Delivering good outcomes for our Members

We are dedicated to delivering good outcomes for our Members. The Society's responsibilities to help deliver good outcomes are outlined below. 

Our Responsibilities

  1. We will design and market new products that meet the needs of the Member groups at whom they are targeted.

  2. We will ensure that fairness in our dealings with Members and delivering good customer outcomes is central to the Society’s culture.

  3. All of our products will have clear and fair terms and conditions.

  4. We will provide all necessary information about our products before, during and after the point of sale.

  5. Where we provide advice, this will be suitable and will take account of our Members’ circumstances.

  6. Our products will perform as we have led our Members to expect.

  7. Our staff will provide our Members with a friendly, efficient and professional service.

  8. We will not put in place unreasonable barriers that prevent our Members from changing products or moving to another institution.

  9. We will deal with complaints in a fair manner and will comply with the Financial Conduct Authority’s rules and guidance in this area.

  10. We will gather and review the necessary management information the Society needs to ensure that the Society continues to deliver good outcomes for our Members. 

Consumer Duty

From 31 July 2023, the Financial Conduct Authority (“FCA”) implemented a new “Consumer Duty” Principle requiring financial firms to “deliver good outcomes” for retail customers, and all firms must comply with the rules within the Duty from 31 July 2023.

Consumer Duty is a new Principle implemented by the Financial Conduct Authority (FCA), it requires firms to deliver good outcomes for customers.

The FCA have set rules relating to 4 outcomes that they want to see under the Consumer Duty:

  1. Products and Services 

  • All products and services for retail customers need to be fit for purpose, designed to meet customers’ needs and targeted at those customers. 

  • This includes the requirement to identify vulnerable customers and take account of any additional needs when designing products and services. 

  1.  Price and Value 

  • The FCA do not intend to set prices, but rather the focus of the Consumer Duty is on firms ensuring that the price of their products and services is proportionate to the value. 

  1.  Consumer Understanding 

  • Communications should support and enable customers to make informed decisions about financial products and services. 

  • Customers to be given the information they need, at the right time, and presented in a way they can understand. 

  1.  Consumer Support 

  • Support must meet customers’ needs throughout their relationship with the firm. 

  • Customer service should enable customers to realise the benefits of the products and services they buy and ensure they are supported when they want to pursue their financial objectives. 

What this means for the Society and for our customers

In order to comply with the Duty, we have undertaken a comprehensive review of all our products, processes and communications to ensure that all our Members are receiving good customer outcomes with particular regard to our vulnerable customers.  

Supporting our Members

As a Society, we are committed to delivering clear and easy to understand mortgage and savings products. There will be times however, when our Members or their carers will need extra assistance when operating their account with us.

Help us to help you

Please contact us if you feel you need assistance in understanding our products and services better, or if you are concerned about a family member who may need additional support. We’re here to listen and we always look at each situation on an individual basis.

Our local branch managers and staff are always on hand to assist you. Simply call or visit your local branch for further information and guidance.

You can receive advice from charities such as: