The Financial Conduct Authority says it will now work hard to "bring greater certainty for consumers firms and investors" following the landmark judgement by the UK's Supreme Court concerning the ways motor finance firms have paid commission to car dealers.
Car dealers are not being bribed by their finance company partners and are not expected to show loyalty to their car buying customers, at the expense of their own commercial interests, the UK's Supreme Court has ruled.
The Supreme Court has made its decision on motor finance commissions in the Johnson v FirstRand Bank (trading as MotoNovo), Wrench v FirstRand Bank and Hopcraft v Close Brothers cases. But what were the key points it had to consider?
The Supreme Court is about to give its judgement on car loans commission cases which have threatened to re-write the historic relationships and responsibilities between motor finance houses, brokers and dealerships, and the car buyer signing up for finance.
Sign up now for The Supreme Court's Judgement for Motor Finance - an AM webinar and watch live on August 7, or on-demand afterwards, as the experts dissect the outcome.
Two salespeople who suffered racial discrimination while working at the Stellantis&You dealer group have been awarded thousands of pounds in damages.
Leasing.com has launched a new comparison platform for used car leasing, with a focus on making personal contract hire more accessible for electric vehicles.
The Financial Ombudsman Service (FOS) has confirmed plans to revise the interest rate applied to some of the awards it directs financial firms to pay.
Motor finance complaints have more than tripled year-on-year to 73,328 for 2024/25, putting even further emphasis on the need for consumer engagement.
Secure Trust Bank, which owns V12 Vehicle Finance, has confirmed it is pulling out of the motor finance market.
More than 23 million people believe they could be owed compensation if the way car loans were sold is ruled to be unlawful.
The UK's motor industry is awaiting the outcome this month of April's Supreme Court case concerning car loans commission and dealers' responsibility to customers, but firms have been urged to prepare.
Insurers expect to just about break even this year – but fear sliding in to the red in 2026
Guaranteed Asset Protection (GAP) insurance payouts almost tripled in 2024 when compared to three years ago, according to new data.
AX Innovation has rebranded to Innovation 24 after Total Specific Solutions (TSS) acquired the business from AX Group.
Tech giant NTT Data has launched its Digital Automated Remediation solution to help banks and lenders efficiently process large volumes of consumer redress claims.
A new white paper from iVendi sets out three strategies for dealers and finance providers to modernise their motor finance operations.
The Financial Conduct Authority has set out some of the factors it will consider if it launches a UK-wide consumer redress scheme as part of its review into car loans commission.
MotorEasy has launched a new GAP insurance product tailored specifically for leased vehicles offering cover if the car is written off and the insurance payout falls short of covering the remaining lease balance.
iVendi is partnering with customer engagement specialist Barbuck to help dealers connect with potential finance customers by turning online interest into real-time conversations.
A car dealer operating illegally in Croydon has had one of his vehicles crushed after repeatedly ignoring council warnings to cease trading on public roads without a licence.
Fires involving electric cars have surged by 77% in just two years, highlighting mounting safety concerns over the lithium-ion batteries.
Rowes Garage fined over £200k after staff diagnosed with Hand Arm Vibration Syndrome from overuse of tools.
Regulatory investigations and authorisations expert Andy Smith has joined the team at Auxillias, the specialist legal and compliance firm.
Brussels is proposing an overhaul of current rules to bring Europe’s MOT standards in line with the rapid rise of electric vehicles.
