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Motor retail sector ‘still not FSA compliant’

The Financial Services Authority recently announced the extension of its deadline for authorized firms to submit their Retail Mediation Activities Report from August 11 to September 9, 2005.

This is for those dealerships who have registered on the FSA website with Firms Online and started to complete their RMAR return. But the extension applies only to those dealerships with a year end date of December 31 or June 30.

Stephanie Murdoch, the MD of Auto Network UK and a speaker at the AM Autumn Conference, Financial Control in Motor Retail, warns that many motor retailers who are FSA-authorized have not yet registered with Firms Online.

“Recent research has revealed a worrying number of dealers who have not registered with Firms Online and who do not even realize that they have RMAR returns to do,” says Murdoch.

“Dealers need to recognize the urgency and importance of this issue. Failure to complete and submit the returns on time result in an immediate £250 administration fee and scrutiny from the FSA.

“It is of great concern that so many motor retailers are still not fully compliant. It may take the announcement of the FSA taking disciplinary action against a big or well known dealer to make the rest of the industry take notice of the importance of this regulation.” Murdoch’s presentation at the AM Conference will focus on two key issues: ways to streamline the FSA process to make it less onerous for retailers and the critical issue of how to incorporate the FSA regime into your dealership’s sales process.

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