A new free white paper from iVendi looks at how technology can be used to help drive Consumer Duty compliance for dealers and lenders.
Called “Navigating Consumer Duty Regulations in the Automotive Sector” it includes a step-by-step examination of the responsibilities that the new regulations create, explanations of what dealers and lenders need to do to show that they are being met, and an analysis of how the right IT systems can resolve these needs.
James Tew, CEO said that the document drew heavily on the experience of implementing Consumer Duty with the more than 8,000 retailers, manufacturers, and finance partners with which iVendi works.
“Since the FCA first announced Consumer Duty, we’ve been working to understand its implications as fully as possible, together with a wide range of our customers. We now feel that we’re in a place where we have a huge amount of expertise, especially when it comes to how technology interfaces with the new regulations.
“Our feeling is that Consumer Duty is not just something that needs to be accepted as a fait accompli by lenders and dealers but can be an opportunity to rethink key aspects of your business in order to enhance not just customer outcomes but the entire buying journey and by doing so, creating more effective business processes.
“We’ve distilled what we have learnt into the new white paper and are excited to hear what the motor retail sector thinks of our experiences and our ideas. Our view is that we should share this knowledge as widely as possible and are open to any conversation with industry parties, not just with our existing client base.”
James added that iVendi planned to follow up this white paper with a further document later this year looking at the future implications of Consumer Duty.
“After the July deadline, when everything is fully in place, we’ll be able to start gathering management information on a large scale and quickly build up a picture of the areas where Consumer Duty is working in terms of continuous improvement.”
The white paper can be found at https://www.ivendi.com/
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