With the ever developing regulatory landscape, it can be overwhelming trying to navigate your business and teams through the FCA requirements. It’s also the most significant opportunity for the motor finance industry in more than 30 years.
There needs to be ongoing reflection around selling practices (including affordability and vulnerable customers), commission and the general approach to treating customers fairly to ensure dealers, brokers and lenders continue to be compliant. A successful business will be the organisation that puts customers at the heart of their decision making.
How we support our Partners
1. Best practice
Our best practice guide to a compliant sales process offers guidance on the steps retailers should take to ensure the principles of Treating Customers Fairly (TCF) are weaved into your sales process. The guide is available for you to access here.
2. Practical tools
Our Customer Qualification Form is designed to qualify customer needs and identify the most suitable finance product(s). The handy product comparison guide allows you to easily compare and present products to our customers. The form is available for you to download here.
3. Partner monitoring and support for regional team
Our Partner Monitoring Programme is designed to complement your efforts of compliance within your business. 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.
Regulatory changes: FCA Policy Statement PS20/8
In July 2020, the FCA published the long-awaited Policy Statement PS20/8 setting out new rules for Commission Models and the requirements for improved Commission Disclosure. You can read more about FCA Policy Statement PS20/8 here.
From January 2021, new regulations introduced by the Financial Conduct Authority (FCA) mean significant change for the entire automotive finance industry. Key regulatory changes regarding finance commission models, as well as increased commission disclosure requirements, mean that ALPHERA Financial Services and our Partners must adapt our approach in order to remain compliant.
Although these changes are an FCA directive, we feel that this represents an opportunity to drive ‘good customer outcomes’, treat customers fairly and demonstrate the values that are important to our customers: Trust, Transparency and Sustainability.
More ALPHERA services for Partners
Driver-focused finance from car-focused specialists
As a motor company, rather than a bank, our products are designed first and foremost to provide maximum value for drivers and their vehicles – and for motor industry specialists like you.
Insurance that works for you and your customers
With our 5 Star Defaqto rated insurance products, you can offer specific, straightforward cover that protects your customers against many of the unforeseen costs of driving.
Funding to help your business grow
From funding to help make sure your stock levels match demand, through to commercial mortgages to support your business growth, we offer our business partners a range of wider commercial support.
The best technology (and support) in the business
Call on our comprehensive suite of showroom technology, finance and insurance tools, and marketing products – all backed by our support team – to streamline your business and access more opportunities.
Learning and Development
Develop the finance and insurance expertise in your business, and gain greater customer confidence with industry-approved accreditation, designed just for you and delivered on your premises.
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