CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow FCA changes a success, says Alphera Financial Services
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
FCA changes a success, says Alphera Financial Services PDF Print E-mail
Tuesday, 05 May 2015

The first year of the new FCA regulations has seen Alphera Financial Services celebrate significant successes after it helped thousands of companies across the country introduce transparent and fair business models.

Andy Gruber, director of the leading finance and insurance (F&I) solutions company, said being prepared for the changes that were introduced in April 2014 had enabled it to help more than 2,000 dealers and brokers implement FCA-compliant schemes.
 
“The first 12 months after the new regulations were introduced have shown that they are working well and that the motor finance sector is now far more transparent and customer focused,” he said.
 
“Customers and clients alike have welcomed the new approach because it is clearer and simpler. When the FCA took over from the OFT, there was a significant change in the approach to compliance, which meant brokers and dealers had to be more transparent with their customers.
 
“We’d already started working towards a fair and transparent system when the FCA regulations were announced, which put us in a strong position when it came to advising the industry on proving compliance and demonstrating that customers were being treated fairly at all stages.
 
“We have been really pleased with how the first year has gone and we are committed to continuing our work to ensure that everyone’s business model is compliant.”
 
The award-winning firm undertook a series of workshops, roadshows and webinars to help brokers and dealers understand the implications of the FCA changes, which saw more than 2,000 people sign up to get the expert advice they needed.
 
One of those adopting Alphera Financial Services’s business model was the family-run Richard Sanders Group, which operates six franchises in the Kettering and Northamptonshire area.
 
Ross Brandrick, group business manager, said its finance figures and KPIs had seen an improvement and it was expecting to see further development over 2015 and beyond.
 
“We’ve had a positive response to these changes from both customers and staff,” he said.
 
“The team enjoys the fact that our finance rates are open, honest and available for all to see. Our managers have had to get better at making the overall deal work for customers in different ways, rather than just dropping the finance rate, and this gives us all the incentive to be even more imaginative.
 
“The change in regulator sped up the evolution, however, we were heading in this direction anyway. Our decisions to review products and pricing alongside Alphera have paid dividends.”
 
HWM, which has been selling, servicing and providing parts for Aston Martin models for more than 60 years, is another firm that has benefitted from Alphera’s business model.
 
Although it already had in place transparent processes, HWM changed its record keeping, which shows more easily how it reached a finance decision with its customers.
 
Gruber concludes: “What has been important over the past year, is that the transparent pricing and commission model now ensures the best outcome for customers while enabling retailers and dealers to maintain their profit levels.
 
“The industry is in far better shape for the new regulations and we are pleased to have played our part in helping so many dealers and brokers.”

(Source - Alphera Press Release)
 

 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197