Consumer Duty

At Planet Leasing Limited we are committed to giving you excellent customer service and treating you fairly. We are fully committed to providing the highest standards of client service and advice and we never forget that you have a choice of supplier and are grateful that you have chosen us.

Consumer Duty sets out key principles defined by the Financial Conduct Authority to promote fair treatment of customers and improve standards across the financial industry.

As part of this, Planet Leasing Limited follows the relevant aspects of the Financial Conduct Authority's four guiding principles on how to engage with our customers. These are known as the 'Consumer Duty' principles and govern how we communicate with customers, the level of service we provide and the fairness of our products and procedures.

The principles for Consumer Duty

Products and Services:

Firms must design and provide products and services that are fit for purpose and meet the needs of the identified target market. This includes ensuring that the products perform as expected and are not designed to exploit customer vulnerabilities.

Price and Value:

Customers should receive fair value for the products and services they purchase. Firms must assess whether the benefits customers receive outweigh the costs, avoiding excessive charges and ensuring pricing is transparent.

Consumer Understanding:

Firms must ensure customers can make informed decisions. This requires providing clear, accurate, and easy-to-understand information in plain language, avoiding jargon, and ensuring customers comprehend the key aspects of the products and services offered.

Consumer Support:

Customers must receive the support they need throughout the lifecycle of a product or service. This means ensuring that firms provide a good standard of customer service, facilitate switching or making complaints, and offer support for vulnerable customers.

Ways we meet these requirements in the day-to-day running of our business

• We continually aim to understand the needs of our clients
• We ensure that the marketing of our products is appropriately targeted, clear, not misleading and highlights the risks/conditions as well as the key features/benefits of a product.
• We make certain our clients understand the risks associated with our services at the outset of an instruction.
• We keep our clients fully informed in a clear and fair manner that is unambiguous and not misleading.
• We ensure our services are delivered with clarity and transparency and do not contain hidden conditions or rely on complex technical definitions.
• Any advice provided will be appropriate and take into account the customer's individual needs and circumstances.
• We take our clients' privacy seriously and ensure that our staff are aware of and follow rules in relation to data protection to ensure that clients' details are kept secure and confidential.
• We take any complaint seriously and will deal with any complaints promptly and make improvements to our operations where required.

Under Principle 12, the outcomes expected by the FCA are;

The Duty is comprised of the following components:

Consumer Principle – the overriding requirement of the Duty is for a firm to deliver good outcomes for retail consumers, as well as firms paying attention to the needs of customers with characteristics of vulnerability.

Cross-cutting rules – These are the three overarching requirements that explain how firms should act to deliver good outcomes and support firms in interpreting the four outcomes.

1. Act in good faith
2. Avoid foreseeable harm
3. Support retail customers to pursue their financial objectives

Data and monitoring

A significant part of the Duty is that Planet Leasing Ltd isable to evidence the outcomes their customers are receiving. Firms must identify relevant sources of data that can assess whether the outcomes that their customers are experiencing are consistent with the Duty requirements. Through the monitoring of customer outcomes, firms are expected to identify and manage risks that could prevent good customer service.

This will also allow us to identify poor outcomes and take appropriate action to rectify the causes of these unwanted results. Possible actions when firms identify problems could be:

• Amending, adapting or discontinuing a product or service.
• Adjusting product or service design, fees or charges.
• Making appropriate changes to the firm’s operations.
• Updating customer support processes or distribution channels.
• Adapting communications to make them more understandable.
• Providing appropriate redress to customers who have suffered harm.

Planet Leasing Limited aims to meet its obligations under the Consumer Duty while also adhering to the Treating Customers Fairly expectations.

If you have a complaint

Please visit our complaints procedure page.