Moneybarn, the UK’s largest non-prime vehicle finance company, leads the industry with a legislative transition seminar for broker network.

The consumer finance industry is about to undergo significant change with the transition of regulatory authority moving from the Office of Fair Trading to the Financial Conduct Authority in April 2014. As the leading player in the non-prime motor finance sector, Moneybarn last week hosted a seminar for its introducer network to ensure that their business and their partners’ are ready for the impact of the transition.

Attended by representatives from the UK’s 40 largest motor finance brokers, the event delivered key messages, actions points and time-scales through presentations from Moneybarn and guest speakers. Paul Harrison, Head of Motor Finance at the FLA, Stephen Dawson, Partner at Shoosmiths, and Bill Scotney, Head of Corporate Risk and Compliance at Moneybarn delivered insightful presentations on how businesses can prepare for the change and what to expect come April 2014.

Reflecting on the seminar, Moneybarn Managing Director, Peter Minter, comments, “The day was a huge success.  We strongly believe that sensible regulation protects our business, our customers and our business partners. It’s vital that Moneybarn and its business partners are prepared for the transition to the FCA and events such as this are a crucial tool in planning for the significant change in approach that we will see from April next year.”

The seminar also hosted two sessions addressing the management of satisfactory quality issues with presentations from the Moneybarn Customer Service Manager, Bally Pone, and from guest speaker, Karen Brown, Managing Partner at Addleshaw Goddard.

Bally Pone says,

“We are a business that holds honesty and fairness at our core, so it was important to us that our introducer network is fully informed of our processes and attitudes in relation to Satisfactory Quality. Our processes are in place to ensure that our customers are treated fairly and are fully satisfied with both their vehicle and with their agreement with us.”