Compliance Archives - Automotive Compliance Ltd

Did You Know? The FCA’s new Policy Statement PS25/3 introduces significant updates to consumer credit reporting, including a new regulatory return – CCR009

Phil Harding — Mon, 12 May 2025 13:12:59 +0000

The FCA are making Consumer Credit Returns more complicated with the introduction of Policy Statement PS25/3 and the new regulatory return (CCR009) for firms involved in:

Credit broking
Debt adjusting
Debt counselling
Providing credit information services

Why it matters:

This new return is designed to improve the quality and relevance of data collected, enabling the FCA to:

Act faster where consumer harm is greatest
Reduce ad hoc data requests
Streamline supervision and reduce regulatory burden

Key changes:

Tailored, proportionate data collection aligned with firm permissions
Consolidated reporting for principal firms and their ARs
Phased implementation to ease transition

Benefits:

Better visibility into firm activities and consumer outcomes
More efficient, data-led regulation
Enhanced market integrity and consumer protection

Effective from: 7 May 2025

Firms must prepare now to align reporting with the new rules and timelines.

But here’s the good news:

Become an Appointed Representative (AR) and you don’t need to worry about it. We will handle the complexities for you.

The post Did You Know? The FCA’s new Policy Statement PS25/3 introduces significant updates to consumer credit reporting, including a new regulatory return – CCR009 appeared first on Automotive Compliance Ltd.

Sell Value Added Products Online

Phil Harding — Tue, 01 Apr 2025 10:45:40 +0000

Help protect your customers vehicles by offering them recommended products online, such as GAP, paint protection and tyre & alloy.

One of the most effective strategies for achieving this is by leveraging online systems to sell general insurance products. This approach not only enhances customer convenience but also drives significant revenue growth for dealerships.

The Digital Advantage

Online sales of insurance products offer a multitude of benefits. By utilising our VAP Boost tool, dealerships can extend their reach beyond the showroom, allowing customers to explore and purchase these products at their own pace.

This self-serve model empowers consumers to make informed decisions, ultimately leading to higher conversion rates and increased customer loyalty.

Enhancing Customer Experience with Comprehensive Coverage

General insurance products provide essential coverage that can protect both the vehicle and the owner. These products include GAP, extended warranties, tyre and alloy insurance, and more. By offering these products online, dealerships can provide a seamless and convenient purchasing experience, ensuring customers have access to the coverage they need without the pressure of in-person sales interactions.

Driving Revenue with Strategic Product Offerings

Selling insurance products online allows dealerships to showcase valuable offers that truly benefit the customer. This approach gives customers the freedom to make timely decisions at their own pace, without feeling rushed. Meanwhile, your staff can concentrate on what they do best – selling vehicles. This strategic focus not only enhances customer satisfaction but also boosts your dealership’s revenue.

Seamless Integration and Compliance

The entire purchase process, from product selection to payment, is integrated with the dealership’s existing payment system, making it convenient for consumers to complete their transactions online. Additionally, automated, branded emails engage customers with timely recommendations, ensuring they are aware of the available and relevant product options.

These emails are sent to customers who have been recommended products through The ACL Hub compliance system, ensuring a targeted and compliant approach. Customers can self-serve with your product provider, making the process easy and efficient. We are integrated with all main product providers, making it simple to bring this process online.

What should you do?

Embracing the digital shift to online sales of general insurance products represents a significant opportunity for dealerships to enhance profitability and customer satisfaction. By leveraging systems like VAP Boost, dealerships can provide a convenient, compliant, and efficient way to offer essential coverage to customers, ensuring they are protected in various ways.

For more information about VAP Boost or to schedule a demo, click here.

The post Sell Value Added Products Online appeared first on Automotive Compliance Ltd.

The Heart of Automotive Compliance: Our People

Phil Harding — Thu, 13 Mar 2025 15:09:03 +0000

In the world of vehicle dealerships and retail, the most valuable asset isn’t just the cars on the lot—it’s the people behind the scenes. At Automotive Compliance, we understand that our people are the cornerstone of our business. When you partner with us, you’re not just getting a compliance company; you’re getting a team of experts who have walked in your shoes.

Our team comprises individuals who have been salespeople, business managers, F&I managers, brand directors, and general managers at some of the largest franchises in the country. They have lived your job, worked the weekends, met the targets, and understand your business at every level. This firsthand experience means that when you talk to us, you’re talking to someone who truly understands the challenges and nuances of your industry.

We don’t just talk about compliance; we talk about automotive compliance. Our mission is to ensure that your team follows FCA guidelines, informs customers correctly, asks the right questions, and keeps you updated with any changes. Our approach is holistic, covering every aspect of compliance to ensure that your business runs smoothly and efficiently.

