Close Menu
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing & Mental Health
  • Marketing
  • HR & Recruitment
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
X (Twitter) LinkedIn YouTube
Trending
  • European Businesses Facing Increased Costs Due To Supply Chain Disruption
  • Dementia Advocate Shares Tips For Supporting People With Dementia When Flying
  • SME Today talks to Sa’ed Anabtawi, Product Director, WOLF
  • The Truth Behind ‘Sickies’
  • Five ways to monetise your business EV chargers
  • New book on conquering fear of public speaking
  • 1 in 3 employees anxious about lack of first aiders at work
  • What SMEs risk when their IT provider gets bought out
X (Twitter) LinkedIn YouTube
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • News
  • Home
  • In Profile
  • Finance
  • Legal
  • Technology
  • Events
  • Features
  • Wellbeing
  • Marketing
  • HR & Recruitment
SME Today
  • About
  • Advertise
  • Events Calendar
  • Business Wall
  • Subscribe
  • Contact
  • 0843 289 4634
  • Twitter
  • LinkedIn
  • YouTube
  • RSS
You are at:Home»News»Countdown to Consumer Duty deadline, but what matters most to customers?
Car dealership

Countdown to Consumer Duty deadline, but what matters most to customers?

0
Posted By sme-admin on July 27, 2023 News

Ahead of the Consumer Duty deadline on 31st July, Close Brothers Motor Finance has revealed what matters most to customers.

As we count down the final days to the Financial Conduct Authority’s (FCA) Consumer Duty 31st July implementation deadline, which requires firms to act to deliver good outcomes for retail customers, the incoming regulations make it even more important for dealers to review the products and customer service processes they currently have in place.

Under the Duty, firms should provide customers with products and services that meet their needs and offer fair value. Customers should receive communications they can understand. They should get the customer support they need, when they need it.

More than a quarter (28%) of drivers say the most important thing when taking out car finance is ensuring they can afford the product., according to new research from Close Brothers Motor Finance.

One in five (21%) say making sure they’ve paid a fair price – for example, the right interest rate, deposit, APR, and monthly payment – is a priority. Whilst one in six (17%) say making sure they get the right finance product for their circumstances is key.

97% of car dealers said they already feel confident in explaining finance products to customers, and 94% are confident in comparing the price and value of different point of sale finance products. However, the needs and priorities shared by motor customers in our research, and the introduction of the Consumer Duty, suggests car dealers should be continuing to look at ways to further enhance and improve their customer service and support.

The data also revealed noteworthy gender trends, particularly around price and affordability. One in four (25%) women claimed affordability was a priority when taking out car finance, compared to just 13% of men.

Lisa Watson, Director of Sales at Close Brothers Motor Finance, says: “With the cost-of-living crisis squeezing people’s finances, the introduction of new Consumer Duty regulations will mean that good customer outcomes will need to be an integral part of dealers’ processes and mindsets. The FCA are taking steps to ensure businesses are prioritising the needs of customers and placing a level of responsibility on dealers to help consumers then purchase products that best suit their needs.

“Whilst Consumer Duty is focused on the needs of customers, keeping the new rules at the forefront of customer service should also bring benefits to car dealers.

“It remains crucial for experts in the industry to continue to put customers and their needs first. The key will be having as open, available, and comprehensive communication with customers as possible.”

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Dementia Advocate Shares Tips For Supporting People With Dementia When Flying

Are you flying blind on your most important business decisions?

OneMetric forms strategic partnership with RevOps expert to drive UK growth

Comments are closed.

Follow SME Today on Linkedin and share all the topics you find interesting

The Newsletter

Join our mailing list for the best SME stories, handpicked and delivered direct to your inbox every two weeks!

Sign Up
Personal Pension offer
Events Calendar
    • Marketing
    August 29, 2025

    OneMetric forms strategic partnership with RevOps expert to drive UK growth

    August 28, 2025

    The Seven Phases of Festive Shopping and How to Target within Each Effectively

    • Finance
    September 3, 2025

    Five ways to monetise your business EV chargers

    September 1, 2025

    Are you flying blind on your most important business decisions?

    • People
    August 14, 2025

    A Life Worth Saving – A Tribute to Dame Stephanie Shirley CH, 1933–2025

    August 12, 2025

    Finance Director Returns As Judge For National Business Awards

    • Health & Safety
    September 2, 2025

    1 in 3 employees anxious about lack of first aiders at work

    July 1, 2025

    Temperatures Soaring: Is Your Workplace Becoming Unsafe?

    • Events
    July 22, 2025

    South West Expo Delivers Outstanding Event at Swindon’s STEAM Museum

    July 4, 2025

    £20k grant for female-founded SME up for grabs

    • Community
    July 11, 2025

    Building community, one cause at a time

    June 23, 2025

    Celebrating One Year In Fairford Supporting The Community

    • Food & Drink
    August 22, 2025

    How to get stocked by major retailers as an SME

    July 18, 2025

    Warning to Small Businesses Over New Food Waste Regulations

    • Books
    September 3, 2025

    New book on conquering fear of public speaking

    August 7, 2025

    Learning to Leave a Legacy in Business

    About

    SME Today is published by the same team who deliver The Great British Expos’. We have been organising various corporate events for the last 10 years, with a strong track record of producing well managed and attended business events across the UK.

    Join Our Mailing List

    Receive the latest news and updates from SMEToday.
    Read our Latest Newsletter:


    Sign Up
    X (Twitter) YouTube LinkedIn
    Categories
    • Books
    • Community & Charity
    • Education and Training
    • Environment
    • Events
    • Features
    • Finance
    • Food and Drink
    • Health & Safety
    • HR & Recruitment
    • In Profile
    • Legal
    • Marketing
    • News
    • People
    • Property & Development
    • Sponsored Content
    • Technology
    • Transport & Tourism
    • Wellbeing & Mental Health
    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Editorial Submission Guidelines
    • Privacy
    • Contact
    Copyright © 2025 SME Today.
    • ABOUT SME TODAY: THE GO TO RESOURCE FOR UK BUSINESSES
    • Editorial Submission Guidelines
    • Privacy
    • Contact

    Type above and press Enter to search. Press Esc to cancel.