Motor traders & FSA question.

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Thu 6 Jan 2005 12:24
Motor traders & FSA question. - Retro
Is it true that from the 14th of this month, motor traders will not be able to sell warranties or help set up the motor insurance for there clients as they will need to be Financial Services Authority registered?

Tried to check on the FSA site, but it is like swimming through treacle..................surprisingly!
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Thu 6 Jan 2005 13:00
Motor traders & FSA question. - Round The Bend
To cut a long answer short - you are correct - but I think it will be effective 16th Jan.
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Thu 6 Jan 2005 13:34
Motor traders & FSA question. - Paul Robinson
Also you are no supposed to sell finance if there is any element of insurance included, such as 'gap' cover.
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Thu 6 Jan 2005 15:50
Motor traders & FSA question. - Retro
So in the interest of "protecting the consumer", if you buy a car from more than likely a small if not home based trader after January, you will not be able to get an insurance backed warranty and will instead be relying on the traders own resources to pay for any problems with your car.

Also, traders that are registered will mention it but unregistered traders will not, so more than likely the consumer will not know there is a problem until a problem occurs.

Fantastic. They call this progress.

By the way I am a consumer, not a trader so have no axe to grind commercially.
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Thu 6 Jan 2005 16:09
Motor traders & FSA question. - mare
The new rules are affecting all sorts of professions, some of which i daresay were not envisaged.

As a chartered surveyor, i am somewhat unclear about the level of advice that i can give clients after 16 January, e.g. which house building guarantee to opt for. It seems that i can advise on the type of insurance, but not a particular product / brand.

It's worse for letting agents who arrange insurance for landlords etc.

Not motoring i know, but the new rules will affect a lot of people in our "other" lives.
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Thu 6 Jan 2005 16:09
Motor traders & FSA question. - Ex-Moderator
and will instead be relying on the traders own resources to pay for any problems with your car.



I would expand that to..


"and will instead be relying on the trader's own resources to fulfil his legal duty and pay for any problems with your car knowing that he can get insurance to cover his risks in that area"
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Thu 6 Jan 2005 16:25
Motor traders & FSA question. - derek
im involved in the freight community and we cant offer insurance to customers unless we comply with fsa rules


also

my flat roof is leaking and i cant borrow the money from my mortgage as guess what........ not lending until there sure they comply with new fsa rules,

its like something from lagos inst it!
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Thu 6 Jan 2005 17:59
Motor traders & FSA question. - Retro
I bought an M3 from a small trader and the engine went. 10K plus to sort. BMW warranty paid as it was a newish car.

If you have a 4 year old M3 and the engine gives and the trader could not give a warranty, what are the chances of him having 10K to do the repair for example?

The above would wipe him out business wise more than likely.

I see trouble ahead. From a traders point of view the risk is greater than the reward and he cannot (as far as I understand it...stand to be corrected), hide behind sold as seen anymore.

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