Get On-Board with FCA Regulation Now Or Cease Finance Sales & Settlements from 1st April 2014
The clock is ticking loudly as we count down towards the new FCA regulatory environment.
To be able to continue to offer finance, dealers MUST have their 'Interim Permission' in place from the FCA and MUST have the right categories on their licence - no exceptions! It is also essential that dealers let MotoNovo Finance know that all the documentation is in place, providing relevant copies of the FCA Interim Permission Certificate.
Please bear in mind that most dealers are going to need Categories C, D & E on their current Consumer Credit licenses. This is necessary to advise on finance and to facilitate part-exchanges that have existing finance to be settled/transferred for contra settlements, since this is set to fall under the definition of debt adjusting and debt counseling.
- Review your Consumer Credit Licence to check it has a minimum of categories C & D & E on it. If it does not have D & E - apply NOW to the Office of Fair Trading.
- Apply NOW for your FCA Interim Permission (as any amends made at the OFT to your current CCL will be transferred across on the 1st April 2014 to the FCA automatically).
- Provide copies of the Interim Permission Certificate to MotoNovo.
- Start preparing for changes in the way finance is sold and administered to meet the new regulatory environment once details become available.
- The FCA Regulatory enforcement starts from 01/10/14.