What is compliance?

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General Insurance
A motor dealer wishing to sell insurance
backed products is required to be
authorised and regulated by the
Financial Conduct Authority (FCA).

General insurance

Take 5 Minutes to answer these questions and evaluate your risks.

1
Could you place your hand on all relevant customer signed Demands and Needs Statements for both Consumer Credit and General Insurance, on demand?
Our processes and procedures whilst bespoke to every firm, are on-line, giving 24 / 7 access to all regulatory transactions with Customer signed paperwork at the click of a button in secure long-term storage.

2
Do you have dedicated compliance monitoring staff?
There is little point having paperwork to hand if you have gaps and do not have every customer recorded in the first instance. Automotive Compliance Ltd have both an office based team conducting remote monitoring, together with field based Motor Industry Dealer Development Managers to physically aid the management of your compliance.

3
Are you confident you could show evidence of a “Treating Customers Fairly” culture in your business if asked to do so by the regulator?
Paperwork is a start, Automotive Compliance Ltd implement not only process and procedures for regulated activity, but embed the managerial culture in your business to evidence TCF from the top down.

4
In a principal based regulatory, regime, who checks that your interpretation of the rules meets the regulator's standards?
It is deemed “Good Practice” for a regular documented independent review of your compliance culture, processes and procedures from a specialist regulated entity.

High risk

DIY – achieve Direct Authorisation by applying and reporting to the FCA yourself.

  • You complete and submit your long application form A to the FCA.
  • Your application fee £1,500 wether or not accepted.
  • You pay annual accreditation training fee and costs that should be provided by an authorised firm.
  • You purchase separate professional indemnity insurance that equals €1.68M.
  • You are responsible for making sure your implemented systems process and procedures are inline with regulators expectations.
  • You produce your own regulatory paper trail that, is auditable and appeases the durable medium policy.
  • Being a directly authorised firm it is your responsibility to ensure all regulatory updates or changes are interpreted for your business and updated.
  • You write and implement, monitor and if asked evidence a “treating customers fairly policy”.
  • You assume full risk and responsibility of penalties, fines, censure and/or enforcement by the regulator.
Medium risk

Maintain your Direct Authorisation utilising our systems, procedures, controls and consultative support.

  • We provide support for you to maintain your compliance.
  • We consult & work with your management team.
  • We bespoke our on-line Demands and Needs system to your business.
  • We supply on-line individual competence testing (an annual requirement), with certification.
  • We train all sales staff, implementing procedures and controls.
  • We provide all ongoing updates on regulatory changes.
  • We provide monitoring and support, both remotely and onsite that can be customised according to your requirements.
  • You maintain your direct authorisation with our on-line systems, training, staff testing, monitoring and consultative support.
Low risk

Join the ACL AR network and we’ll take care of everything.

When you become part of AC’s AR network, we’ll take care of everything and assume full risk and responsibility for FCA regulation.

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