The automotive industry and the Consumer Duty

The automotive industry and the Consumer Duty

Motor dealers and manufacturers need to be ready for the Consumer Duty – which comes into force from 31st July 2023. The Duty will have a fundamental impact on firms providing regulated financial products or services to consumers – including a wide-range of vehicle add-on products, from warranty to cosmetic damage cover.

As the architect and enforcer for the Consumer Duty, the Financial Conduct Authority (FCA) will oversee its implementation and hold firms to account when applying its rules and guidance. Car Care Plan has spent over a year planning for the changes and has been working closely with partners to ensure they are fully prepared and compliant.

Where can I find more information on the Consumer Duty?

“Consumer Duty – A major shift in financial services” is a free to download eBook produced by Car Care Plan that covers the main components of the new rules. Get your copy today for further details on the Duty and how it will impact the automotive industry, including a breakdown of the consumer principle, cross-cutting rules, and the four outcomes.

Download your copy of our FREE Consumer Duty eBook.

Car Care Plan’s Chief Risk & Compliance Officer Gavin Tinch, and Sales Director, Simon Cook, have also been answering some key Consumer Duty questions in a recent Q&A. You’ll find answers to what the Duty is, what will it mean for the motor industry, how has Car Care Plan prepared for it and how are we supporting customers, as well as their professional takes on the new rules and their impact on the automotive industry.

Watch Car Care Plan’s Consumer Duty Q&A.

For the most comprehensive information on the Consumer Duty, visit the FCA website, where you can download the full policy statement and finalised rules.

Is Car Care Plan ready for the Consumer Duty?

Having conducted extensive strategic planning and a thorough assessment of company processes and products, Car Care Plan is fully prepared for the Consumer Duty coming into force at the end of July 2023. We have also been working alongside clients and distributors to confirm compliance throughout the distribution process – ensuring the end customer is getting a “good outcome”, as defined by the Duty.

Car Care Plan’s diligent approach to compliance, alongside our award-winning vehicle add-on products and end-to-end support services, is why we are the aftersales partner of choice for the industry’s leading manufacturers and retailers. If your business would like to know more about working with Car Care Plan, contact our friendly team today.

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