M OTO R I N G | R B P R E S T I G E
RB Prestige and the FCA ensuring clarity for all! The Financial Conduct Authority aim to protect and enhance the integrity of the UK financial system and RB Prestige work within those guidelines to ensure that car buying clients are given every chance of making an informed decision, very much with the future in mind. The concern with things like this is that it stops everything being fun for both the client and the dealer. You need to be sure that, while enjoying the new car experience, it isn’t hiding a multitude of problems that could be presenting themselves to you much further down the line. So, we try and lift the fog of the FCA as much as possible, enabling every client, whether buying a Ford or Ferrari, to enjoy their car even more because they CAN see the road ahead. On March 4th, the FCA published its long-
a business, but please be sure that you are
awaited review on motor finance and we
The FCA report was in no doubt that
not paying more for your car just because
are going to address a couple of the key
dealerships having discretion to adjust
the dealer needs/wants to earn finance
issues for you to bear in mind when you
the interest rate per client creates a ‘risk of
commission to pay for that month’s bills.
purchase your next car.
harm’ to customers. We are all trying to run
That shouldn’t be your concern. Sufficient, timely and transparent information The FCA is concerned that too often there can be shortcomings in the quality of precontractual disclosure and explanations required by existing regulation. Basically, everyone is so wrapped up in how much it costs now that they forget or fail to highlight eventualities or circumstances that may affect the client during or at conclusion of their finance deal. The FCA introduced the need for precontract disclosure SECCI (the Standard European Consumer Credit Information) form to be provided ‘in good time’ before a credit agreement is made. This should include; cash price, key credit details and costs, including the total amount payable,
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