Case Study: Financial Regulators Keep Customers in Check Through a Secure Portal
Product Partnerships is an FCA authorized firm acting as a Principal and Compliance Specialist for businesses who offer consumer credit facilities. They are regulated to oversee credit broking and consumer hire activities. Their core markets are retail motor outlets, online vehicle suppliers and firms who operate salary sacrifice schemes that should be FCA regulated.
Business Needs
If a UK based business offers customers or employees finance facilities, then it needs to be compliant with FCA regulations. The FCA requires some management information to be sent electronically through a secure and compliant system. There is a great deal of material that is confidential, contains personal information and financial risk assessments for UK individuals that needs to be stored electronically including transaction logs, compliance & company complaint procedures, product sales data, sales commission, cancellation & claw back, proof of staff training. In some cases, these documents need the ability to be electronically signed by the recipient and sent back.
Without a reliable solution in place, all documentation was manually handled between customers and was stored in physical file locations. This lead to disorganization, confusion, and ultimately an inability to comply with the various regulations they were subjected to. When regulators needed access to the material, they would have to manually look through every document which was extremely time consuming and inefficient.
Pimcore Solution
With Pimcore’s solution, Product Partnerships Ltd was able to access a fully comprehensive suite of tools for maintaining FCA compliance. Product Partnerships Limited is able to provide compliance services & support for this need by enabling companies to electronically, and compliantly, store this data. Using Pimcore, all required information was kept in a private financial compliance portal and documents could be easily available for future retrieval and audit. The electronic signatures provide a further method of legally signing agreements without paper storage. Additionally, training information was made available in the portal, ensuring dealerships have the most up to date legislation and documentation.
To accomplish the solution, the portal was built on top of many of the ready to extend features of Pimcore’s Object data management. Throughout the system, Pimcore’s Class Definition functionality was used to define flexible and efficient representations for all information. Class Definitions also allowed Product Partnerships to design a system that worked for the motor vehicle industry but could be adapted to any market with financial lending, without developer intervention. This was achieved through the flexible class building (field collections & object bricks).
All information within the system was made auditable thanks to Pimcore’s built-in versioning & element properties. With the help of versioning, Product Partnerships was able to keep track of changes within the information, and element properties provided a secondary edit lock & drafting mechanism for their clients.
Business Results
Product Partnerships Ltd provides MI about thousands of sales to hundreds of clients. Using Pimcore, Product Partnerships can quickly access key information for maintaining its client’s requirements. Additionally, dealerships have all required compliance information available as their disposal. When a regulator requested such materials, they were able to instantly provide it and satisfy the regulator’s requirements. Therefore, they were able to establish a good rapport with regulators which is very important in this industry. With use of Pimcore, they were able to significantly reduce the risk of dealerships being fined from the FCA due to lack of compliance and therefore spared themselves of the monetary loss and brand damage associated with such an occurrence.
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