MotoNovo has secured an early "landing slot" for full Financial Conduct Authority (FCA) authorisation, making it one of the first to do so under the new regulatory regime.
The company is in the process of completing its application and will have completed the process in time for the beginning of the period when finance providers and dealers will be expected to begin to move from interim permission to full authorisation.
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The early call has made MotoNovo a potential pathfinder for other companies in the sector. The company has therefore been working to develop tools and initiatives to help its own dealers, using the experience it has gained from the early application process.
Mark Standish, chief executive of MotoNovo said: "We have been very proactive in working with the FCA and are delighted to be the industry pathfinder in what we see as a significant opportunity to guide the future of dealer finance.
"We also see positive change as an opportunity to meet what we expect to be a growing direct lender threat. The shaping of our plans to support dealers is nearing completion and our website will provide updated information as it becomes available. As the first motor finance business to go down the authorisation road, I think we will be uniquely positioned to help the industry to adapt."
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