APD Global launches new FCA compliance solution

APD Global Research has launched a new compliance solution division – Compliance 360 – for leasing companies, brokers, dealers and lenders.

Compliance 360 has been developed to monitor customer feedback in line with FCA guidelines to ensure suppliers proactively process responses in areas of non-compliance such as commissions, transparency and affordability.

APD monitors feedback from customers in real-time via its customer service platform and evidences satisfactory customer outcomes which can be shared with the FCA when required.

For the lender, 'soft' questions emailed to the customer generate a 'heat map' of their introducer network showing where the customer feedback has identified any potential areas of concern.

“Our compliance solution proactively helps companies meet their FCA obligations with help from end user customers,” explained Paul Turner (pictured), chairman of APD Global Research.

“They can learn from both a customer’s positive and negative feedback which provides valuable assets in line within FCA regulations.”

He continued: “It is a win-win situation for both FCA compliance and customer relations.

“As many broker deliveries are underwritten remotely, having a reason to engage with the customer during their contract keeps suppliers in the frame when they start looking for their next car.”

APD generated research for a recent survey by the Leasing Broker Federation, which highlighted a divergence in opinion on compliance ownership by its members.

It revealed that 44% of brokers felt responsibility for ensuring the customer received sufficient, timely and transparent information rested mainly with brokers.

A similar percentage believed it should be a joint responsibility between the broker and the lender.

When questioned where responsibility sits when assessing whether a customer can afford the deal they signed up to, 78% of brokers agreed it was a joint responsibility between brokers and lenders.

Meanwhile, 11% of brokers felt it should be the responsibility of the broker while an equal percentage took the opposite view that responsibility sits entirely with the lender.