A recent poll by used auto finance platform Evolution Funding has revealed that dealers are unclear on the FCA’s expectations of consumer duty reporting.

As the 31 July deadline approaches for dealers to complete their Consumer Duty Annual Board Report, Evolution polled its dealers on their understanding of the requirements.

889 dealers responded, with a significant number either unaware of the requirement to produce a board report or not knowing they must produce their first report by the end of July.

When asked if they were comfortable with what the report should include, such as content, format, and management information, 76% of respondents said they weren’t.

Sam Osborn, Evolution’s head of risk and compliance, said:

“One year into consumer duty, it’s evident that dealers, especially smaller independent ones, need better support and guidance to meet the duty’s requirements, alongside improved benchmarking for general consumer duty standards.

“Principles-based regulation necessitates interpretation, demanding significant resources. This is challenging for smaller dealerships where time and specialist roles are scarce.

“Dealers are committed to serving their customers well, but knowledge gaps exist. It’s crucial that brokers and lenders offer direction and resources, leveraging their expertise and specialised teams.

“In addition to the technology and compliance processes we have in place, Evolution is dedicated to providing resources and guidance to help dealers meet their regulatory obligations. Our Consumer Duty Resource Hub offers extensive support, and we will continue to update it with new information.”

Click here to visit our Consumer Duty Resource Hub

Used auto finance platform Evolution Funding has appointed Duncan Josey to the newly created role of chief strategy officer.

Josey brings over 21 years of experience across key business roles at Autotrader, including commercial director, digital marketing director, and key accounts sales director.

As part of the executive leadership team, Josey will lead the development and execution of strategic plans to achieve Evolution Funding Group’s goals of digitising, automating, and enhancing the consumer auto finance experience. A key focus will be advancing and leveraging the group’s ecosystem and digital platform.

Lee Streets, chief executive officer at Evolution Funding, said:

“From Autotrader’s early days as an analogue business to the digital giant we know today, Duncan has been at the centre of Autotrader’s radical transformation. As such, with his wealth of experience, he is well placed to accelerate Evolution’s similar journey to develop our ecosystem proposition and commercialise our data offering. We are delighted to welcome Duncan to Evolution as we drive forward to becoming the auto finance platform of choice.”

Josey said:

“This is an exciting move for me, and I look forward to working with the Evolution team. The automotive industry finds it hard to take advantage of modern advances in technology due to a fragmented and complex ecosystem. Evolution’s innovative approach to using technology to overcome that fragmentation and connect consumers and partners via their platform puts them in a unique position to transform the industry. I am delighted to be joining Evolution on that journey of transformation.”