The National Franchised Dealers Association (NFDA) is urging dealers to ensure they are ready for the impending changes to Financial Consumer Credit Regulation.
On 1 April 2014, the Financial Conduct Authority (FCA) officially takes over consumer credit regulation from the Office of Fair Trading (OFT).
Dealers should by now have applied for interim permission with the FCA if they wish to continue to provide credit, and also insure they have all the correct categories on their current credit consumer licenses which in most cases will be categories C, D and E.
Sue Robinson, NFDA Director comments, “With the 1 April fast approaching, it is important that dealers are ready for the changes taking place.
“With increasing media interest and publicity surrounding the changes, there is always the risk of misinformation and confusion. To ensure dealers have access to the accurate guidance and assistance we have launched NFDA Compliance.
“NFDA are in contact with the FCA and as a consequence can respond with the most up to date information for the sector.
“Dealers who require more information can speak to the NFDA. Please contact our support line on 01788 538336”.
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.