Earlier this week I attended the Labour Party Conference. The conference was successful for the Labour Party, resulting in them earning a 13-point lead in the polls. Although no direct automotive trade issues were addressed a number of businesses were featured on the agenda and significant Labour policy plans were announced including their plan to remove Tory tax cuts to green energy plans. This could have significant implications to the automotive industry, especially within the EV market which the NFDA take pride in contributing to. This weekend sees the start of the Conservative Party Conference where we have a number of meetings scheduled.
In other news, the HMRC have offered support to dealers who are experiencing VAT errors. Letters have been sent out to some motor retailers that they believe are at risk of bumping. The HMRC contacted the NFDA addressing the issue, explaining that not all motor retailers will receive a letter as only businesses at most risk will be targeted. If you are contacted regarding this issue, please contact NFDA.
The FCA has announced a series of sector workshops for their New Consumer Duty during October and November for firms who sell regulated financial products. The workshops will explain what the Duty is and the FCA expectation the FCA places on regulated from it. They will also outline the timelines for implementation and the work that needs to be done to meet them. More details can be found on the FCA website.
The NFDA is in the process of producing guidance for members including example implementation plans which will be available shortly. In the meantime, if you have any questions or would like to discuss the Consumer Duty further, please get in touch with us.
NFDA Is the voice of automotive retailers – if you require any assistance, please do not hesitate to contact your member helpline at 01788 538303 or email email@example.com
Sue Robinson, NFDA Chief Executive