Friday, August 22, 2014
Dealers remain concerned about FCA: Close Brothers
One in five dealers described Financial Conduct Authority (FCA) regulation as the single biggest challenge facing their business in 2014 in a poll conducted by Close Motor Finance.
Of those questioned, 86% said they intended to apply for full FCA authorisation when their interim permission expires.
Of those not intending to apply, a perceived lack of information or expertise enabling them to do so was the biggest reason for not doing so, and even two fifths of those who intend to apply said compliance procedures was an area of the application process they would require expert assistance with.
When asked how long they expected the application for full FCA authorisation would take, 33% said a few hours, 40% predicted a few days, while a surprising 28% said it could take them a week or longer.
Despite this concern, 18% of respondents said they were still to receive confirmation of when to apply for full authorisation.
Paul Kaye, sales and marketing director of Close Motor Finance, said "Feedback from our survey indicates that the majority of application deadlines fall in the first quarter of 2015 so we would encourage dealerships to review and familiarise themselves with the guidance now so there are no nasty surprises down the line.
"Our main message to dealers is to face the issue head on as missing the application window means ceasing to legally operate as a credit broker."
The survey took place in June, and involved 200 dealerships across the UK.
DATED: 22.08.2014
FEED: MT
Of those questioned, 86% said they intended to apply for full FCA authorisation when their interim permission expires.
Of those not intending to apply, a perceived lack of information or expertise enabling them to do so was the biggest reason for not doing so, and even two fifths of those who intend to apply said compliance procedures was an area of the application process they would require expert assistance with.
When asked how long they expected the application for full FCA authorisation would take, 33% said a few hours, 40% predicted a few days, while a surprising 28% said it could take them a week or longer.
Despite this concern, 18% of respondents said they were still to receive confirmation of when to apply for full authorisation.
Paul Kaye, sales and marketing director of Close Motor Finance, said "Feedback from our survey indicates that the majority of application deadlines fall in the first quarter of 2015 so we would encourage dealerships to review and familiarise themselves with the guidance now so there are no nasty surprises down the line.
"Our main message to dealers is to face the issue head on as missing the application window means ceasing to legally operate as a credit broker."
The survey took place in June, and involved 200 dealerships across the UK.
DATED: 22.08.2014
FEED: MT
