Consumer Finance Bank – AR Monitoring
- Posted on: 9 May 2018
Our client is a global brand, with a Consumer Finance Bank operating in the UK. They identified the opportunity to significantly increase sales by increasing their distribution network by allowing retailers to appoint ‘Appointed Representatives’ (‘AR) under the FCA’s rules.
However, the Bank also realised that this would substantially change their risk profile, increasing the risks of mis-selling and breaches of the FCA’s rules due to an increased number of firms distributing their finance with differing levels of internal control.
The Bank now refers all such retailer-clients to Compliancy Services. We help the retailer to define their risk appetite, onboarding and monitoring procedures, and then we implement those onboarding and monitoring procedures going forward for them.
When the retailer wishes to appoint a new AR, they simply pass their details to Compliancy Services. Our operations team carries our Due Diligence on the firm and its Directors in line with the agreed procedures and manages the process providing back to the retailer our recommendations.