Responsible finance providers are professional trusted organisations that act responsibly and treat customers fairly.
As a responsible finance provider, we adhere to the Ten Standards of the Responsible Finance Code of Practice:
- Clarity in respect of loan interest rates, repayment, default and cancellation arrangements
- Customer awareness that the responsible finance provider adheres to these ten standards within the Code of Practice, in a customer-facing document published on their website
- Legal compliance: the responsible finance provider will comply with all relevant laws, regulations and the requirements of its regulators, including the timely submission of accounts and returns
- Clear financial processes: the responsible finance provider will adhere to financial approval and decision making processes, operate a well-managed portfolio, and its Board will monitor the finances of the organisation
- Accountability by the Board: the Board will always act in the best interests of the responsible finance provider, representing its shareholders and/or members, and reporting back to them
- Management of Risk: the Board will establish or ratify policies and decisions on all matters that might create significant risk to the responsible finance provider, financial or otherwise, and maintain a risk register
- Internal controls: the responsible finance provider will maintain a set of procedures designed to protect against financial mismanagement and fraud
- Conflicts of Interest: A responsible finance provider will manage any conflicts of interest arising out of its governance or business activities
- Complaints: A responsible finance provider will deal honestly and efficiently with all complaints and if necessary will take part in conciliation or go to arbitration
- Social Performance: A responsible finance provider will take steps to measure and report on its social performance
