Dealer Oversight Services

Audit Principles

Our audit is designed to:

• Support industry partners with FCA requirements following their extensive work and report on the motor finance market.
• Provide independent dealer and intermediary oversight that proactively identifies and minimises risks and also demonstrates that effective controls are in place.
• Safeguard funders’ and dealers’ professional reputation.

Audit Provision

The service is designed to verify that a compliant sales process is being followed, including:

• Qualifying and understanding customer needs.
• Explanation and selection of an appropriate finance product.
• Full credit and affordability assessment.
• Full and accurate explanation and completion of required documentation. This includes:
         - Ensuring correct licenses andaccreditations are held;
         - FCA authorisation and ICO registration.

The service also:

• Ascertains existence of compliant policies and procedures for TCF, AML, KYC, Data Protection, GDPR, Information Security, Privacy, Complaints, Vulnerable Customers, Conflicts of Interest and Remuneration.
• Confirms correct and compliant financial promotions that satisfy FCA CONC 3 and ASA CAP Code requirements.
• Validates training programmes and sales team competency, ensuring they are trained to recognised standards (SAF, IMI or equivalent).
• Verifying that remuneration, commission and incentive schemes and policies do not conflict with customer fair treatment and that disclosure requirements are satisfied.