“Regulation of consumer credit is an opportunity for dealers”, commented Louise Wallis, Head of Business Development at The National Franchised Dealers Association (NFDA), speaking at today’s Motor Trader FCA briefing in Northamptonshire.
The briefing was to enable car retailers succeed under the new regulatory regime.
Wallis continued, “The recent move of consumer credit from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) will see increased regulation for dealers who provide car finance.
“The NFDA have outlined the steps to apply for authorisation and discuss in detail more about the FCA market study into add-on insurance which looks at GAP products.”
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.