Author: Dennis Chapman
Published: February 3, 2014
Reading time: 1 minute
This article is 11 years old.
Read our disclaimer keyboard_arrow_down
This website content is intended as a general guide to law as it applies to the motor trade. Lawgistics has taken every effort to ensure that the contents are as accurate and up to date as at the date of first publication.
The laws and opinions expressed within this website may be varied as the law develops. As such we cannot accept liability for or the consequence of, any change of law, or official guidelines since publication or any misuse of the information provided.
The opinions in this website are based upon the experience of the authors and it must be recognised that only the courts and recognised tribunals can interpret the law with authority.
Examples given within the website are based on the experience of the authors and centre upon issues that commonly give rise to disputes. Each situation in practice will be different and may comprise several points commented upon.
If you have any doubt about the correct legal position you should seek further legal advice from Lawgistics or a suitably qualified solicitor. We cannot accept liability for your failure to take professional advice where it should reasonably be sought by a prudent person.
All characters are fictitious and should not be taken as referring to any person living or dead.
Use of this website shall be considered acceptance of the terms of the disclaimer presented above.
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.
