The National Franchised Dealers Association (NFDA) are encouraged to see that the FCA policy document for the new consumer credit regime will allow dealers to be compliant on April 1 2014 with minimal change and disruption to their businesses.
Sue Robinson, NFDA Director comments, “The rules are in line with what the NFDA had anticipated, and in some cases better than what we had expected to see.
“The new Conduct of Business rule for Consumer Credit rulebook (CONC) follows existing FCA sourcebooks such as the one for General Insurance (ICOB). It also generally transposes current OFT guidance, the Consumer Credit Act (CCA) and the Consumer Credit Directive (CCD) into FCA rules.
“Of particular note in the CONC rulebook is the issue of Commission Disclosure which appears unchanged from the original current disclosure requirements in OFT guidance”.
For further information on the published rules please contact firstname.lastname@example.org
NOTES TO EDITORS:
The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.