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Do you know how the FCA Commission rules affect your dealership?
- January 4, 2021
- Posted by: Sam Boden
- Category: Automotive Industry, News
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Do you understand the new FCA Commission Rules? The FCA’s ban on ‘discretionary commission models’ and new rules take effect from the 28th January 2021. The FCA rules on commission models, and on how they should be disclosed to customers are set out in CONC 3 and CONC 4 in the FCA Handbook. The FCA
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The Financial Conduct Authority Hits Motor Trade
- February 20, 2020
- Posted by: John Swift
- Category: Automotive Industry
The motor trade has again been warned to tighten up its act after the Financial Conduct Authority stepped in at two businesses this week, fining one more than £2.75 million for events several years ago and ordering another to take down online adverts. Finance house Moneybarn, which mainly lends to sub-prime borrowers, was the first
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Margins under pressure this year say independent dealers
- February 6, 2020
- Posted by: John Swift
- Category: Automotive Industry
Independents in the second-hand car and van market face a triple challenge this year which will squeeze margins and make it difficult to grow profits this year compared to last. In its annual ‘State of the Nation’ survey of both franchised and independent retailers, Cox Automotive says that used car dealers will battle three interlinked
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More Compliance Checks For Car Dealers
- November 5, 2019
- Posted by: John Swift
- Category: Automotive Industry
Used car dealers face more compliance checks and red tape from next month and amid warnings that the HMRC could be looking at their tax records and the FCA introduces a new certification regime. Accountancy firm EHY says that the Inland Revenue is focusing on the car trade and VAT and PAYE compliance among retailers.
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Dealers Have Three Months To Respond To FCA Plan
- October 15, 2019
- Posted by: John Swift
- Category: Automotive Industry
Dealers have been given three months by the Financial Conduct Authority to make their views known on a planned overhaul of how interest rates on car finance are set and how they earn their commission on them. Discretionary commission where the dealer negotiates a higher interest rate to the customer than the one set by
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FCA Crackdown Highlights Need For Robust DMS Regime
- October 7, 2019
- Posted by: John Swift
- Category: Automotive Industry
Retailers failing to meet their liabilities to the Financial Conduct Authority have nowhere to hide as it has published Final Notices withdrawing licences to handle client’s money and deal with credit at the rate of more than one a day so far this month alone. The FCA has published its decisions on almost a dozen
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ClickDMS Provides Comprehensive FCA Gabriel and VAT Reports To Save You Time
- August 28, 2019
- Posted by: Josh Locke
- Category: Automotive Industry, News, Products
Here at Click Dealer, we understand that writing reports and bookkeeping can be incredibly time-consuming. If you’re a small business, this probably means you’re missing out on time that you could be using to run your dealership more effectively. As a performance partner to over 1,400 independent dealers, we developed our DMS system to help
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FCA Probe Into Motor Trade Finance Models Not Over Yet
- August 27, 2019
- Posted by: John Swift
- Category: Automotive Industry
Dealers who provide finance for buyers are being reminded that the Financial Conduct Authority hasn’t turned its back on the motor trade. Every business in the used car sector needs to realise that it could be mystery shopped at any time and should be able to prove that its systems are robust, accurate and legal.
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Dealer’s Who Use The FCA Gabriel System Should Be Prepared For An Update
- July 24, 2019
- Posted by: John Swift
- Category: Automotive Industry
Car dealers are being asked for their views on a new system that the Financial Conduct Authority (FCA) aims to introduce. The system will make it easier for the user to upload data and the authority to spot and intervene sooner on any issues it flags up. The FCA Gabriel system is its main regulatory
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