A warning has been sent to car finance dealers to make sure they are offering payment protection insurance (PPI) in the proper, legal manner.
The RMI National Franchise Dealers Association (NFDA) has stated that heavy fines will be handed to companies who do not do so in the correct way.
It stated that the rules for offering PPI are more stringent than for those selling other products, with the group claiming that those who require more advice should contact the NFDA.
"The NFDA is working with the Financial Services Authority to ensure that the regulations are as effective as possible, and that they benefit businesses and consumers alike," commented Sue Robinson, director of the NFDA.
Meanwhile, price comparison site uSwitch.com has stated that motorists in the UK are set to waste some £168 million when it comes to car finance this year.
This amount is set to be spent on new vehicleswith 58 number plates, it added.
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