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

1. Economic Crime Levy Advice – Many dealers are unsure whether they need to pay the levy and how it impacts them.
2. Annual Consumer Duty Attestation – Ensuring compliance with the latest FCA consumer duty requirements is a key priority.
3. Commission Disclosure – Dealers must ensure they are fully compliant with the latest FCA expectations on transparency.
4. Cost of External Legal Advice – Seeking professional guidance to interpret new regulations and FCA updates can be expensive.
5. 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.
6. Rising Compliance Costs – The cost of maintaining compliance is increasing, with FCA fees for credit broking permissions rising by 39% since 2022.
7. Professional Indemnity Insurance Costs – Insurance premiums for compliance-related coverage are on the rise.
8. Regulatory Distractions – Keeping up with FCA updates and requirements is taking valuable time away from business operations.
9. 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.

Your Complete Solution for a Compliant Future

The clock is ticking for independent used vehicle dealers in the UK. By January 1, 2025, all dealers must be SAF (Specialist Automotive Finance) Approved or hold an equivalent certification to continue offering finance through lenders who are members of the Finance & Leasing Association (FLA). With this new provision, ensuring your dealership meets the SAF requirements isn’t just about compliance; it’s about maintaining your ability to offer finance and staying competitive in the market.

At Automotive Compliance Ltd, we are proud to be the largest industry user of SAF, administering SAF Approval for close to 1,000 dealership locations. We understand the critical importance of compliance, and we are here to help you seamlessly navigate the SAF Approval process while ensuring you have a robust, compliant system with a reliable audit trail.

Why Is SAF Approval Important?

A recent update to the FLA’s Lending Code means that FLA members can only arrange finance through SAF Approved (or equivalent) dealers and brokers. The majority of the UK’s vehicle finance providers are FLA members, making it essential for your dealership to obtain SAF Approval by the January 2025 deadline if you want to continue offering finance options to your customers.

Franchised dealers or brokers were required to be SAF Approved as of January 2023, and now independent dealers must follow suit. The good news? SAF Approval is free, and it’s designed to improve standards across the industry. Achieving SAF Approval not only keeps you compliant but also instills confidence and trust in your business from your customers.

How Automotive Compliance Can Help You

Navigating the process of becoming SAF Approved can be daunting, but that’s where we come in. Automotive Compliance Ltd offers a comprehensive solution that manages your SAF Approval process from start to finish, ensuring you remain compliant with all the latest industry standards.

Here’s how we can help:

• Direct Setup & Monitoring* We can directly set up your dealership(s) for SAF Approval and continuously monitor your team’s SAF status, ensuring you stay compliant with the new provisions.
• Compliance Academy Integration: When coupled with our Compliance Academy, which includes 15 hours of General Insurance CPD, all of your FCA compliance training is consolidated in one place. This integration simplifies your compliance efforts, saving you time and reducing the risk of falling out of compliance.
• Comprehensive Sales Procedure: Whether you are an FCA Directly Authorised dealer or an Appointed Representative, our FCA Sales procedure, incorporating the Evolution Funding Ltd powered soft search facility, has everything covered for you—from enquiry to handover. This means your entire sales process remains compliant, with a strong audit trail to back it up.

What Steps Should Dealers Take?

Instead of navigating the complexities of SAF Approval on your own, let Automotive Compliance handle the logistics for you. Our team of experts is ready to guide you through the entire process, ensuring that you and your staff meet all the necessary requirements and stay compliant.

Here’s how we can help:

1. Full Support for Registration: We’ll assist you in registering your company for the SAF Expert test and ensure that your customer-facing staff complete the necessary training and certification.
2. Ongoing Compliance Management: Once your team is SAF Approved, we’ll continue to monitor and manage your SAF status, helping you maintain compliance with annual retesting and any updates to the SAF requirements.
3. Tailored Solutions: Whether you’re a large dealership or a smaller operation, we can provide a tailored compliance solution that meets your specific needs, ensuring that your business is always in line with industry standards.

Don’t leave this important task to chance. Contact Phil Harding or Tomos Parry at Automotive Compliance today to discuss how we can take the stress out of the SAF Approval process for you. Simply click [here] to get in touch, and we’ll be happy to assist.

The post Get Ready for SAF Approval appeared first on Automotive Compliance Ltd.