Monday, June 17, 2024
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Dealers urged to prepare consumer credit application

The National Motorcycle Dealers Association (NMDA) is urging dealers to ensure they are ready to apply for Financial Conduct Authority (FCA) authorisation.

The NMDA says motorcycle dealers should have by now been told the timing of the application slot they have to apply for FCA Authorisation. The first of these slots will begin in September.

Dealers, says the association, should already be thinking about their application and considering the type of application that needs to be made. If they are an existing FCA-authorised firm they will probably be applying for a “Variation of Permission”, rather than needing to make a full application.

Those who are not already authorised will have to make a full application but may be able to take advantage of becoming authorised with ‘Limited Permission’, which affords lower fees and reporting.

NMDA head Stephen Latham said: “It is not too early for dealers to start their applications. Although an application cannot be submitted before the dealer application slot opens, they can complete the application forms online in advance.

“The application involves a considerable amount of background information which needs to be gathered. The vast majority of this can be done in advance.

“It is important motorcycle dealers are prepared, as once their slot opens they only have three months to apply. If this is missed or dealer interim permission ceases, dealers will have to make a new application. While this is processed they will not be able to provide consumer credit to customers”.

The NMDA is offering support to dealer/members and will be holding a workshop in the autumn. For more information and support please contact [email protected]




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