The National Franchised Dealers Association (NFDA) has launched a new division to provide dealers with advice on finance and take them through the Financial Conduct Authority motor finance redress scheme.
NFDA Business Solutions, to provide members with support and guidance finance and Insurance (F&I) plus compliance.
It will support with FCA compliance in relation to the upcoming redress scheme following the Supreme Court ruling on motor finance, which NFDA was heavily involved in.
Sue Robinson, chief executive of NFDA, said: “Dealers are facing increasing regulatory scrutiny, particularly following the Supreme Court ruling, and it is vital they have access to the right advice and support.
“NFDA Business Solutions has been created to give members the confidence that their F&I operations and compliance practices meet the highest standards while protecting their business.”
It will provide members with updates on the fast-moving F&I environment alongside day-to-day advice for individual members.
Operating under the banner “One Number. Real Answers” it will provide dealers with advice across key regulatory and operational areas, including Consumer Duty, commission disclosure, and best practice F&I processes.
NFDA Business Solutions also offers F&I health checks, compliance reviews and Board Report guidance to help dealers demonstrate good outcomes under the Consumer Duty framework.
NFDA believes that this offering can support its members with F&I, allowing them to concentrate on what they do best, helping customers find the right vehicle for them.