We recently sat down with our Managing Director Andrew Marsh to talk about our brand new partner accreditation scheme, MVP.
In this article
Why was MVP developed?
Marsh Valued Partners has been developed to better support partners in a period of accelerated change within the automotive industry. We reviewed the challenges faced by car finance intermediaries and developed a service to help solve these challenges, whilst also enabling us to build stronger relationships across our industry.
What are the challenges?
The regulator is now increasing its activity regarding how customers are attracted to firms and the form of financial promotions. Lenders have a responsibility to check their intermediaries are meeting the required standards and are treating customers fairly. Many lenders have a tickbox approach to this that is not fit for purpose, does not protect them, does not protect the intermediary and, most importantly, does not protect the consumer.
The second issue is around efficiencies. The changes in consumer behaviour have fast-tracked digitisation in the car finance industry, which has caused some car finance intermediaries to adopt poorly implemented processes. These poor practices cost the lender and the intermediary dearly. Marsh Finance offers MVP’s the opportunity to work with a business who have almost 50 years’ experience navigating the ever-changing automotive finance landscape. We can provide a free consultancy service to partners, enabling them to remain compliant, improve operational efficiencies and ultimately increase sales.
How will MVP add additional value to our partners?
MVP is designed to form mutually beneficial partnerships between Marsh and its intermediaries. Pre-MVP, we recognised that the reviews we were conducting with intermediaries were of a significantly superior standard to those of our peers. We saw this as an opportunity for us to add value to our intermediaries and, in return, form lasting partnerships.
Marsh have always strived to do the right thing and to go beyond the minimum regulatory standards – whilst championing innovation. This project achieves both. We will work closely with our intermediaries, encouraging them to work on a collaborative basis with us.
MVP is a free consultancy service, a sounding board for all compliance and operational needs from a team with significant experience in motor finance compliance. There are substantial costs associated with external consultancies, so Marsh’s free bespoke service is an unmissable experience.
Marsh’s team will connect areas of a business and streamline compliance and sales processes, tailoring procedures based on individual business needs. Reducing the silo effect of organisations managing compliance on their own is a desire of Marsh Finance’s compliance team and a significant reason for implementing MVP.
Why is it important for car finance intermediaries to focus on compliance and operational efficiencies at this time?
The regulator is currently handing out significant fines and is implementing the New Consumer Duty – which will shine a spotlight on financial promotion compliance more than ever before. We’ve written a blog about the implementation of these changes, which can be viewed here.
The recent focus on digitisation and an online customer journey has seen car finance intermediaries implement poor practises and processes. Many intermediaries and lenders are seeing lower conversion rates than ever before, reducing sales, and increasing customer acquisition costs.
Marsh can provide a full-service approach, working with you to improve efficiencies across your business, whilst remaining compliant – therefore, avoiding fines and increasing profits across your organisation.
How do I become a Marsh Valued Partner?
Be one of the first to partner with Marsh and receive all the compliance and sales guidance you could ever need at 0 cost. MVP is a fantastic opportunity for those looking to build a strong partnership with an established motor finance company of nearly 50 years whilst receiving industry-leading guidance free of charge. The MVP scheme is the first of its kind in the industry, and our sales and compliance teams are ready to revolutionise your business procedures.