The principles-based nature of the FCA’s regulation of financial services means that there are no tick boxes and that achieving compliance in the showroom and online can never be considered an exact science.
This is the view of compliance experts i-Comply Online’s Tara Williams, who reflects;
“The most effective approach to F&I compliance is to recognise it is a continuous process. This is why you can never say ‘we’re compliant.’
Adopting this ethos is a good thing, it means avoiding complacency, keeping abreast of the changing compliance landscape and ensuring the people involved with F&I are knowledgeable and competent and the processes connected. Principle based regulation may not provide prescriptive compliance requirements, but it does enable
dealers the opportunity to tailor sales processes, which embrace TCF principles and ensure the customer benefits from a good F&I experience.”
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