FCA AUTHORISATION - THE FACTS

Tara Williams - Director - i-Comply Online ltd

 

1. It is your direct responsibility to ensure you comply with FCA rules and guidelines and be able to provide the

evidence to demonstrate this.

2. If you miss your landing slot it is a criminal offence to advise customers on finance or broker finance deals.

3. Your Finance Company is not responsible for your compliance.

4. I-Comply Online can help you to manage these changes and to benefit from them.

 

Becoming Authorised


Your current focus is probably on completing your application for Consumer Credit Authorisation, you may have

been battling through questions such as:

• Which route do we follow, are we limited or full permissions?

• How do I complete the application?

• What on earth does that mean?

• What if I miss my landing slot?

• What is a regulatory business plan

• What is a compliance monitoring programme and how is this relevant to the dealership?

• If you’ve completed your application, you may be wondering “What do I do now”?

The Application is just the beginning.

When you complete the application you sign a declaration to say that you comply with the rules and have a 

compliance monitoring programme in place. Can you currently evidence the following?:

• A sales process that is compliant and meets new rules such as the requirement to deliver advice based

on affordability and suitability and commission disclosure

• The competence of your sales team and the actions that you take to monitor this

• Regular training which covers all aspects of FCA regulation

• File checking and monitoring which manages any conflict of interest

• Management information to demonstrate’ Treating Customers Fairly’

• A compliant complaints procedure

• That all these areas are reviewed regularly 

 

Help is at hand from i-Comply Online


i-Comply Online is dedicated to providing our dealer partners with manageable answers to all of the above so that

you can continue to maximise business performance through compliant processes that don’t deter from what you

do best.

We know you are committed to Treating Customers Fairly and can help you to evidence this.

 

i-Comply Online’s team of experienced industry professionals can translate what first appears complicated into

easy actions to assist you in independently managing and evidencing your F&I activities.

 

From application through to complete compliance partnership – i-Comply Online will tailor our support to your

needs.


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