IMPORTANT! New regime for regulation of finance sales

From 1 April 2014 the previous Office of Fair Trading credit broker licences will not be valid and motor dealers will have been required to apply for interim permission to carry on such a business from the new FCA.  

Between 1 April 2014 and 1 April 2016 all motor dealers with ‘interim permission’ will need to apply for full authorisation or become an appointed representative (a similar scheme to the current scheme for insurance sales). 

It has been proposed that there will be a two tier system of ‘limited permission’ and ‘full authorisation’. Limited permission will have advantages for motor dealers with less requirements, lower fees and less scrutiny.

Published: 03 Feb 2014

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