The motor retail industry is being urged to have its say on a proposal from the Financial Conduct Authority to let dealerships and finance providers delay their responses to consumer complaints about motor finance commission.
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.
Cybercrime is an ever-evolving threat for every business, and the automotive industry is not immune, according to Gary Higham, Zuto's chief technology officer.
Robin Brundle's Recyclus Group is the UK’s first industrial-scale recycler of lithium-ion batteries, dedicated to developing a stable supply chain for battery metals.
The Financial Conduct Authority (FCA) has fined TSB Bank £10.9 million for failing to ensure fair treatment of customers who were in arrears.
Dealerships risk a halt to their car loans provision in 2025 if they've not put staff through the Specialist Automotive Finance accreditation programme, warns Lisa Watson, sales director at Close Brothers Motor Finance.
Car loan providers and dealerships won't need to give a final response to customer complaints related to discretionary commission arrangements (DCAs) for more than a year while the regulator continues to tackle the issue.
AM's regular columnist Professor Jim Saker, president of the Institute of the Motor Industry, notes that external factors are increasingly forcing a change of thinking in a traditionally insular motor industry.
The Financial Conduct Authority has 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.
Mike Todd, chief executive of Volkswagen Financial Services UK, says the automotive sector needs to ensure the Consumer Duty standard remains a driving force for continual improvement as it looks to meet the changing demands of customers.
Motor industry organisations have reacted to suggestions that dealerships and garages should be able to do more to deter motorists from driving off in a car or van that has unresolved safety-critical faults identified by vehicle technicians.
The financial watchdog at the heart of the finance mis-selling probe has hit back at Barclays’ bid to quash a key ruling.
Steve Salvin, chief executive of Milton Keynes-based tech firm Aiimi, discusses how motor retail companies can ready their data for an influx of Data Subject Access Requests (DSAR) from consumers hoping for a payout from historic car loans.
The UK financial watchdog, the FCA, has moved to allow a ‘significant’ number of firms to recommence sales of GAP insurance to car buyers, following its action to improve fair value.
AM examines fears that regulator views on Guarantee Asset Protection’s value to consumers may kill off a product once hailed for its profitability
Solutions provider The Compliance Guys has launched a test drive app to streamline customer data collection and maximise customer purchasing.
Almost one in 20 motor finance customers have been identified as vulnerable, according to new research by iVendi.
The Financial Conduct Authority is reminding motor finance firms about their requirement to maintain adequate financial resources at all times, in the light of several lenders reserving millions of pounds in case of widespread compensation demands after the review of car loan commissions.
A worker who was processing catalytic converters was left with life-changing injuries by an incident at her Essex workplace, which has now incurred a large fine.
Martin Lewis has confirmed over 1.2 million are seeking compensation for overcharged interest when funding a vehicle on PCP or HP finance between 2007 and 2021.
