Dealer applications for authorisation to sell and advise on regulated finance products are continuing to drift in to the Financial Services Authority.
The deadline for applications guaranteed to be processed by the time the new regulation goes live on January 14 – GI Day – was passed on July 13. But an AM-online survey in July revealed that 42% of automotive retailers had failed to meet the deadline.
Despite this, the finance sector watchdog says it will be “doing its best” to turn round late general insurance applications within the remaining period.
It warns, however, that submissions should be received as soon as possible to enable it to achieve this.
With its October 8 issue AM will be publishing its second guide to the new regulation. The supplement will provide information on planning for the introduction of the new regulated regime, highlight training available, look at its impact on various sectors of the industry, explain the options open to dealers who haven’t yet applied, and explain how to complete the FSA application form.