iVendi is introducing a new product range to aid dealers with Consumer Duty compliance.
The Consumer Duty Lite, Classic and Ultimate packages gather existing online tools in response to the requirements of the FCA’s four key outcome areas and three cross-cutting rules.
Darren Sinclair, CCO, said: “Our view of Consumer Duty is that it is not just a question of meeting compliance but represents a genuine growth opportunity for dealers.
“If you are now working harder and more effectively to place customer needs first, as the FCA specifies, that should also result in better outcomes for your business.
“All of this is recorded as management information that can be used both as proof that the dealer and lender are acting appropriately but also to drive the process of continuous improvement that is very much at the heart of Consumer Duty.
“The technology we are offering gives dealers not just a bolt-on means of compliance but a new approach to the digitalisation of their businesses that will help to drive vehicle sales and finance penetration, and which has the FCA’s requirements built into every step of the customer journey.”
Consumer Duty Lite includes: a finance calculator, online finance eligibility checking, multi-lender quoting and submission, FCA and commission disclosure status, lender-specific product information, lender product videos, product suitability assessments, support services signposting for vulnerable customers, customer credit rating, stock engine, customer self-serve, online finance applications, application interceptions and comprehensive management information.
Sinclair said: “The range is designed to be easily added to any dealer’s technology stack and is aimed at those who are new to iVendi or only make use of a few elements of our products, rather than our full Connected Retailing platform.
“We have already added a range of key enhancements to Connected Retailing designed to meet Consumer Duty requirements and are working with existing users to ensure that their compliance needs are satisfied. It is going very well and everything is in place in order for them to meet the July 31 FCA deadline.”
Next, suitability assessments consist of a series of questions, specific to each finance product and provided by the lender, which the customer must answer before proceeding to the application.
If the customer is unable to show they understand the product, they won’t be able to complete the application and will be referred to the retailer, who can then find the right product for them.
Signposting follows with links to government financial advice as well as the lender’s own support resources, providing help for consumers on the buying journey – especially those classed as vulnerable by the FCA – and helping to ensure they understand the product and can make an informed decision.
Finally, interceptions take place when the specific rules of a lender – for example, those who won’t lend to taxi drivers – mean a product is unsuitable. iVendi’s technology intercepts these applications before they get sent to the lender, cutting the number of rejections and allowing the retailer to help the consumer find a lender that better meets their needs.