All dealers, irrelevant of their size or level of regulated income, must comply. Dealer principals need to consider the following:
Principles-based regulation is coming. The FSA is responding to the requirement to reduce red tape and the burdens of over-regulation by reducing the number of rules in its handbook.
To achieve this the FSA is creating a framework within which companies can operate and the boundary of this framework is made up of various obligations, commitments, responsibilities and the FSA’s own principles.
The FSA is also consulting on responsibilities for distributors, which includes car retailers.
This consultation ends on December 29 and will be published in the New Year. The proposed responsibilities are:
The FSA has set a deadline of the end of March by which all firms must have gone a significant way towards implementing their TCF strategy.