FCA authorisation and car dealers
Discussion
truck71 said:
I wonder how many are. I was also thinking about brokers who are offering to put buyers in touch with sellers quoting discounted prices with and without taking finance etc.
If they are transacting the finance themselves then they will have to be and will be on the FCA register.........Sarnie said:
truck71 said:
I wonder how many are. I was also thinking about brokers who are offering to put buyers in touch with sellers quoting discounted prices with and without taking finance etc.
If they are transacting the finance themselves then they will have to be and will be on the FCA register.........bobclayton said:
All car dealers have to be FCA registered - and all salesman have to do a SAF test to make sure they understand the rules!
At the end of the day the salesmen are offering the finance and processing it, so it's vital they understand the ins and outs.
Ex-salesman
I am not 100% but that sounds like total BS to me.At the end of the day the salesmen are offering the finance and processing it, so it's vital they understand the ins and outs.
Ex-salesman
If you just sell cars there is no need to be FCA registered.
You only need to register if you sell regulated products or services.
A car is not a regulated product.
Not a salesman, but FCA registered.
t Sherlock. To try and answer this.
We sell finance in house, we take the customers details, sign the documents on premises etc and have to be FCA registered and complete FCE compliance steps with these customers.
We also deal with customers referred to us by the likes of CL4U etc, we take no compliance steps with these customers, CL4U etc deal with the compliance, affordability etc and we simply invoice them for the money.
So if a dealer is NOT signing documents on site, or taking details and proposing finance themselves then my understanding is they don't need to be FCA Accredited.
That's my 2p.
We sell finance in house, we take the customers details, sign the documents on premises etc and have to be FCA registered and complete FCE compliance steps with these customers.
We also deal with customers referred to us by the likes of CL4U etc, we take no compliance steps with these customers, CL4U etc deal with the compliance, affordability etc and we simply invoice them for the money.
So if a dealer is NOT signing documents on site, or taking details and proposing finance themselves then my understanding is they don't need to be FCA Accredited.
That's my 2p.
Butter Face said:
To try and answer this.
We sell finance in house, we take the customers details, sign the documents on premises etc and have to be FCA registered and complete FCE compliance steps with these customers.
We also deal with customers referred to us by the likes of CL4U etc, we take no compliance steps with these customers, CL4U etc deal with the compliance, affordability etc and we simply invoice them for the money.
So if a dealer is NOT signing documents on site, or taking details and proposing finance themselves then my understanding is they don't need to be FCA Accredited.
That's my 2p.
That's my understanding too.We sell finance in house, we take the customers details, sign the documents on premises etc and have to be FCA registered and complete FCE compliance steps with these customers.
We also deal with customers referred to us by the likes of CL4U etc, we take no compliance steps with these customers, CL4U etc deal with the compliance, affordability etc and we simply invoice them for the money.
So if a dealer is NOT signing documents on site, or taking details and proposing finance themselves then my understanding is they don't need to be FCA Accredited.
That's my 2p.
Butter Face said:
To try and answer this.
We sell finance in house, we take the customers details, sign the documents on premises etc and have to be FCA registered and complete FCE compliance steps with these customers.
We also deal with customers referred to us by the likes of CL4U etc, we take no compliance steps with these customers, CL4U etc deal with the compliance, affordability etc and we simply invoice them for the money.
So if a dealer is NOT signing documents on site, or taking details and proposing finance themselves then my understanding is they don't need to be FCA Accredited.
That's my 2p.
We sell finance in house, we take the customers details, sign the documents on premises etc and have to be FCA registered and complete FCE compliance steps with these customers.
We also deal with customers referred to us by the likes of CL4U etc, we take no compliance steps with these customers, CL4U etc deal with the compliance, affordability etc and we simply invoice them for the money.
So if a dealer is NOT signing documents on site, or taking details and proposing finance themselves then my understanding is they don't need to be FCA Accredited.
That's my 2p.
I remember buying a car some time ago, where the salesman was presumably not FCA registered. Before my debit card could be used, he insisted that I must meet another employee, who presumably was FCA registered. I politely listened to the factually inaccurate sales patter.
Butter Face said:
So if a dealer is NOT signing documents on site, or taking details and proposing finance themselves then my understanding is they don't need to be FCA Accredited.
Pretty much, although if they are introducing/referring a 3rd party finance company to a regulated customer, they need to be FCA approved - a funder will always search the FCA register (https://register.fca.org.uk/) prior to paying out a deal if the customer is a not a limited or plc.For example:
1. Joe Bloggs car sales (as the non-FCA dealer) introduces a regulated customer to Bills Brokering (FCA finance broker), who then finance the deal with Sharklays (as the FCA funder). Joe Bloggs will need FCA approval as they have provided the referral to Bills Brokering. Bills Brokering shouldnt take the referral in the first place.
1. Bills Brokering (FCA finance broker) introduces one of their regulated customers, who is approved for finance with Sharklays (as the FCA funder) to Joe Bloggs car sales (as the non-FCA dealer). Joe Bloggs wont need FCA approval as they didnt provide the referral (this is for most banks, some will need it regardless of the introductory source).
Butter Face said:
Maybe in your case that wasn't true, but in some cases it is.
Anything else?
Anything else?
I do know that selling credit is financially important to motor dealers, and particularly their employees, but the insistent 'hard sell' can spoil a purchase.
My next car purchase was much more pleasant. The salesman had a better understanding of his customers.
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