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April 1, 2025
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Frequently Ask Questions
Our team of specialists is here to answer any questions you may have.
Do motor dealers have to
be
authorised by the FCA to sell finance and/or
general insurance?
Yes, either Directly Authorised or as an Appointed Representative of a Principal Firm.
Yes, either Directly Authorised or as an Appointed Representative of a Principal Firm.
What if a Motor Dealer is
not
authorised by the FCA, and would like to
sell finance and/or general insurance?
You do have options, contact us here at Automotive Compliance Ltd, and we will be happy to help.
You do have options, contact us here at Automotive Compliance Ltd, and we will be happy to help.
I am a Motor Dealer
Directly
Authorised by the FCA, where do I get
advice?
If you’re unable to spare the time or effort to go through the FCA Handbooks (Finance = Consumer Credit Sourcebook CONC, General Insurance = Insurance Conduct of Business Sourcebook ICOBS) and understand how they relate to your business, feel free to reach out to us for assistance. We can help interpret the regulations and provide guidance.
If you’re unable to spare the time or effort to go through the FCA Handbooks (Finance = Consumer Credit Sourcebook CONC, General Insurance = Insurance Conduct of Business Sourcebook ICOBS) and understand how they relate to your business, feel free to reach out to us for assistance. We can help interpret the regulations and provide guidance.
Do you “Horizon Scan” and
keep
up-to-date with the FCA regulations,
Consultation Papers and Policy
Statements?
Visit our Regulatory News page, or contact us.
Visit our Regulatory News page, or contact us.
What is an Approved
Person?
This person has to know and meet the regulatory requirements as well as understand how the regulations apply to them.
This person has to know and meet the regulatory requirements as well as understand how the regulations apply to them.
Who is my company’s
Approved
Person?
This is something you need to know, you can find out who is on the FCA’s Register of Approved Persons’
This is something you need to know, you can find out who is on the FCA’s Register of Approved Persons’
I’m not big enough, will
the
FCA take actions against me if I fail my
regulatory requirements?
Your business could be at risk if you do nothing, being compliant will mean you are mitigating your risks, this not only ensures peace of mind, but also sends a positive message to your customers.
Your business could be at risk if you do nothing, being compliant will mean you are mitigating your risks, this not only ensures peace of mind, but also sends a positive message to your customers.
