Dealer FCA Regulation

[Xyphox]

Currently in the process of buying a used car from a very well respected Porsche specialist.

I have a regulated hire purchase agreement in place (straight forward purchase over x years with no balloon payment etc) and the finance company were about to transfer the funds today, when, they found out that the car dealer's FCA license lapsed about 2 months ago... this being a requirement for them, we're now at an impass.

Note that I wasn't referred the finance by the Porsche dealer and found it completely independently, but they will obviously be accepting a finance payment for the car (less a deposit directly from myself).

Anyone know the deal here? Must a car dealer be FCA approved to accept regulated finance payments? Or is it only if they're referring finance themselves?

Given how big this dealer is in the industry, I'd like to know what people think of this.

[Butter Face]

Our understanding of it is that the dealer must be FCA regulated to sell the finance but if you've gone via a third party, the FCA regs are their responsibility.

[early_911]

The dealer doesn't need to be regulated IMHO.

Perhaps the car dealer used to offer finance using the lender you have found, they fell out for some reason and now the lender is being awkward for the sake of it.

Perhaps give the FCA a call directly on 0800 111 6768 or 0300 500 8082 for a definitive answer.

The FCA register can be checked here https://register.fca.org.uk/

Edited by early_911 on Thursday 28th September 14:12