Automotive Compliance has been made the official Financial Conduct Authority compliance partner to the Independent Motor Dealers Association.
Making the announcement exclusively to Car Dealer this morning (Sep 30), Automotive Compliance director Paul Guy said: ‘We are delighted to have been chosen by the IMDA to work with their members.
‘Given our motor industry heritage, we understand the individuality between independent and franchised dealers and recognise one size does not fit all.
‘In conjunction with the IMDA, we have formulated tailorable packages specifically to suit independent dealers.
‘Whether they’re a low-volume sole trader or a high-volume used supermarket, we’re excited at the opportunity to help de-risk independent motor dealers we’re not currently working with navigate their way through FCA compliance.’
The Gloucester-based outfit has been authorised and regulated by the FCA for general insurance permissions since 2009 and for consumer credit permissions since 2014.
IMDA board member Stephen Whitton said: ‘It’s great that Automotive Compliance are partnering with the IMDA as this will add FCA and compliance support to our growing portfolio of value we add to our members.
‘The regulation of finance and insurance has increasingly become an intrinsic part of a dealer’s operation over recent years and it’s critical that processes and procedures are maintained to protect this important income stream.
‘We welcome them on board as partners and look forward to a progressive relationship with them as our membership grows.’