Dealers confused over data

Dealers need to ensure that they are collecting the right data to present during any future FCA investigation, warns iVendi.

The online motor finance provider said that while the FCA is likely to be gearing up for its first investigations in the sector, there remains some confusion about the information that needs to be recorded on an ongoing basis.

James Tew, CEO of iVendi, said: ‘In some parts of the dealer sector, there is a sense that the FCA is an issue that can be put on the back burner after all the noise surrounding compliance but the truth is more likely to be that, with measures having now been in place for a while, the first investigations will take place soon. This is certainly what happened in other sectors where the FCA introduced new regulation.’