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Car dealers must find the balance between care and profit to satisfy FCA rules

Dealers are assessing the changes they need to make to their businesses to gain eventual full approval by the Financial Conduct Authority.

Chris Sturgess, chairman of Sturgess Jaguar, Leicester, said: “We can see we really need to get to grips because the April 1 change has deeper implications than there appear to be at first sight.”

New FCA rules mean commission disclosure for car dealers selling finance

Sturgess, whose business was Motor Codes’ 2013 franchised dealer of the year, said the FCA wants dealers to put customer care before profit: “I agree with that objective and we need to find the right balance.”

Max Pankhania, business manager at car supermarket HPL Motors Oldham, said: “We have our interim permission in place. Our business belief is to give the best advice to customers. That’s the way to gain repeat business.”



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