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.
