AM Online

With FCA Consumer Duty, TC Harrison invests to support vulnerable customers

TC Harrison Group is investing in systems and training to help its workforce identify and support vulnerable customers in line with Financial Conduct Authority demands.

The motor retail group is deploying Comentis's clinically developed financial vulnerability assessment tool across its seven Ford dealerships and its leasing division, to make the assessment available to all retail customers, irrespective of whether they are taking credit or not.

"It’s paramount to ensure that all our team members are able to fully assess customer vulnerability correctly and then of course support those customers appropriately. We have made the decision to carry out these checks on all our retail customers, no matter whether they decide to take a credit agreement or not," said John Honeywood, TC Harrison Group financial controller and company secretary.

Fully aligned to the FCA’s four drivers of vulnerability, Comentis said its tool is an assessment that enables automotive organisations to consistently identify vulnerable client activity.

It combines cutting-edge technology with the clinical expertise of mental health and psychology specialists to provide an accessible and cost-effective digital assessment, which is seamlessly integrated into the automotive organisation’s existing sales process.

"This highlights just how important the issue of vulnerability is to us as a firm. We are already working closely with the Comentis team training up our staff. Comentis’ combination of cutting-edge technology, developed with clinical knowledge, will be invaluable to ensuring all at-risk customers are identified and supported correctly.”

The group's managers are provided with a clear and consistent audit trail, and will be able to adopt best practice when it comes to identifying and supporting their vulnerable clients, and to ensure that no one goes unidentified.

Jonathan Barrett, chief executive of Comentis, said: “With Consumer Duty upon us, it’s more important than ever for automotive firms to be fully equipped to identify any, and indeed, all signs of vulnerability.

"Our market-leading software will ensure that TC Harrison is able to better identify its financially vulnerable customers. This will be a significant step forward in delivering the good outcomes that their customers deserve.”

Automotive Management Live 2023

 

 

 

 

 

 

The UK's leading event for motor retailers - Thursday November 9, 2023.

‚ÄčAutomotive Management Live 2023 welcomes motor retail managers from across the UK to discover business improvements, to understand best practice and to network with fellow dealers and suppliers.

Topics this year will include agency business models, the brands now entering the UK new car market, used car stock management and more. It's free to attend, but you'll need to register.

Venue: NEC, Birmingham

REGISTER

Click here for finance and insurance best practice and procurement insight

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment

Comments

No comments have been made yet.