The Society's aims in respect of the new Consumer Duty form part of the Society's existing Purpose, Values and Structure and can be summarised as follows:
• Being open, honest and transparent
• Avoiding causing foreseeable harm
• Giving fair value
• Empowering members to access, understand and use products
• Creating environments for good decision making
• Helping members realise their financial objectives
Delivering our Aims
• The Society can be contacted directly via telephone, letter or email.
• The Society handles all communications in a timely and courteous manner - whether they are from a prospective new member interested in a new product, an existing member to provide a service on an existing plan or to close their plan.
• The Society also places no barriers in delivering its services. New members are provided with a reasonable time period to cancel their plan if they change their mind and existing members can close their existing plan, without any unnecessary barriers.
• If a member is in vulnerable circumstances or facing financial difficulties, they can contact us and if possible and in the interests of the Society's wider membership, we would be prepared to consider making other arrangements.
• As part of our obligation to deliver on the Consumer Duty requirements, we plan to put together Target Market and Fair Value Assessment documents for all our products.