FCA senior adviser to speak at AM conference on November 19
28 October 2013
Franchised dealers already adhering to the outgoing Office of Fair Trading guidelines shoud experience a "straight forward" transition to the incoming Financial Conduct Authority which takes over the regulation of consumer credit on April 1.
One of the FCA's senior advisers David Gagie will provide delegates at AM's Hit for Six Conference - when six key areas facing automotive retailers are covered in one day - with an overview of the new body and provide the opportunity to pose burning questions.
While the FCA has already made its presence felt. Swinton Group Ltd, one of the largest insurance retailers on the High street was fined £7,380,400 for misselling.
But the FCA stressed, for the majority of dealers, the changes should be "straight forward".
Gagie said: " The AM conference provides us with the opportunity to explain the transfer from the OFT to the FCA to members of one of our key audiences.
"Many dealers who sell insurance products will already be regulated by us and will be familiar with our processes. We will set out what dealers need to do in the run up to the takeover as some of the processes will be slighly different and more involved.
"Our aim is to create a regime that protects consumers and allows businesses to operate. There is a balance to be struck here, and to make sure we get it right we want to hear what dealers think of our proposals."
The FCA, however, is already flexing it muscles and having an impact where it thinks consumers should be treated differently.
One high profile target is payday lenders and the FCA has just set out tougher regulations for the sector, including affordability checks and limiting the amount of loan rollovers too.
Whilst franchised dealers should take great satisfaction and pride in the fact the FCA sees no reason to summarily shake up the way consumer credit is administered by automotive retailers, dealers should be in no doubt, the FCA means business.
When he takes to the Hit for Six Conference podium Gagie will also provide an insight into the regulatory approach.
Currently, many dealer websites have finance calculators to provide funding figures and the industry is being urged to embrace online payments to keep up with consumer demand.
While precedents will be set, Gagie will discuss some of the considerations when embarking on such a path.
Taking place at Cedar Court, Wakefield, the AM conference focuses on new cars used cars, aftersales, finance, insurance and digital.
More information on the AM Hit for Six Conference.
Or contact Nicola Baxter at firstname.lastname@example.org or on 01733 468289