So January is behind us. It’s a month in which people start hung-over but happy from over indulging on New Years Eve but end it sober and irritable having laid off the booze for the rest of the month.
My advice for anyone who felt that way next year, is don’t punish yourself in January any more than you have to, the weather is bad enough. So give yourself some comfort, pour yourself a brandy and have a giggle at all those souls in the office who will be counting the days until they can do the same. If I were you I’d pick another month, like October, and prepare your liver for the ever earlier Christmas party season.
So what has this got to do with Motor Finance, well, nothing really, but for the fact that I couldn’t help thinking that by the end of the month there may be a few people in the industry who will be asking for a stiff drink once the latest draft of the Financial Conduct Authority’s proposals come out.
From the people I’ve spoken to the proposals themselves may not bring any big surprises, and in some cases may prove to be lighter reading than the previous draft last year. What may be difficult for some is the level of data and information the FCA will require from dealers and brokers on each and every customer.
After preparing themselves to get interim permissions before 1 April how many intermediaries have got the systems in place, or the resources to get them in place once the rules change?
The truth is, most will be fine, but there will always be some who will slip through the net. The good thing is that many of the lending firms, like Alphera who feature on page 18, are putting their resources in place to help out dealers and brokers who might slip through that net.
Whatever happens I’m hoping that next month I’m not still talking about the FCA and the dreaded regime change will still be running smoothly.
In an effort to look for something this month which doesn’t have reference to the FCA we have taken a look at the German car-market and how they have been changing over the last few years.
As two of the biggest car markets in Europe there are possibly a few things the two nations can learn from the way the others operate in their respective finance markets. And it never hurts to keep an eye on your rivals.
So sit back, break out that long forgotten bottle of Schnapps, and enjoy this month’s edition. But remember, don’t drink and drive.
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