Ivendi launches ‘single point solution’ for Consumer Duty compliance

Ivendi is launching a new product range this week designed to act as a “single point solution” to dealer Consumer Duty compliance.

The company said its Consumer Duty Lite, Classic and Ultimate packages gather an array of new and existing online tools that offer a response to the requirements of the Financial Conduct Authority's (FCA) four key outcome areas and three cross-cutting rules.

Darren Sinclair, iVendi chief commercial officer (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.”

Sinclair said the new products allow businesses to record 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.

New range aimed at new customers

He said the new range is aimed at those who are new to iVendi or only make use of a few elements of its products, rather than those that use its full Connected Retailing platform.

Sinclair said: “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.

Classic adds iVendi’s Digital Deal, which enables dealers to create a tailored finance proposition for each customer, while Ultimate features showroom finance eligibility checking and online vehicle reservations.

Sinclair added: “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.”