10:47 am, July 31, 2023
Motor sales tech specialist iVendi has brought in changes to its core Connected Retailing platform to reflect the new Consumer Duty.
The new Financial Conduct Authority (FCA) regulations take effect today and mean firms must ‘act in good faith towards customers, avoid foreseeable harm, and enable and support retail customers to pursue their financial objectives’.
The platform is used for selling motor finance online as well as in the showroom, and iVendi says it’s made the changes across all its product range to meet the FCA aims of ensuring customers have products that meet their needs and offer fair value.
Rob Severs, senior vice-president of products and insight, said: ‘In May, we revealed details of the new five step approach – lender-specific data, lender product videos, suitability assessments, signposting and interceptions – through which we would enable Consumer Duty compliance for dealers.
‘The new journey we’re launching now, introduced across our product range, is very much that theory made practice.’
Its Consumer Duty process now covers from initial motor finance quote results to the final application submission, with new pages added, including lender product content, lender product understanding questions, lender privacy policies and finance product understanding questions.
‘These enhancements are designed to provide dealers with the very best means and opportunity of explaining motor finance products and services to customers,’ said Severs.
‘They illustrate the price and value of what is being offered, ensure the car buyer has a good understanding and show how they will be supported by the lender.
‘Our process ensures lenders are introducing products correctly and consistently, while managing the task of digitising and automating lender introducer packs within the motor finance journey.
‘Especially, it aims to help protect vulnerable customers through emphasising lender support and signposting additional resources.
‘Getting all of these elements right is essential to satisfying the FCA’s requirements – you could call them “Consumer Duty 101” – and these changes should make compliance as straightforward as possible for our 8,000-plus platform users.’
Main image via PA Media
