Wednesday saw the first of the FCA landing slots relating to the motor finance industry opened for submission. That means, for some dealers, there may now be less than three months to go to complete the application. However, Martin Parr, Alphera Financial Services' FCA readiness manager, it is not too late to get started.
Parr said: “The clock is ticking and there is plenty of work that all of us who provide consumer credit in the motor retail sector will need to do before the full authorisation cycle is complete. Indeed, we know from our own experience that it takes significant time and commitment to complete all of the required paperwork.
“The FCA, through principles-based regulation, is looking to ensure that the tick-box mentality to compliance is consigned to the past and that compliance is within the culture of a business with the customer at the heart of this.
The application requires a business to demonstrate that they are meeting this cultural and behavioural change which will mean focusing on discussions within each and every business about their values, strategy for growth and vision for the future.
“Of course, before tackling this once-in-a-generation wholesale cultural opportunity, it is important to understand exactly what is required of you within the application process. That’s why we’ve spent the past six months operating dealer and broker roadshows in order to take on board feedback and run through the authorisation submission, compliance manual, business continuity plan and customer journey map.”
An Alphera roadshow will take place in Sutton Coldfield, on Wednesday.
The following day, (9th October), will see AM editor Jeremy Bennett co-host a webinar with Alphera to help dealers and brokers navigate the FCA application process.
> AM is also holding its Financial and Insurance Compliance conference on November 18th. More details.