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Do the new FCA Consumer Duty laws mean fixed pricing at dealers?
I tried to negotiate a deal for a car but was advised by salesman that he had no leeway with the price due to "FCA instruction to treat customers fairly". He stated that all prices are "fixed" but I feel that this was misleading?
Surely this is a misinterpretation of FCA guidelines? I did try to push for other incentives but he would only offer a tank of fuel and as a result I didn't progress purchase. I feel I was intentionally mislead, what do you think?
Surely this is a misinterpretation of FCA guidelines? I did try to push for other incentives but he would only offer a tank of fuel and as a result I didn't progress purchase. I feel I was intentionally mislead, what do you think?
Asked on 11 October 2023 by John Flavin
Answered by
David Ross
The Financial Conduct Authority introduced new Consumer Duty laws in July 2023 designed to protect the consumer and ensure they are offered products and services that offer customers good value. You can read more about this here: www.honestjohn.co.uk/news/buying-and-selling/2023-.../
These rules do not give any specific guidance regarding fixed prices, so it may be that this is a specific dealer initiative, but it is not correct to suggest that this is because of the new FCA regulations, whether that is an accidental error or otherwise.
These rules do not give any specific guidance regarding fixed prices, so it may be that this is a specific dealer initiative, but it is not correct to suggest that this is because of the new FCA regulations, whether that is an accidental error or otherwise.
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