Consumer Duty

In 2022 the Financial Conduct Authority launched a new set of rules, Consumer Duty.

The rules for all financial services have been put in place to raise standards and trust across all services, and to provide good outcomes for consumers.

The aim of the rules is that financial service providers must always act in good faith to consumers, for us at Beacon, that is you, our members. They must act to avoid any foreseeable harm caused by using our services. We will always aim to support our members in pursuing their financial objectives.

At Beacon we set the expectation of ourselves to have the interest of our members at the core of everything we do and to treat them fairly. We must strive to deliver good outcomes for our members.

Consumer Principle

Deliver good outcomes for customers

 

Overarching Rules

  • Act in good faith towards customers (our members)
  • Avoid foreseeable harm towards customers (our members)
  • Enable and support customers to pursue their financial objectives

 

Outcomes

  • Products & Services
  • Price & Value
  • Consumer Understanding
  • Consumer Support

Our Policy

Beacon Savings & Loans is committed to providing the best level of service and access to products to allow our members to pursue their financial objectives and deliver good outcomes.

As a credit union, we will always be a people and  planet before profit organisation.

Products & Services

All members have access to appropriate products and services, and individual applications will be assessed to ensure that a product will not be offered that would be knowingly detrimental to the memebrs.

Price & Value

Members will have access to products that compare favourably with alternative, like for like products and services.

Consumer Understanding

Beacon Savings & Loans will use various means to educate its members on all aspects of borrowing, consequences of arrears and general management of money.

Consumer Support

Staff will be trained to recognise signs of financial vulnerability and members will be provided with timely and appropriate information and support according to their circumstances.