As the October 31 deadline for implementation plans for FCA Consumer Duty looms, compliance experts share their advice for UK motor retailers.
The future of franchised retailers’ motor finance FCA ruling on discretionary commissions has lead to greater transparency, but few dealers are reporting any noticeable variation to income as a result.
With December’s publication of the Financial Conduct Authority’s (FCA) second consultation on its new all-encompassing Consumer Duty protocols and the automotive retail sector now subject to commission disclosure regulations, motor finance has once again been reassessing how it operates.
Six months on from the introduction of new Financial Conduct Authority (FCA) regulations, automotive retailers should be starting to see an impact on average commission levels as they adapt to a new way of working.
Small regional dealerships should collaborate with others and trade bodies to ensure their opinions are listened to by local and national government
In early 2021 the Financial Conduct Authority's ban on discretionary commission in motor finance will kick in. AM examines the impact on motor retailers.
The Financial Conduct Authority is keen for motor retailers providing consumer credit to be upfront about earning finance commission
How close is the industry to a fully-functioning online buying process? These keys may help speed it along.
Training for the EV boom, ADAS issues and FCA review topped the agenda at this year’s event
Two new laws due to enter force in April will give employees’ new rights
The FCA replaced its ‘authorised person’ credit compliance system for car dealers with the Senior Managers & Certification Regime (SMCR) on December 9
Financial Conduct Authority says proposed rules on commission disclosure are designed to give buyers more clarity
A ban on interest-linked commissions will level the playing field, says Financial Conduct Authority
Hi-tech entrants, new alliances and products, ongoing regulatory changes and old supply woes will make for an interesting 12 months
As technology becomes more sophisticated, the quality of enquiry follow-ups needs to improve in tandem
Leading insurance add-on companies aren’t blinking as the FCA takes increased interest
Delegates at the AM100 round table discussed FCA compliance, online sales and CI demands
Changes to government policy, designed to cut emissions, congestion and illness, will almost certainly affect car dealers
Rules proposed under the Government’s Good Work plan could have a big impact on car dealers that use agency workers
The Financial Conduct Authority’s findings on commissions, information disclosure and affordability have big implications for the motor retail industry
FCA clarity on commission fees is good news, say most industry observers
The FCA’s inquiry raised serious concerns about car dealers and brokers manipulating finance rates to increase commissions
Legislative, political and economically driven outside influences could determine the fate of the new car market in 2019, said delegates at the AML roundtable
The IMI is offering free advice to car dealers on their Apprenticeship Levy funds before April's disbursement deadline
Alison Ashley, RSM UK’s head of automotive, offers dealers advice on how to cope with the pressures of WLTP and Brexit
