Fresh compliance warning to dealers

Dealers have been warned to keep compliant finance and consumer records ahead of the introduction next year of new rules from The Financial Conduct Authority.

The new rules will see the introduction of a new Consumer Duty by the Financial Conduct Authority, which will be backed by a data-led approach for intervention on practices that do not support customers.

Dealers who fail to meet compliance standards face large fines or the removal of their permission to sell financial products.

Mark Craven, director and iStoreDOCS, said: “Dealers face a raft of compliance requirements that range from the Financial Conduct Authority to the Information Commissioner. The rules are there to protect consumers, and getting it wrong can have business-critical consequences due to fines or restrictions. So we are calling for dealers to ensure that they have the right tools in place to manage their documentation in a compliant manner and also benefit from the efficiencies that cloud technology can provide.”

iStoreDOCS works with compliance managers across the UK to ensure the platform is constantly updated and relevant to the latest legislation. It has been developed by Mad Devs, an automotive software solutions company that was launched by industry veteran David Boyce and partners Adrian Favill and Mark Craven. The company’s open platform technology helps facilitate the digital transformation of automotive retail.