News From 2009

December

Taylors of Boston choose FSA Tracker™ & E-Learningonline™

Lincolnshire based Taylors of Boston, representing Peugeot, Citroën, Vauxhall, and Ford, are the latest group to choose FSA Tracker™ & e-learningonline™  as their competence and compliance platforms.

November

FSA fines Swinton Group £770,000 for PPI failings

The Financial Services Authority has fined Swinton Group, the high street insurance broker, £770,000 for serious failings in their advised sales of single premium payment protection insurance. Following discussions with the regulator, Swinton has also agreed to contact over 350,000 customers who paid for the PPI and offer a full refund. Between December 2006 and March 2008 the FSA found that the firm’s PPI sales process was flawed.

October

COMMON POINT OF SALE FAILINGS FOR PPI SALES

In an open letter sent by Christina Sinclair Head of Department for the Retail Policy and Conduct Risk Division of the FSA, she commented, 'today the FSA has published a consultation paper on new rules and guidance for the proper handling of PPI complaints. In pre-consultation with stakeholders on these proposals and from our on-going supervisory work with firms and other intelligence we have become concerned that one reason many firms are not handling PPI complaints correctly is because they are not applying the appropriate standards for the sale of this product.

September

FSA Tracker Now Links To Car Care Plan

August

Peugeot & Citroen launch Funding Options For Business System Utilising Tracker Technology

Peugeot and Citroen Financial Services have launched a brand new concept to their entire franchised dealer network aimed at making it easier for business customers to choose the right funding method.

July

The Financial Services Authority (FSA) publishes new plans

To create a consistent and more transparent framework for calculating financial penalties which could mean some fines treble in size!

The new plans reflect the FSA’s determination to change behaviour and address concerns that firms are repeatedly failing to improve standards (e.g. in relation to mis-selling to consumers and market misconduct).  They will also ensure that fines better reflect the scale of the wrongdoing and that any profits made from the breaches are clawed back.

June

Park’s Motor Group Chooses FSA Tracker™ & E-learningonline™

Park’s Motor Group has chosen FSA Tracker™ as their F&I logging and FSA solution across the group, in addition to using E-learningonline™ to deliver and monitor FSA learning.

May

Fiat UK Opens Second Dealership at Hayes and selects FSA Tracker™ as its FSA compliance platform.

Fiat UK have opened a second manufacturer owned site in Hayes in Surrey and have chosen FSA Tracker™ as their FSA compliance platform to monitor sales and compliance for all new and used car sales.

April

FSA Tracker™ Now Features A Brand New FSA Audit Module.

Auditing your dealership for FSA compliance will be a whole lot easier thanks to a new audit module which is soon to be added to all FSA Tracker systems.

March

e-learningonline™ Gets Improved Supervision Capacity Following a Recent Software Upgrade

e-learningonline™ , FISC’s Online Learning Management System has improved its supervision capacity following a recent software upgrade.  The system now allows supervisors to record, test and diarise delegates current and future one to one training needs, such as role play and observation testing. 

February

Competition Commission report on PPI will mean Dealers have to change the way they sell PPI

The Competition Commission delivered its final report on its remedies for the PPI market on 29 January 2009. The Competition Commission was asked to investigate the PPI market after a referral from the Office of Fair Trading in February 2007.

January

Acumus chooses e-learningonline™

Insurance specialists Acumus part of the UKU Group, have chosen e-learningonline™ as their platform to deliver their online training portfolio to their customer base.