MARKET INSIGHT
NO CONCESSIONS ON COMPLIANCE
FCA compliance could be the last thing on dealers’ minds at the moment as they prepare for the re-opening of their showrooms - but they do so at their peril
T
here are areas of the sales department and process that the motor dealer will need to adjust to allow them to maintain and evidence FCA
compliance during the sales journey. Paul Speakman, Director of Automotive Compliance has put together his thoughts on the most important things dealers should be concentrating on when it comes to the FCA, so they do not fall foul of the regulations.
What has been happening with the FCA
leading up to and during the pandemic that motor dealers need to be aware of? The FCA has been communicating to all directly authorised firms via its website and it is clear there are no concessions on compliance requirements during this pandemic for motor dealers. Some key points they have been clear on are: • Ensure customers are protected and markets continue to function well and with integrity
• Firms to provide strong support and service to customers during this period • Deal with complaints promptly
What have they got to say about operational resilience?
It is essential that all firms have plans in place to manage and mitigate the operational impact of coronavirus. More generally, the FCA expects dealers to: • Have sufficiently robust systems and controls to continue to operate effectively in a stressed situation with business continuity plans to manage this
• Act fairly, honestly and professionally in accordance with the best interests of customers
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