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Compliance support

Demystifying customer credit regulation

The Financial Conduct Authority (FCA) is the biggest change and also the most significant opportunity for the motor finance industry in more than 30 years.

With the FCA as a catalyst, we are encountering a once-in-a-generation opportunity to make a seismic change to the way in which the motor trade does business.

There needs to be ongoing reflection around selling practices (including affordability and vulnerable customers), commission (and other sales incentives) and the general approach to treating customers fairly to ensure dealers, brokers and lenders continue to be compliant with the new regime. 

Successful businesses will be those organisations which put customers at the heart of their decision making. 

During 2014, the motor finance industry underwent a significant change following the introduction of new regulatory framework by the FCA. ALPHERA Financial Services reacted fast, allowing them to become a leader of the change, through the guarantee of sufficient resources being made available to partners. This was achieved through support and guidance, which ensured a smooth and straightforward transition. 

 

How we support our partners:

1. Practical tools to facilitate the sales process

Our product comparison guide allows partners to easily compare and present products to customers

Product videos allow partners to consistently present the features and benefits of our products, as well as other information that customers should know

Customer qualification forms capture customer needs and determine the appropriate product

 

2. Best Practise

Best practise guide to a compliant sales process

Financial guidelines

 

3.Support for regional team

We offer regional support to help with day to day compliance enquiries with a dedicated compliance monitoring system support by Finance and Insurance compliance specialists. These specialists support and work with partners in a consultative way to identify compliance gaps and develop action plans to close those gaps and mitigate compliance risks.

We work collaboratively with partners to help meet regulatory expectations and promote business growth and customer retention by embedding the principles of Treating Customers Fairly (TCF) within their organisation.

 

The timeline below demonstrates our continued dedication to our partners and helping them to navigate the ever changing market.

Download our special report on the FCA by clicking here

Our second artile titled 'How you can prepare for the FCA authorisation can be seen below please click on image to download:

Our third article is entitled putting the customer at the heart of the relationship please click the image below to view

Automotive Management Magazine and Alphera Webinar 9th October 2014 please click on the image below to watch the Webinar:
 

To view and download the Automotive Management / Alphera Webinar slides "FCA - Are you ready?" please click here

 

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