One 77 Mortgages is authorised and regulated by Financial Conduct Authority (FCA). The FCA aims to make sure the financial market works well so consumers get a fair deal, they also ensure the financial industry is run with integrity and have their best interests at heart by providing consumers with appropriate products and services. FCA are funded by charging firms like us fees in order to carry out financial activities. FCA are an independent governing body and receive no funding from the government however they are accountable to the treasury and parliament.
Treating Customers Fairly is an agenda set out by FCA which helps consumers achieve a fair deal. One 77 Mortgages must be able to demonstrate that we are consistently delivery fair outcomes to our clients and that management within the company is taking responsibility of creating culture where all staff are ensuring clients are treated fairly and achieving the best possible deal. FCA expectations under TCF are the following:
- Demonstrate that senior management have instilled a culture within the firm whereby they understand what the fair treatment of customers means; where they expect their staff to achieve this at all times; and where firms promptly identify (a relatively small number of) errors, put things right and learn from them;
- Be appropriately and accurately measuring performance against all customer fairness issues materially relevant to their business, and be acting on the results;
- Be demonstrating through those measures that they are delivering fair outcomes; and
- Have no serious failings – whether seen through management information (MI) or known to us directly – including in areas of particular regulatory interest we have previously publicised.
Data Protection Act
One 77 Mortgages is governed by Data Protection Act that controls how personal information is used by businesses and organisations. One 77 Mortgages follow strict principles set out by the Data Protection Act whereby information is:
- Used fairly and lawfully
- Used for limited, specifically stated purposes
- Used in a way that is adequate, relevant and not excessive
- Kept for no longer than absolutely necessary
- Handled according to people’s data protection rights
- Kept safe and secure
- Not transferred out of the European Economic Area without adequate protection