Single point dealer processes essential for new FCA Consumer Duty
The ability to record, review and audit all aspects of the consumer journey in one place will prove an important part of the new responsibility to “put customer needs first”.
The ability to record, review and audit all aspects of the consumer journey in one place will prove an important part of the new responsibility to “put customer needs first”.
A continued lack of supply of new and used vehicles means OEMs and their dealers have shifted their attention to focus on brand experience, meeting standards compliance, and aftersales.
Dealers that fail to check their employees’ licences risk severe consequences – from legal action to fines to invalidated insurance policies. If staff are caught with excess endorsements or disqualifications, it could cost the business thousands.
Keeping licence checks up to date across the whole group is a huge task, which the business used to handle internally using the DVLA’s licence check facility, but which, from a sheer scale, effort and time point of view, became impractical.
Entering the IT sector in 1988, Hunt has operated as an analyst programmer, a business unit manager in the IBM Business Partner programme and, since 2009, as an independent specialist in information security. His experience encompasses everything from banks, insurance companies and large retailers through to SMEs.
The discussion around limited discretion has arisen because the FCA in its Final Rules that; ‘brokers would be able to decide or negotiate the rate with the customer, even if they are not rewarded for it.’
Sticking to the rules Dealerships need to ensure they are compliant when dealing with consumer finance or face the consequences says FCA