FCA Consumer Duty
Fair outcomes are designed into the conversation.
The Consumer Duty sets higher standards for firms serving retail customers. Asset Finance Co is an Appointed Representative of AFS Compliance Limited; this statement explains how we apply the four outcome areas in our brokerage conversations, content and support. It does not replace the principal firm’s formal policies or complaints process.
Products & services
We clarify what the proposed finance structure is, what the asset is for, who owns it during the term and which obligations need to be understood before proceeding.
Price & value
We encourage like-for-like comparison of deposit, payments, fees, VAT, final obligations, ownership and total payable rather than presenting the lowest monthly figure as the answer.
Consumer understanding
We use plain English, explain specialist terms, highlight material assumptions and invite questions before a customer moves from an enquiry to a formal provider process.
Consumer support
We provide clear contact routes, explain what happens next, support reasonable communication needs and direct complaints to the principal process where required.
01 · The outcome test
What a good finance conversation should leave clear.
A customer should understand the proposed asset, the commercial purpose, the payment shape and the important risks before deciding whether to progress. That includes the amount of any deposit, VAT timing, fees, security, insurance, maintenance, ownership position, early settlement and any balloon or residual obligation.
The team should also be clear about what has not happened. A website enquiry is not a credit decision, a lender approval or a guarantee of eligibility. A formal search or application should only proceed through the relevant provider process after the implications have been explained.
02 · How the standard is applied
Controls across the customer journey.
Before the enquiry
Content and calculators label assumptions, avoid guaranteed language and make it easy to ask for a quote without implying that a result is certain.
During assessment
The broker clarifies the asset, business need, timing, affordability context and relevant constraints before proposing a lender route.
Before a decision
The customer receives or is directed to written terms and can ask about commission, fees, VAT, ownership, security and final obligations.
After a concern
Questions, corrections and complaints have visible routes. AFS Compliance handles complaints as principal under the applicable procedure.
03 · Value and support questions
Questions worth asking before proceeding.
- ?What is the total amount payable, including every stated fee and final obligation?
- ?When is VAT due and what assumption has been made about recovery?
- ?Who owns the asset, and what happens if it is sold, replaced or damaged?
- ?Could the proposed payment remain manageable in a slower trading period?
- ?Is commission paid, and where is its basis explained?
- ?What happens before any formal credit search or lender application?
Governance and escalation
The principal firm is responsible for the applicable regulatory oversight and complaints framework. If you are unhappy with the service, use the AFS complaints process. For data-protection concerns, contact gdpr@afsuk.com. For a finance decision, obtain and review the provider’s written proposal and take professional advice where your circumstances require it.
What is Consumer Duty?+
Consumer Duty is the FCA’s standard for firms to act to deliver good outcomes across products and services, price and value, consumer understanding and consumer support. The exact scope depends on the customer and activity, but fairness and clarity remain the operating standard here.
Does it apply to business asset finance?+
Consumer Duty applies to retail customers, including certain sole traders, micro-enterprises and small partnerships within the FCA definition. Where a borrower is outside scope, Asset Finance Co still applies the same standards of transparency, fairness and support as a matter of policy.
How do you handle vulnerability or additional support needs?+
Tell the team what would make communication easier, such as more time, a different channel, large-print information or a trusted contact arrangement where appropriate. We will record only what is relevant and handle it under the privacy notice.
What if I believe I received a poor outcome?+
Raise the concern with your broker or use the AFS complaints route linked in the footer. The principal firm’s procedure explains acknowledgement, investigation, response and escalation rights.
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