Dealer Oversight Services

Motor finance providers have a responsibility to make sure their dealers and intermediaries are complying with the Financial Conduct Authorities’ (FCA) requirements, particularly around consumer duty and treating customers fairly. Our dealer oversight service gives funders an overview of compliance regarding these requirements.

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Audit Principles

Our audit is designed to:

  • Support industry partners with FCA requirements following their extensive work and report on the motor finance market.
  • Provide independent dealer and intermediary oversight that proactively identifies and minimises risks and also demonstrates that effective controls are in place.
  • Safeguard funders’ and dealers’ professional reputation.

Audit Provision

The service is designed to verify that a compliant sales process is being followed, including:

  • Qualifying and understanding customer needs.
  • Explanation and selection of an appropriate finance product.
  • Full credit and affordability assessment.
  • Full and accurate explanation and completion of required documentation. This includes:
           a. Ensuring correct licenses andaccreditations are held;
           b. FCA authorisation and ICO registration.

The service also:

  • Ascertains existence of compliant policies and procedures for TCF, AML, KYC, Data Protection, GDPR, Information Security, Privacy, Complaints, Vulnerable Customers, Conflicts of Interest and Remuneration.
  • Confirms correct and compliant financial promotions that satisfy FCA CONC 3 and ASA CAP Code requirements.
  • Validates training programmes and sales team competency, ensuring they are trained to recognised standards (SAF, IMI or equivalent).
  • Verifying that remuneration, commission and incentive schemes and policies do not conflict with customer fair treatment and that disclosure requirements are satisfied.

 

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Why Choose Us

Assurance

We safeguard the professional reputation of the funder, dealer and intermediary with a view to ensuring consumers are treated fairly and dealers are lending responsibly.

Reduced Risk

We identify areas of improvement for both dealer and intermediary to help keep risk low. 

Compliance

We provide an overview of compliance with the FLA’s lending code and best practices

Best Practice

We strengthen the funder’s relationship with dealers and intermediaries by identifying areas for development and training.