Our Regulator - The Financial Conduct Authority

Our aim is to make financial markets work well so that consumers get a fair deal. We supervise firms to make sure they act in the best interest of consumers and the market”
Financial Conduct Authority

The Financial Conduct Authority (FCA) has stated clearly that it will be taking a far more proactive stance than its predecessors. Backed by far reaching regulatory powers the FCA must of course be respected, however Hyundai Capital UK does not believe it should be feared and has responded by ensuring that we can adhere to the FCA's view of the industry.

Financial Promotions Guides

The FCA’s principle of Treating Customers Fairly (TCF) has introduced extensive advertising guidelines, with a catch-all that any promotion must be clear, fair and not misleading.

Hyundai Capital UK helps dealers ensure their advertising is compliant by providing a continual commentary on the regulatory landscape and developments within the industry. Financial promotions play a key role in the FCAs overall aim of delivering an efficient and effective retail market in financial services and in helping consumers to achieve a fair deal.

A financial promotion is defined as an invitation or an inducement to engage in investment activity through all forms of communication, so whether it’s on a website, down the side of a car, or in a magazine the same rules will still apply.

Take a look at our guidance and checklist which will help you produce clear, fair and not misleading financial promotions.

Sales Process Application - SPA

A web-based tool that fully integrates within dealers’ existing sales processes and allows for an enhanced customer experience, as well as delivering a compliant process at the point of sale.

What does the FCA require?

Affordability, transparency and product suitability should be the key focus points of any discussions held by dealers with customers in respect of finance and related products. Only by addressing each of these topics can dealers ensure the right customer outcome is obtained. To that end, the sales process adopted by dealers is of vital importance. In addition to ensuring the appropriate process exists, dealers regulated by the FCA must be able to evidence, via an auditable trail, that customers have been taken through that sales process each and every time.

How can Hyundai Capital UK support dealers with this requirement?

In order to deliver a good customer experience as well as a compliant one, Hyundai Capital UK has developed a bespoke sales process application (SPA) that interfaces directly with the point of sale finance system. The application provides audio visual product descriptions, typical comparison quotations, and through a series of short questions, validates that the customer has understood what has been presented and chosen a specific product based on that understanding.

What can SPA provide you with?

An animated video explanation of the key features of our core retail finance products, available via our brand websites or at participating dealers.
Provide customers with sufficient understanding and information of our finance products to enable them to make an informed choice on the most suitable finance product for their needs.
Customer confirmation of the SPA presentation, their understanding of the products and acknowledgement they have had adequate time to review the content and had all questions answered in a satisfactory manner.
Provide a time and date stamped printable customer record of the SPA presentation.

Useful Links

It is recommended that you familiarise yourself with FCA content. To help you navigate quickly to further information we’ve pulled a list of useful links: