The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined R. Raphael & Sons plc (Raphaels) for failures in the management of its outsourcing arrangements.
The National Franchised Dealers Association (NFDA) has written to HM Treasury and the Department for Business to highlight the ‘serious impact’ of debit card charges on dealers.
Dealers need to review customers' payment options carefully to avoid shrinking margins caused by recent changes in payment card charges introduced by the EU, according to audit and tax specialists RSM.
New EU rules on debit card transactions are likely to be beginning to bite with retailers where large purchases are made, such as a used car when a customer has sourced a loan and the monies have been deposited in their personal bank account, hit the hardest.
