The Financial Conduct Authority (FCA) has launched its portal for dealers to register for interim permission in order to legally continue with consumer credit related activities from 1 April 2014.
There is a 30% discount on fees (£150 for sole traders and £350 for the majority of other firms, with some exemptions) if dealers register by November 30. Click here to go to the FCA website.
Paul Guy, managing director of Automotive Compliance, a FCA authorised principal firm, said: "We have this morning spoken with many dealers who are in the process of taking advantage of this discount."
After 1 April 2014, dealers will need to complete a more detailed application process for authorisation by the FCA.
Its aim is to use a proportionate approach to authorisation depending on size and type of firm and activity conducted.
Authorisation is the FCA equivalent of the OFT’s licensing system, said Guy. There will be a phased approach to authorisation, where they will ask different types of firms to apply by different deadlines.
If dealers do not register by 31 March 2014 they will no longer be able to legally continue with consumer credit related activities, he added.