It is important that consumer credit regulation remains proportionate and doesn’t harm UK car sales, the National Franchised Dealers Association (NFDA) has said in response to the Financial Conduct Authority’s (FCA) recent business plan.
In its plan, the FCA revealed concerns over the sale of motor finance, and announced its intention to conduct an exploratory piece of work looking at the industry.
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Sue Robinson, director of the NFDA said: “Franchised dealers are highly regulated under the FCA and provide consumer finance under the rules set by the regulator. NFDA will liaise with the FCA on the exploratory enquiry to ensure that the outcome is satisfactory for both consumers and dealers.
“There is a risk from FCA intervention if it is not sensitive to the needs of the car market. It is important that consumers are able to access finance easily to be able to purchase a vehicle to fulfil their needs such as getting to work. Also, at a time when legislators and environmental campaigners are looking for car owners to ditch older more polluting vehicles consumers need to be able to finance a replacement vehicle.”
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By GlobalData
