Retail technology specialist iVendi has released a range of product enhancements to help dealers and lenders comply with tough new consumer protection responsibilities.
The upgrades, built into the firm’s online customer management systems, are directly targeted at the Financial Conduct Authority’s Consumer Duty protection standards.
Rob Severs, senior VP of product and insight at iVendi said: “Since the FCA first announced Consumer Duty, we’ve been looking at ways our technology can be used to power compliance, especially when it comes to the four outcomes covering products and services, price and value, consumer understanding and customer support.”
Finance video help
According to iVendi, the central point for the enhancements is a new Consumer Duty page. This includes lender-specific data and product videos which provide all the relevant information, features and benefits of the specific finance product. Suitability assessments consist of a series of questions, specific to each finance product 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.
There are links to government financial advice and the lender’s support resources, providing help for consumers – especially those classed as vulnerable by the FCA – and helping to ensure they understand the product and can make an informed decision.
Severs added: “These enhancements will be released well ahead of the 31 July FCA deadline, and we’re already having conversations with lenders and dealers about the best ways to integrate them into their Consumer Duty processes.”