The Financial Services Authority (FSA) was established in 2000, and is an independent non-governmental body appointed with responsibility for the regulation of the sale of General Insurance Products. In simple terms, its aims are to provide protection for the consumers who are sold general insurance products within the retail sector, in our case the Motor Trade which covers such products as Mechanical Breakdown, GAP, PPP, Tyre, and MOT Insurance. It is in place to ensure that the consumer is treated fairly and is sold only those products, which suit his or her needs.

The FSA also intend that the new legislation will counter money-laundering activities associated with National and International organized crime. The FSA seeks primarily to protect customers from unfair or unscrupulous trading practices (FSA should not be confused with consumer rights legislation) The FSA has the power to incur fines against retailers who do not abide by the rules laid down.

AvailableCar was one of the UK’s first automotive retailers to seek and obtain FSA authorisation prior to the regulation coming into force on the 14th January 2005. For full information visit: www.oft.gov.uk.

Additional Information

For further information on buying a car visit www.oft.gov.uk and read the car consumer advice section. Also visit sites like http://www.moneyadviceservice.org.uk, www.financingyourcar.org.uk, and www.consumerdirect.gov.uk.