal audit functions incorporate Consumer Vulnerability as a key day to day working principle and any issues identified are raised with the appropriate line manager to enable action to be taken.
Ongoing vulnerable customer training is completed by all employees in line with their role and responsibilities, including ‘external’ bespoke training provided by industry recognised Customer Vulnerability specialists, as and when appropriate.
To summarise, as a business, we take our responsibility to Treating Customers Fairly and our handling of all vulnerable customers very seriously.
We aim to provide customers with all of the information that they need to be able to make informed decisions and we also ensure that should their circumstances change they are aware of all options and the impacts associated with subsequent choices.
We look to provide an empathetic approach designed to meet all customers' needs and this is supported by clear and well designed communications, support signposting and trained staff.