Regulation of the consumer credit industry has today (April 1) passed to the Financial Conduct Authority from the Office of Fair Trading (OFT). Franchised dealers must have registered with the FCA for interim permission in order to legally continue offering motor finance to their customers after that date.
Dealers can still apply for permission after today, but will not be able to carry out any credit-related regulated activities until their application is approved, which could take up to six months.
April's issue of AM magazine contains a special report on the financial regulator and how it will affect car dealers and automotive finance providers. In addition, the report contains a feature on the FCA's proposed changes to how GAP insurance and other add-on products are sold.
Readers can view or download an ezine version of the special report by clicking the cover above.