Confused from Cullinan is at wit’s end about the advice-overload dealers suffer regarding compliance in dealerships.

Confused from Cullinan writes,

Dear SuperSpark,

Everyone and his dog who has ever read a legal document is trying to give us advice on the compliance burden in our dealership. What should we do?

Yours,

Confused


SuperSpark replies:  

Dear Confused,

I can understand that you are in a big hole of uncertainty right now. But you are not alone.

The current confusion and uncertainties in the motor retail industry is largely a result of the absence of a Guidance Note to assist us with the interpretation of the FAIS Amendments to Section 13(1)(c). If you throw the findings of the Retail Distribution Review into the mix, the complexity increases even further.

My advice would be to wait for an official response from the IDA, which represents this industry in all the forums where the impact on our industry and implementation of changes are discussed.

To avoid any further confusion I would recommend that it is business as usual until such time a formal communication is received from the various industry associations. 

It is also important to note that the Financial Services Board granted an extension to the exemption for the implementation of 13(1)(c) until 30 June 2015. 

For now, keep to your ways of working and speak to the IDA if you need further clarification on the matter.

Gotta fly...

Best,

SuperSpark