Consumer Duty 

What does Consumer Duty mean for you?

At TurkishBank UK, we are committed to delivering good outcomes for our customers. The Financial Conduct Authority’s (FCA) Consumer Duty sets higher standards of consumer protection and requires firms to place customers’ interests at the heart of their business.

Consumer Duty is designed to help ensure customers receive products and services that meet their needs, provide fair value, are supported by clear communications, and are backed by appropriate customer support throughout their relationship with us.

The Consumer Principle

The Consumer Principle requires firms to:

Act to deliver good outcomes for retail customers.

This means providing products and services that are designed to meet customers’ needs, represent fair value, and are supported by information that is clear, timely and easy to understand. Customers should have the confidence and support they need to make informed financial decisions that are right for their individual circumstances.

Cross-cutting Rules

The FCA has introduced three cross-cutting rules that set the standard for how firms should behave when serving retail customers.

Act in good faith

We aim to act honestly, fairly and transparently in all our dealings with customers, providing information that is clear and supports informed decision-making.

Avoid foreseeable harm

We consider the potential risks our products and services may present and take reasonable steps to help prevent foreseeable harm to our customers.

Enable and support customers to pursue their financial objectives

We provide customers with the information, products and support they need to help them make informed decisions and achieve their financial goals. We also consider individual circumstances, including where customers may require additional support due to vulnerability or other personal circumstances.

The Four Consumer Duty Outcomes

Consumer Duty is supported by four outcomes that help ensure customers receive good experiences throughout their relationship with us.

1. Products and Services

We design, review and manage our products and services to ensure they meet the needs, characteristics and objectives of the customers they are intended for.

2. Price and Value

We regularly assess whether our products and services provide fair value, ensuring that the benefits customers receive are reasonable when compared with the overall costs and charges.

3. Consumer Understanding

We aim to communicate with customers in a way that is clear, simple and easy to understand, helping them make informed decisions about our products and services.

4. Consumer Support

We are committed to providing timely and effective support throughout the customer journey, making it easy for customers to obtain assistance, ask questions and manage their products and services. We recognise that some customers may require additional support and seek to respond appropriately to their individual needs.

Further Information

Complaints 

We are committed to providing a high standard of service. If you are unhappy with any aspect of our products or services, we encourage you to let us know so that we have the opportunity to resolve your concerns promptly and fairly.

For more information on how to raise a complaint, including our complaints process and timescales, please visit our Complaints page.

Additional Support

We recognise that some customers may need extra support, whether due to personal circumstances, health, life events or other factors. We are committed to treating all customers with care and understanding and will work with you to provide appropriate support wherever possible.

To find out more about the support available, please visit our Additional Support page.

Contact Us

If you have any questions about our products, services or the information on this page, our team is here to help. We are committed to providing clear information and the support you need to make informed financial decisions.

You can contact us by telephone, email or by visiting one of our branches. Full contact details, opening hours and branch information can be found on our Contact Us page.