“A detailed information pack and tool kit to help dealers implement the Office of Fair Trading’s (OFT) guidance for disclosing commission has been launched by the National Franchised Dealers Association (NFDA) ” said Sue Robinson, NFDA Director.
The Office of Fair Trading (OFT) 2011 Guidance for Credit Brokers and Intermediaries introduced the concept of commission disclosure for dealers selling finance products. Dealers have been expected to comply with the guidance and disclose commission to customers in certain circumstances.
Robinson continued “Failure to comply with the OFT guidance could have implications for dealers with regard to their consumer credit licence, particularly the OFTs view on their fitness to hold one.
“The information pack and tool kit has been specifically tailored for the motor industry and will be available in two formats which include a user friendly web based tool and a comprehensive written version.
“Both versions will take the user through a step by step process to ascertain any conflicts of interest when providing financial products to their customers and subsequently give their requirements to disclose the existence of commission.
“They will also contain a broad range of information on commission disclosure issues that affect motor retailers which aims to answer any questions dealers may have on the subject.
“This is a significant package which will greatly assist dealers within their businesses. We would urge all dealers to utilise the ‘kit’ to ensure they are complaint with this guidance.”
ENDS
NOTES TO EDITORS:
Keely Scanlan, Press Officer
Tel: 020 7307 3410
Mob: 07825097697
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406
Web: www.rmif.co.uk Email: keely.scanlan@rmif.co.uk
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.
