Consumer Duty is evolving. As of Monday 31st July, the Financial Conduct Authority (FCA) are launching a new Consumer Duty, setting higher standards of consumer protection when it comes to financial services…
Consumer Duty introduces new rules for Car Dealers and Finance Providers to follow. All of which are aimed at delivering good outcomes for consumers and putting their needs first.
These new rules need to be reflected in your strategies, governance, leadership and people policies. In the motor retail space this applies to Car Dealers and Finance Providers, and can be distilled down to three main areas: The Consumer Principle, Cross Cutting Rules and Four Outcomes.
You can learn more about the Consumer Duty Structure here.
In collaboration with Automotive Compliance, we’ve produced the following recommendations to ensure our consumers remain our highest priority, and you – our valued customers – surpass compliance expectations...
Ensure consumers understand the full picture with our Finance Product Information Pages
What is Finance? What's the difference between HP and PCP?
9 out of 10 consumers feel undereducated in terms of personal finance*. It's up to you to help them understand. Our Finance Product Information Pages offer visual aids, FAQs and more to help you achieve this.
Price - from £148+
Provide vulnerable customers with unparalleled support using our Finance Support Pages
Build consumer trust by providing access to independent sources. Our Financial Support Pages make external links to Financial Support Providers easily accessible,allowing you to help customers when they need it most.
Price - from £98.50+
Help consumers understand their chance of finance approval with Credit Eligibility Checking
In collaboration with Codeweavers, we’ve implemented eligibility calculators, allowing consumers to access a soft credit check and understand their chances of being approved for finance, all without affecting their existing credit score.
Price - from £197+
Make your Complaints policy and Terms and Conditions easily accessible with Clear Policy Signposting
It's one thing to make your Complaints policy and Terms and Conditions easily digestible and reader-friendly. It's another thing to clearly signpost them on your site. Give consumers full transparency by adding links to these policies in your top nav and footer.
Price - Footer links from £98.50+
Here at Automotive Transformation Group, we're always looking for new ways to build trust and optimise the consumer experience. This includes ensuring their journey is as transparent, supportive and engaging as possible. If you have any questions or would like to advantage of these packages, please contact support@atg.auto or give us a call on 01622 295 172.
Alternatively, you can access our newly renovated Help Centre.
In the meantime, follow our company page on LinkedIn where you can get these updates delivered directly to your news feed.
*Source: BusinessInsider.com
+ Prices may vary
Terms and conditions apply