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COMPLIANCE MONITORING - CONFUSED, COMPLACENT OR CONFIDENT?

 What if...

·           You could demonstrate complete oversight of your sales processes?

           You felt totally in control of risk management?

           Your business met all the requirements of the regulator?

           The idea of a touch point with the FCA was a welcome thought not a headache?

           You had the management information that aided the early identification of risk?

           You had the evidence and management information that demonstrates you are doing it right?

           Your compliance partner spoke your language and supported your business?

           Compliance processes benefited your business and your customers?

           The future regulatory landscape was nothing to fear due to your positive compliance culture?

 

i-Comply online works in partnership with our Motor Industry clients to assist in developing a compliance culture and monitoring programme within their organisation that fits comfortably alongside their own organisational directives and operations, and adds value to current sales processes and performance.

 

A compliance culture cannot be achieved by a tick box sales process and generic documents; this just leads to complacency and heightened risk.


If you are interested in a positive, experienced assessment of your current policies and processes contact Tara Williams.

 

i-Comply online will identify the gaps and risks that could leave you and your business vulnerable and provide an opportunity to build an adaptive compliance programme that is effective now and into the future.

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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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FCA COMPLIANCE - IT NEED NOT BE STRESSFUL

Tara Williams - Director - i-Comply Online ltd

 

Compliance with FCA regulation has certainly held dealers collective feet to the fire over recent months. However, the changes required really not be as onerous as many dealers fear. It is a belief founded upon many years in financial compliance, notably in the motor industry and exposure to the FCA.

 

With a measured and positive approach, compliance can be quite straightforward. This applies equally to the development of the required processes and the application for authorisation.

 

Working with a wide range of dealers from major groups to solus operators has enabled us to see that the fear about change is worse than the reality. Having audited current processes and procedures, developing appropriate action plans has largely taken place seamlessly and successfully.

 

The key word to dealers is ‘proportionate’. The FCA does not expect a 500 page tome as a Business Plan. They simply want evidence that a dealer has a clear strategy. Clear monitoring is necessary, but this can be integrated with current processes; financial promotions can be delivered with a little thought and a recognition that transparency can be a good thing, increasing showroom traffic and website ‘stickiness.’

 

The changes required are not simple tick boxes, nor should the quickest, easiest solution be seen as the best change. It is as much, if not more, about the people as the systems. Appointed Representative status may appear quick and easy. However, to date there is limited option in the market. If for any reason this option was no longer available, or had limited access to finance providers, then the impact upon a dealer could be significant.

 

FCA authorisation and compliance does not need to be onerous. The greater change is the cultural one that will need to evolve to create a customer centric and commercially successful environment. Our experience to date is that these need not be mutually exclusive.

 

Tara Williams is Director at i-Comply-Online  and has over 17 years of experience within financial services, notably within the automotive retail sector. 


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