The transfer of consumer credit regulation to the FCA — what does this mean for motor dealers?
Most motor dealers regularly carry out activities such as introducing customers to finance companies for the purpose of entering into hire and hire purchase agreements and arranging for the discharge of existing finance on vehicles taken in part exchange. This currently requires them to a hold a consumer credit licence from the Office of Fair Trading (OFT) covering categories C (credit brokerage), D (debt adjusting) and/or E (debt counselling).
From 1 April 2014, these will be regulated activities under the new Financial Conduct Authority (FCA) regime for consumer credit. The new regulated activity of ‘credit broking’ will comprise not only introducing customers to finance providers but recommending regulated agreements and assisting with other preparatory work such as completion of application forms.
What steps should motor dealers be taking to ensure they can carry on trading and remain compliant after 1 April 2014? …
Click on the link below to read the rest of the Wragge & Co briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Wragge Lawrence Graham & Co
News from The Lawyer
Briefings from Wragge Lawrence Graham & Co
Common issues that can arise when signing contracts with overseas companies.
Good news for those selling copies of iconic works as proposed repeal is put on back burner;