FCA activity
An update on the FCA's activity affecting the motor finance and motor retail sectors
FLA and UK Cards Association publish Vulnerability Guidance
New guidance produced by the FLA and UK Cards Association.
Government approves new Motor Finance Specialist Apprenticeship Standard
Our new apprenticeship standard for motor retailers and finance providers has been approved by the Department for Education and has been published on the GOV.UK website.
Under the spotlight: FLA Standard for the prevention of financial crime
Last year, FLA members agreed a new Standard that requires them to identify and verify every customer in a process known as Customer Due Diligence or CDD.
Industry consulted on Motor Finance Specialist Apprenticeship Standard
The Finance & Leasing Association (FLA), working alongside employers in a Trailblazer group have developed a Motor Finance Specialist Apprenticeship Standard after receiving approval to do so by the Department for Education.
Reminder of new VED 2017 reporting requirements for motor retailers
With new Vehicle Excise Duty (VED) rates due to come into effect (for new cars only) on 1 April, here is a reminder of the key changes:
Under the spotlight: Taking advantage of the apprenticeship levy
In our October 2016 newsletter we explained how the delivery of apprenticeships in the UK is changing. Groups of employers (trailblazers) are now able to develop their own apprenticeship standards, allowing them to set out the skills and competencies required by apprentices working in their industry – just like the Motor Finance Specialist Standard will do for the automotive sector.
Update on FCA activity
The FCA have delayed a decision on whether to introduce a two-year deadline for PPI complaints until some point in Q1 2017. We understand this is due to concerns about resources – both within the FCA and firms – as a decision to go ahead with the deadline would require significant input from both the regulator and industry.
Changes to adapted vehicle VAT tax relief in 2017
The Government have introduced draft legislation to the Finance Bill 2017 which will require changes to how VAT tax relief is applied to vehicles adapted for wheelchair users from 1st April 2017.
Motor trade body warns of Brexit car price increases
Failure to secure tariff-free access to European Union markets following Brexit could cost the British automotive industry as much as £4.5 billion (€5.3 billion) pounds annually, according to estimates from the Society of Motor Manufacturers and Traders (SMMT).