The National Franchised Dealers Association (NFDA) is urging dealers to ensure they are ready to apply for Financial Conduct Authority (FCA) authorisation.
Dealers should have by now been told the timing of the application slot they have to apply for FCA Authorisation. The first of these slots will begin in October.
Dealers should already be thinking about their application and considering the type of application that needs to be made. If they are an existing FCA authorised firm they will probably be applying for a ‘Variation of Permission’ rather than needing to make a full application.
Those who are not already authorised will have to make a full application but may be able to take advantage of becoming authorised with ‘Limited Permission’ which affords lower fees and reporting.
Sue Robinson, NFDA Director comments, “It is not too early for dealers to start their applications. Although an application cannot be submitted before the dealers application slot opens, they can complete the application forms online in advance.
“The application involves a considerable amount of background information which needs to be gathered. The vast majority of which can be done in advance.
“It is important dealers are prepared, as once their slot opens they only have 3 months to submit, if this is missed or dealer interim permission ceases, dealers will have to make a new application. Whilst this is processed they will not be able to provide consumer credit to customers”.
The NFDA are offering support to dealers and we will be holding a workshop in the Autumn. For more information and support please contact email@example.com .
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.