Treating customers fairly

The Company and its Directors are committed to lending responsibly. This philosophy lies at the heart of our focus to build sustainable businesses, that each share a common approach on ensuring we deliver [excellent/positive] customer outcomes.

The Group’s policy for treating customers fairly (TCF) has been developed after taking into account the guidance provided by the Financial Conduct Authority (FCA) to ensure we deliver fair outcomes to our customers on a consistent basis and so that we take responsibility for the way our company, colleagues and self-employed agents behave in providing a quality service to our customers, one that is based on a culture of openness and transparency.

Established to acquire, operate and grow companies and businesses in the UK’s non-standard consumer finance sector, NSF is committed to the highest standards of ethical and responsible behaviour, not because it sounds good to say so, but because it is essential if we are to achieve our long-term strategic goals.

Often a cliché, but our customers really are at the heart of all that we do. They are critical to NSF’s development and ultimately to our long-term profitability.

There are approximately 12 million people in the UK that are not served by mainstream lenders or that choose not to borrow from them, and NSF is committed to deliver a reliable, responsible and professional service to this group.

To fulfil our ambition of becoming a leading lender in each of our chosen sub-sectors, we aim to deliver the highest levels of customer satisfaction and the lowest number of complaints. To ensure we achieve this, we make it our priority to understand our customer’s needs, their financial and personal circumstances including income and expenditure and whether or not they are vulnerable and that all our communication is transparent and clear. We are fully committed to treating our customers fairly and as such we are focused on delivering a high-quality service, one that they might choose in the future and/or will recommend to others.

As part of our overarching policy for NSF we are committed to:

  • Responsibly offering credit to consumers, complying with both the letter and spirit of the prevailing regulations, as well as our own internal rules and procedures
  • Appropriately assessing the credit needs of each customer together with the affordability of planned repayments in order to provide every customer with financial products and services that are appropriate for their particular circumstances
  • Operating a transparent pricing structure that is clear and can easily be understood
  • Delivering best-in-class service, building sustainable long-term customer relationships so that we can understand their needs
  • Showing forbearance should customers ever experience difficulties with repayments or their circumstances change
  • Being a responsible employer, enhancing employee skills and helping them build long-term successful careers
  • Treating our suppliers fairly
  • Building a sustainable long-term business for shareholders, earning attractive risk-adjusted returns

Meeting NSF’s strict policy on responsible lending forms a significant part of the due diligence process that we follow when considering any potential acquisition opportunity. If a target business does not meet our criteria then we have no hesitation in halting the acquisition process.

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