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Wednesday, 26 January 2005 |
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Car dealers could have up to 10 per cent shaved off their profits by new Financial Services Authority regulations.
Begbies Traynor, the insolvency and corporate recovery company, said the rules on the sale of insurance products would cost manufacturers up to £500,000. The company speculated that the extra costs of the regulations could also push struggling businesses to the wall. Meanwhile FSA compliance organisation Auto Network said the number of dealers authorised by the watchdog to sell insurance products was still “worryingly low”.
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