Dealers are failing to take their responsibilities to record and back up essential FCA compliance motor finance data seriously, technology provider iVendi has claimed.

The company said a significant minority of dealers are still using a spreadsheet to record basic information, and not backing the data up.

James Tew, chief executive officer at iVendi, said: "A large number of dealers that we visit have an Excel spreadsheet that is open to all users and simply jot type in a few details.

"It is very haphazard. There is no central control over the document, often a sloppy attitude to recording the data and no formal back-up process.

"It is an accident waiting to happen. The data could easily be corrupted or lost and attempting to rebuild the audit trail would be extremely difficult or impossible. If you were then investigated by the FCA, you’d have serious questions to answer."

Spotting a potential gap in the market, iVendi has added an automatic FCA compliance data-back — up tool to its iVendi Platform, which was launched in January, and is designed to manage all aspects of dealer motor finance activity.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Tew said: "We have added this feature very much in response to the data issues that we have seen at a wide variety of dealers. For users of our platform, it provides a complete FCA compliant data back up to our secure servers without the dealer having to do anything. It is the only solution of this type on the market, we believe."