Sales Compliance

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. 

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).

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.

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. 

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. 

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? 

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. 

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.