Pawnbroking - Treating Customers Fairly
“Customers are at the centre of our business”
Morgan Banks is building upon a long established line of jewellery shops since 1935, we have always had this belief and our new regulator, the Financial Conduct Authority, has a formal framework within which all financial providers need to ensure that they are Treating Customers Fairly.
Whilst we have a full and complete Treating Customers Fairly policy, we highlight the basics below:
Confidence : The FCA expects that customers should be able to have confidence that they are going to be treated fairly when they interact with a financial firm.
Needs should be met properly : Morgan Banks aim to adhere to the rules of the FCA which state that any product being sold to consumers is targeted correctly and serves their need. We offer only one loan product, the classic pawnbroking loan which has been used for centuries by clients wishing to access funds secured by their property, with immediacy or for a short period of time.
Consumers should be informed : Morgan Banks aims to ensure that pawnbroking customers are well-informed about the product, with particular emphasis before a loan application is completed but also throughout its term. Every customer is given a Pre-Contract Information sheet (SECCI) which details the intended transaction as well as a verbal statement explaining some required details.
Advice is suitable : The FCA states that consumers should get suitable advice from financial firms. Morgan Banks is a specialist pawnbroker offering only this one consumer credit product, and against a very specific type of asset (jewellery and high value watches). Pawnbroking staff are both trained and well-experienced in servicing the product and will provide advice that serves the individual customer’s best interest.
Products should work as expected : Morgan Banks recognises that it is very important for products to work how customers have been led to expect and to an acceptable standard. We aim for better than that, of course! Specialising in one consumer credit product alone (pawnbroking) allows us to monitor this with much greater consistency and efficacy than perhaps those who offer multiple loan products.
Post-sale barriers should not be unreasonable : It is important that customers do not have difficulty contacting us after a loan has been processed. We promote and welcome direct communication by telephone, email, fax or post and ensure that such enquiries are quicky addressed to ensure high customer satisfaction. We will not act unreasonably or contrary to your interests to prevent you switching to another provider. While it is extremely rare, any customer wishing to submit a complaint should find the process and relevant forms easily accessible in-store or on our website, where there is a dedicated menu option.
How do we "Treat Customers Fairly” at Morgan Banks ?
We have documented a comprehensive TCF policy setting out how we treat customers fairly, based on the model document created by the National Pawnbrokers Association to ensure that all areas are covered.
We aim to embrace both the letter and the spirit of the FCA regime and, as members of the National Pawnbrokers Association for many decades, we also embrace that well-respected trade organisation’s extensive advice on best practice.
While our full Treating customers fairly document is too long to publish here, it includes in depth details on the following :
1/. All Morgan Banks employees are expected to treat customers with respect and integrity as well as with fairness.
2/. We know that talking to financial services companies can seem daunting especially when it comes to personal finances. This is why we are clear in how we present information to our customers.
3/. Part of Morgan Banks’ commitment to treating customers fairly is that we don’t hide anything from them. There should be no hidden fees or costs because we are transparent and comprehensive in our approach.