Have a question? Call your automotive contact, and they’ll get right back to you with an answer. If they can’t answer it, they’ll bring in our compliance team, IT team, complaints team, or financial promotions team to ensure you get the information/answers you need.

Our commitment to support means that you’re never alone in navigating the complexities of automotive compliance.

If you’re looking for a compliance company to partner with, get in touch for an informal chat.

We are here to support you every step of the way.

Call us on 01452 671 570 or email tellmemore@automotive-compliance.co.uk

The post The Heart of Automotive Compliance: Our People appeared first on Automotive Compliance Ltd.

Is Your Compliance System Up to Date?

Phil Harding — Thu, 06 Mar 2025 11:09:09 +0000

The world of automotive sales is evolving, and so are compliance requirements. With increased scrutiny around Consumer Duty, commission disclosure, and regulatory reporting. It’s more important than ever to ensure your compliance system is not just functional but fully up-to-date.

Is your system protecting you, or is it just ticking boxes?

Future-Proof Your Compliance

Regulations will continue to change, but with Automotive Compliance, you’re always prepared. Our system is built to evolve with the industry, ensuring you remain compliant and protected—allowing you to focus on other things.

Expert Support from Automotive Compliance Specialists

Having the right system is crucial, but having the right people behind it makes all the difference. Our dedicated field team of automotive compliance specialists work with you daily to ensure you stay ahead of regulations, providing hands-on support and guidance tailored to your dealership

Simplify Compliance with Seamless System Integrations

We know that dealers need streamlined solutions, not extra admin. That’s why our compliance system integrates effortlessly with leading dealer platforms such as Dealerweb, Pinewood, Navigator, and EnquiryMax, to name a few. These integrations mean:

No more rekeying: data flows automatically, reducing errors and saving time.
Real-time compliance tracking: keep up with FCA requirements effortlessly.
Enhanced reporting: meet regulatory demands without the hassle.

Let’s Get You Set Up

Don’t wait until you get an FCA audit to realise your system is outdated. Get in touch today to find out how Automotive Compliance can simplify your compliance processes and keep you ahead of the game.

Call 01452 671 570 or click here to book a free consultation and see how much you could save.

The post Is Your Compliance System Up to Date? appeared first on Automotive Compliance Ltd.

You Are Not Alone: Tackling FCA Compliance Challenges Together

Phil Harding — Fri, 14 Feb 2025 09:50:56 +0000

For many vehicle dealers, staying on top of FCA regulations has become an increasingly complex and costly burden. Rising fees, evolving compliance requirements, and a lack of clear guidance from the FCA have left many dealers struggling to balance compliance with running their business.

We understand these challenges, and that’s why we are committed to supporting dealers with the expertise, tools, and guidance needed to navigate FCA compliance efficiently and cost-effectively.

The Compliance Challenges Dealers Are Facing

Economic Crime Levy Advice – Many dealers are unsure whether they need to pay the levy and how it impacts them.
Annual Consumer Duty Attestation – Ensuring compliance with the latest FCA consumer duty requirements is a key priority.
Commission Disclosure – Dealers must ensure they are fully compliant with the latest FCA expectations on transparency.
Cost of External Legal Advice – Seeking professional guidance to interpret new regulations and FCA updates can be expensive.
FCA Guidance – Many dealers have found that contacting the FCA directly may sometimes result in general guidance that lacks the specific clarity needed to address their concerns fully.
Rising Compliance Costs – The cost of maintaining compliance is increasing, with FCA fees for credit broking permissions rising by 39% since 2022.
Professional Indemnity Insurance Costs – Insurance premiums for compliance-related coverage are on the rise.
Regulatory Distractions – Keeping up with FCA updates and requirements is taking valuable time away from business operations.
FCA Returns & CP24/19 – Dealers are required to submit more frequent and detailed returns, adding to their administrative burden.

How We’re Helping Dealers Stay Ahead

To address these challenges, we provide a comprehensive support package designed to keep you informed, compliant, and focused on running your business:

Regular FCA Updates – We keep you informed about regulatory changes and what they mean for you.
Membership Helpline – Get expert compliance advice when you need it.
One-Day Clinics – Request a one-on-one session with our compliance specialists.
Software & Integration Solutions – Streamlining compliance processes to save time and reduce errors.
Board Meeting Support – We can present at your board meetings to update your leadership team on compliance risks and obligations.
Dedicated Compliance Oversight Manager – An industry expert with dealership experience as your personal point of contact.
A Team That Cares – Always ready to help, ensuring that compliance doesn’t become a roadblock for your business.

Stay tuned for our next blogs, where we’ll take a deeper dive into specific areas, including rising compliance costs and how to effectively manage FCA returns.

If you need expert FCA compliance support, contact us today by clicking here.

The post You Are Not Alone: Tackling FCA Compliance Challenges Together appeared first on Automotive Compliance Ltd.