Doing the right thing

“The cream always rises”

By Tara Williams, Chief Compliance Officer

What struck me in reading Chorley Motor Group Managing Director Adam Turner’s assessment of his business’ growth in this Dealer Insight was his focus on a single goal; ‘to look after people, whether that be stakeholders, customers, or staff; we want to do the right thing.’

In today’s ever-changing landscape, while good business economics remain critical, this type of cultural ethos to do the right thing is essential. It is something we saw illustrated perfectly by the recent FCA announcement confirming the details of the Consumer Duty.

Under this new regulation, with which all firms must comply by April 30th next year, is a requirement for firms to put consumers at the heart of their business model — critically, they must be able to evidence this. The FCA’s new ‘Consumer Principle’ with its focus on consumer outcomes, makes this clear.

For Adam’s comment, “We may never be the most profitable group in the world because of that (the one goal), but it is the way we like to run our business,” I read a business model centred upon delivering great customer experiences.

As a business committed to helping dealers provide a compliant approach to financial services, I appreciate the subtle nature that some feel exists in compliance with the Consumer Duty. Chorley Motor Group show how elegantly simple it can be.

The FCA recognises that it is not possible to secure good outcomes or act in a client’s best interests at all costs. There is an acceptance of reasonableness in the practical application of the underlying rules. Nevertheless, in Chorley Motor Group, we see a business succeeding and growing by doing the right thing for its customers. While I do not have a detailed knowledge of their business, I can see an approach demonstrating that doing the right things can work for everyone.

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