Clear, upfront disclosure of commission to ensure informed consent will be critical for providers of motor finance following last week’s shock Court of Appeal decision which saw several major industry names suspend lending in order to take stock of the implications of the ruling.
Shares in Close Brothers have taken a sharp hit in the wake of a landmark ruling by the Court of Appeal, which determined that motor finance brokers must provide full disclosure on commissions when arranging car loans.
The financial watchdog at the heart of the finance mis-selling probe has hit back at Barclays’ bid to quash a key ruling.
The autumn moratorium imposed by the UK financial watchdog will likely be moved back to sit behind a Judicial Review appeal.
Gaurav Jain, UK commercial director, Get Your Car, Carwow, discusses the opportunities for dealers as car buyers seek more guidance on finance options
The majority of car buyers are satisfied with their experience buying finance from dealers, according to research by JudgeService.
If consumers are paying a greater price now than they did before, what harm is the FCA’s intervention actually preventing?
Lloyds Banking Group has allocated £450 million to cover potential expenses related to regulatory investigations into historic motor finance commission deals.
Consumer champion Martin Lewis’s free tool for consumers to probe whether they were victims of discretionary commission agreements (DCAs) has logged the filing of over half a million complaints.
Eight out of ten insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance at the request of the financial watchdog.
The Financial Conduct Authority has announced it is looking deeper at historical agreements between motor finance companies and their brokers or car dealers because of mounting complaints, some of which have been upheld by the Financial Ombudsman Service. But what is causing its concern?
The benefits of an agency-style model, where the new car journey is managed online and manufacturers pay a handling fee to retailers, largely outweighs the disadvantages, according to senior executives at dealer groups already experiencing mixed commissions at work in their businesses.
MotoNovo has urged dealers to ‘be prepared’ for car buyers' greater levels of interest in a dealer’s finance commission.
Our new December 2020 issue of AM magazine is out now here with vital insights into January's FCA motor finance changes and a study of lockdown 2's impact on car dealers.
Coronavius crisis has meant FCA is putting back the release of car finance findings
Kew Vehicle Leasing claims to have become the first leasing broker to openly disclose the amount of finance commission it receives on all regulated Personal Contract Hire (PCH) agreements.
The Financial Conduct Authority has considered whether to force car dealers to tell their customers about the way they earn commission from selling motor finance and the amounts they earn.
The Financial Conduct Authority is considering banning certain commission models in the motor finance sector due to its concerns about harm to consumers.
The Financial Conduct Authority has re-stated its intention to focus on transparency, affordability and car dealers' comission arrangements in its Business Plan 2018/19 as an investigation continues into the motor finance sector.
