Consumer Duty+: ALPHERA’s Code of Excellence sets a new benchmark for dealer and broker Partners

• ALPHERA Financial Services has launched the Consumer Duty+ Code of Excellence for its dealer and broker Partners
• The voluntary Code focuses on specific processes and outcomes that ALPHERA is committed to, and that Partners can embrace
• ALPHERA Partners, Marriott Motor Group, Octane Finance, Howards Motor Group, VR EPS Warrington, Phantom Motor Company, Eastern Western Group and Hippo Motor Group are among the early adopters of the Code
• “This set of guiding promises gives our colleagues and partners a framework with which they can benchmark and refine their approach to Consumer Duty”, Alex Royall, Director of ALPHERA Financial Services

To mark the first anniversary of Consumer Duty, ALPHERA Financial Services is doubling down on its commitment to elevating standards and supporting its Partners, with the introduction of the Consumer Duty+ Code of Excellence. 

Consumer Duty has marked a positive change for the industry since its introduction in July 2023, playing an important role in strengthening the relationship between lenders, vehicle retailers and motorists. ALPHERA’s Code seeks to elevate the standard further with six clearly defined promises that encourage clarity and consistency in its implementation, with a focus on specific processes and outcomes that its Partners can embrace.

The Consumer Duty+ promises:

1. We are committed to the continuous improvement of our services in line with Consumer Duty
2. Ensuring ‘good customer outcomes’ is at the heart of everything we do
3. We empower customers to make informed decisions by giving them the right information at the right time 
4. We can demonstrate that our prices represent fair value for every customer
5. We recognise that every customer is different
6. Our duty of care to customers continues for the lifespan of the finance agreement and beyond

The first commitment highlights the continuous improvement of services in line with Consumer Duty. This means staying up to date with the latest changes to the regulations, embedding a culture of continuous improvement, operating an easy-to-access Consumer Duty contact point for customers, and encouraging constructive feedback. 

Ensuring ‘good customer outcomes’ is at the heart of everything we do. This requires businesses to define what ‘good’ means to their customers and track performance against robust KPIs. Partners are required to appoint a Consumer Duty Champion within their business and implement ongoing staff training to ensure good outcomes are delivered. 

The third promise enables customers to make informed decisions when discussing finance products. Those who adopt the Code will ensure their sales teams use language that every customer can understand and continue communication throughout the duration of the agreement.

Demonstrating that products and services represent fair value underlines ALPHERA’s transparent approach to pricing structures.

A key factor in the successful implementation of Consumer Duty – recognising that every customer is different – requires early identification of specific customer vulnerabilities and requirements, as well as offering personalised support to help customers choose the right finance product.

The final promise – Our duty of care to customers continues for the lifespan of the finance agreement and beyond – emphasises the need to embrace long-term, supportive relationships with customers, conducting regular check-ins to assess satisfaction and troubleshoot any concerns. 

Alex Royall, Director of ALPHERA Financial Services, said: “The automotive sector doesn’t stand still, and neither do we. While the launch of Consumer Duty last year established the core principles for lenders and brokers to abide by, our Consumer Duty+ Code of Excellence takes our collective commitment to the customer a step further. 

“This set of guiding promises gives our colleagues and Partners a framework with which they can benchmark and refine their approach to Consumer Duty, building stronger relationships with customers and, in turn, helping them to thrive.”

Adopting the ALPHERA Consumer Duty+ Code of Excellence is voluntary, and ALPHERA invites their dealer and broker Partners to sign up and show their support. A number of ALPHERA’s Partners, including Marriott Motor Group, Octane Finance, Howards Motor Group, VR EPS Warrington, Phantom Motor Company, Eastern Western Group and Hippo Motor Group, have already committed to the Code prior to its launch. 

You can read the full Consumer Duty + Code of Excellence here.