Our propositions are designed around our members’ needs, both now and in the future. We apply our core values when designing our services and propositions:
- long-term value
- convenience and care
- recognising loyalty
- building trust.
This enables us to design propositions which are based on principles of mutual benefit and mutual good. We want our products and services to do more than give our members fair outcomes – we want to be sure they are built to last.
Our Conduct and Operational Risk Committee provides senior oversight of our Initiative Development Framework, which governs the design of all our propositions. We have policies and clear guidance on changing and withdrawing products and services, and we always carefully consider the possible outcomes for members.
To ensure we’re always delivering high quality compliant products and services, we proactively contact a sample of members by telephone to check whether they understood a product and it was suitable for them. These confirm whether the products or services members signed up for are suitable and understood. We undertake regular ‘deep dive’ activities along member journeys, including ‘mystery shops’, to ensure they’re well designed and operating effectively. And we assess the performance of our employees in their interactions with our members.
These activities help to hold us to account for the standards we’ve committed to and ensure we’re demonstrating our PRIDE values. We don’t allow local sales incentive schemes, and we regularly assess performance to ensure we’re not operating detrimental sales or reward practices.