Sales Compliance
Navigating regulations and compliance best practice
Welcome to Sales Compliance
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. A successful business will be the organisation that puts customers at the heart of their decision-making.
As a Sales Compliance Monitoring team, we’re here to support you with insight into compliance best practice and useful tools that help embed TCF into your business. To find out more about finance (consumer credit) and insurance (general insurance) and to access these tools, please explore the links below.
If you have any questions, please do not hesitate to contact us on sales.monitoring@bmwfin.com
Please note: any information provided is for guidance only. It does not constitute legal advice and must not be relied upon as such.
Our 2025 Account Management Approach
What is our new approach?
We have adopted a more comprehensive and holistic approach which allows us to have adequate oversight of you periodically.
To do this we have designed 3 areas which will be conducted across 3 activities. All three elements are equally essential to ensure compliant sales happen consistently.
- Governance - through a remote survey, we aim to understand the level of systems & controls in place.
- Culture & Values - through an in-person discussion, we aim to understand how they bring these controls to life and embed them across the company.
- Customer Processes - through an in-person discussion, we aim to understand and validate what is happening at an operational level.
Why have we adopted a new Account Management approach?
- The Regulatory Environment:
- Increased regulatory scrutiny of the Motor Finance industry.
- Key regulatory changes including Consumer Duty and the Commission Model Review.
- Good Customer Outcomes:
- Driven by the requirement to always deliver Good Customer Outcomes.
- Equal prominence to deliver and support compliance as you would for generating sales & profit.
- To support our network of retailers:
- Implement an approach that meets our regulatory obligations and enhances our existing approach.
- Meet the needs of our retailers to ensure Good Customer Outcomes are always achieved.
What do we want to achieve with you?
We must be collaborative, foster strong relationships and drive positive change.
Our goal is to achieve the following:
- Promotion of good customer outcomes.
- Achievement of mutual customer outcomes.
- Ensure no adverse impact on the market.
- Ensure we can all be competitive and successful.
Compliance is key – explore our guides
Commission disclosure
In January 2021, the FCA strengthened their stance on the disclosure of commissions. Disclosing the existence and nature of commission arrangements is now a requirement for all financial transactions.
Mileage discussion and qualification
Regardless of the Finance product you sold them – you should be able to show the customer evidence of the discussions and considerations before they agreed on a mileage (and product).
Record keeping
The Consumer Rights Act protects customers against faulty goods, unreasonable services and unfair terms. To prove we're treating customers fairly, the FCA would need to see clear evidence of how complaints are being recorded and dealt with.
Compliant sales process
Read our guidance to ensure you remain compliant at every step of the sales process, that everything is documented as it should be, and you're protected against any future complaints or claims.
Distance selling
Because distance selling requires different underwriting from our typical agreements, your ability to recognise distance-sold agreements and follow the correct process will keep us compliant.
The right product
Are you familiar with the intricate details that differentiate one product from another? Can you provide evidence that the product taken by the customer was the most suitable for them and that they were aware of alternative options?
Preventing fraud
Fraud prevention is a critical aspect of a compliant sales process. Our guidance will help you learn to identify fraud and take the necessary steps to prevent it.
Balanced pay plans
Find out how to review pay plans and check that they are balanced and fair, in order to ensure you're selling with integrity and remaining compliant with FCA Principles and TCF outcomes.
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