The Financial Conduct Authority has certainly found "issues" in the ways that motor finance was offered or incentivised in the past and the ongoing review will determine the breadth of those issues, and what system of redress will be needed.
That's according to FCA chief executive Nikhil Rathi, who gave an update on the progress of the finance and insurance regulator's investigation into historic car loan commissions on the latest Inside FCA Podcast.
The regulator has just extended the timescale of its review, which was triggered by ombudsman cases regarding discretionary commission arrangements and disclosure to buyers, into spring 2025.
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An award-winning journalist and editor, with two decades of experience covering the motor retail industry, and accredited by the Institute of Leadership and Management (ILM) plus the National Council for the Training of Journalist (NCTJ)
As editor of AM since 2016, Tim is responsible for its media content, planning and production across AM's multiple channels, including the website, digital reports, webinars, social media and the editorial content of AM's events, Automotive Management Live and the AM Awards. His focus is on interviewing senior leaders of franchised dealer groups and motor manufacturer national sales companies to examine latest developments in UK motor retail.
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