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Rapyd UK Consumer Duty Policy - Valitor Ltd

1. Objective

Valitor Limited (hereinafter Valitor or The firm) is committed to ensuring that our customers are treated fairly and are able to make informed decisions about our products and services. This consumer duty plan outlines our commitment to complying with the FCA’s requirements and to putting the needs of our customers at the forefront of our operations.

2. Scope and application

This Policy applies to services that fall under the e-money license of Valitor. The aim of Valitor is not only to comply with relevant legal requirements, but also to mitigate and reduce the potential risk to Valitor of non-compliance with regards to the relevant rules and regulations that apply to business operations. 

3. Governance 

The Board of Directors has the overall responsibility for the consumer duty policy and procedures at Valitor. 

4. Product design and marketing

The firm will ensure that its products and services are designed with the needs of its customers in mind. This will include:

  • Conducting research to understand the needs and preferences of our customers.
  • Designing products that are clear, fair, and easy to understand.
  • Providing clear and transparent information about the risks, costs, and benefits of our products.
  • Ensuring that our marketing materials are clear, fair, and not misleading.

5. Customer communications

The firm will communicate with its customers in a clear, fair, and transparent manner. This will include:

  • Providing customers with clear and concise information about products and services, including any risks, fees, or limitations.
  • Ensuring that our communications are not misleading and do not use language that could be confusing or deceptive.
  • Providing customers with timely and relevant information, such as updates about their accounts or changes to our products and services.
  • Providing accessible communication channels for customers who may have difficulty using our standard channels.

6. Customer service

The firm will provide high-quality customer service that is responsive to the needs of our customers. This will include:

  • Providing timely and accurate responses to customer inquiries and complaints.
  • Ensuring that our customer service representatives are knowledgeable and able to provide clear and accurate information.
  • Providing alternative communication channels for customers who may have difficulty using our standard channels.
  • Providing extra support and assistance for vulnerable customers.

7. Complaints handling

The firm will handle customer complaints in a fair, timely, and transparent manner. This will include:

  • Providing clear and accessible information about our complaints handling process.
  • Ensuring that complaints are acknowledged and addressed promptly and fairly.
  • Keeping customers informed about the status of their complaint and providing clear explanations for any decisions made.
  • Identifying and addressing any patterns or trends in complaints to improve our products and services.

8. Financial difficulty

The firm will provide support and assistance for customers who may be experiencing financial difficulty. This will include:

  • Offering flexible payment options or other forms of support to customers who are struggling to make payments.
  • Providing clear and accessible information about debt management and support services.
  • Ensuring that our debt recovery practices are fair and proportionate, and do not put undue pressure on customers.

9. Training and support for employees

The firm will provide regular training and support for our staff to ensure they are able to comply with this consumer duty plan and provide high-quality customer service. This will include:

  • Providing staff with training on the FCA’s requirements and our consumer duty plan.
  • Ensuring that staff are knowledgeable about our products and services and are able to provide clear and accurate information to customers.
  • Encouraging staff to report any concerns they may have about our products, services, or customer interactions.

10. Monitoring and review

The firm will regularly monitor and review its operations to ensure that it is complying with the FCA’s requirements and its consumer duty plan. This will include:

  • Conducting regular customer satisfaction surveys to gather feedback on our products and services.
  • Reviewing our complaints data to identify any patterns or trends.
  • Conducting regular reviews of our products and services to ensure that they remain clear, fair, and transparent.
  • Seeking feedback from staff and customers on the effectiveness of our policies and procedures.

11. Policy review 

This Policy must be reviewed by Valitor Compliance at least annually. Any changes to the Policy must be approved by the Board of Directors.