Technology from EnquiryMAX has been launched to help dealers achieve full compliance with FCA investigations into PCP sales.
AM recently reported the FCA’s warning about a “dramatic cultural shift" ahead of the FCA 2018 review.
The review will examine the products and sales process to assess if firms are undertaking due diligence before providing motor finance.
The new TCF (Treating Customers Fairly) module from EnquiryMAX guides salespeople through the compliance process and won’t allow them to sign the deal until all elements are completed.
TCF addresses areas to ensure the criteria around ‘treating customers fairly’ are met. It creates a transparent sales process for the regulator that ensures each sale has the required rigour.
To ensure compliance, no product eligibility is displayed until all questions are completed and blockers can be put in place to stop dealers presenting figures to customers until the full process has been concluded.
The system provides a full enquiry audit, providing evidence of the answers to all the questions, including how long videos are played for and a summary report listing all customers and the status of their FCA compliance position.
EnquiryMAX’s director of operations Jon Sheard said: “Compliance shouldn’t be a headache for dealers.
"The TCF module quickly takes salespeople and customers through the process to ensure all parties are clear on what is being sold and why. Done correctly, a compliant sales process can enhance the relationship with the customer.”