The Institute of the Motor Industry (IMI) published a response to the FCA’s draft guidelines on vulnerable customer care, stating a need for sustained investment in training and accreditation.
Steve Nash, chief executive at the IMI, said the recently published guidelines provide motor finance providers with clear direction on ensuring vulnerable consumers are treated fairly.
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“We believe that a commitment to continued training and professional development is crucial, as well as obviously ensuring that products are fit for purpose; customer service is provided at the right touch-points and processes exist to monitor outcomes experienced by vulnerable consumers.
“Crucially, the sector must recognise that this is not a competitive issue or unique selling point for any of its members – it should be a basic hygiene-factor that car buyers offered finance and insurance products are treated fairly.”
IMI gives the example of Alphera Financial Services, which uses the IMI F&I accreditation as a means to demonstrate its commitment to good practice.
BMW Group Financial Services also recently launched an ‘underwriting excellence’ programme. Participants will improve their ability to accurately assess customers’ current and future financial situations.
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By GlobalDataBMW said the course has been designed to reaffirm buyer confidence in the motor finance application and affordability assessment process.
Assessment takes place for up to three years from the date of enrolment, and will be compulsory for underwriting managers to qualify for the maximum credit authority level. Training will be delivered on the job, and will be accompanied by monthly coaching sessions and regular one-to-one assessments. Underwriters enrolled in the scheme will also benefit from ongoing review of cases underwritten to ensure consistent adherence to compliance regulations.
“There are many highly-experienced professional underwriters on our team who have responsibility for assessing in-depth criteria for every potential customer wishing to finance their car,” said Amanda Powell, head of new business at BMW Group Financial Services.
“We are proud to be the first lender in the industry to offer IMI certification of this type, with the thorough assessment programme ensuring our underwriters will continue to work to the highest possible standards.”
