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NATIONAL FRANCHISED DEALERS ASSOCIATION COMPLIANCE SUPPORT PROPOSITIONBack

nfda-logoThe compliance landscape within the retail motor industry is constantly evolving. It will again on 1 April 2014 when the Financial Conduct Authority (FCA) officially take over consumer credit regulation from the Office of Fair Trading (OFT). Many dealers have already taken the first steps of completing their Interim Permissions in readiness for this.

However, for those dealers who are unsure of the next steps or are yet to complete their Interim Permissions, we are taking a positive approach to help and assist our members through this transitional phase and are pleased to announce that we are putting together a suite of resources to help guide our members to ensure they make the right decisions for their business.

The NFDA firmly believe that the achievement of a positive compliance culture within the dealership (no matter how big or small they are) should be able to be done in such a way that it is not costly, cumbersome or to be feared.

As such, we are pleased to announce that a range of cost-effective compliance solutions and services to help and support our members during the transitional phase have been designed and can be provided to our members. Services and solutions include:

1. Onsite Offsite guidance to assist with the transitional arrangements from the OFT to the FCA

  1. Dealer Health Checks Assessments
  2. Documented Action Plans Assistance with Procedural Manuals
  3. Coaching and Guidance to Management

2. Templates resources to assist with potential high level standards required under the new regime, including:-

  1. E-learning Solutions to deliver training.
  2. E-Compliance portal to provide a range of electronic solutions – e.g. staff observations, demands & needs, file audits, commission disclosures, F&I reporting/reviews.
  3. F&I Complaints Management System.
  4. Commission Disclosure Templates.

3. On-going Support and Advice

  1. NFDA members will have access to free templates and best practice tools to assist the Sales & Compliance function.
  2. NFDA members will have access to free Regulatory Updates as and when published via email written in plain English.
  3. NFDA members will have access to free telephone/e-mail support on any other Sales & Compliance queries.
  4. NFDA members can gain support and advice on the production or amendments of any bespoke Group Operating Procedures (charges may apply depending on the complexity of the requirement).

For further assistance please contact Louise Wallis on 01788 538336 or email louisewallis@rmif.co.uk

 

 

Posted by Sue Robinson on 23/05/2014