According to the NFDA (National Franchised
Dealers Association),
car dealers who previously sold
finance are now shunning the
products, due to over-regulation by the current
government.
The
Financial Services Authority, the regulatory board for
financial services products, introduced stiff legislation in 2005.
Now, according to the NFDA, the level of
vehicle dealers with FSA accreditation has slumped to just 54
per cent, down from 76 per cent in 2005.
The head of business development at the NFDA, Louise Wallis,
reportedly commented: The complexity and cost involved in
being authorised is clearly putting many dealers off. Many in the
motor trade believe that they should never have been included
in the regulations in the first place.
The
car finance market is a diverse financial sector, with many
experts advocating
personal loans
for car finance .
