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.
Consumer pre-approval for motor finance is becoming increasingly important as the industry shifts toward risk-based pricing, according to fintech iVendi.
Alphera is “doubling down” on Consumer Duty by launching six new promises for partners and consumers a year on from the launch of the FCA initiative.
Dealers can only achieve good Consumer Duty outcomes with the technology tools needed to apply risk-based pricing models, according to iVendi.
Natasha Foley discusses how Consumer Duty served as a catalyst to reflect on BMW Group Financial Services' operational approach and helped it create a more holistic business.
Motor finance firms are exploring the role of AI (artificial intelligence) in supporting car loan sales and FCA regulatory compliance
Almost one in 20 motor finance customers have been identified as vulnerable, according to new research by iVendi.
Efforts to fulfil new Consumer Duty requirements are paying off with new research suggesting car buyers are more than satisfied when buying finance online.
Close Brothers has confirmed that it has set aside up to £400 million ahead of the FCA’s regulatory review into the motor finance sector.
The FCA has said it will start the process of reviewing firms’ treatment of vulnerable customers as it set out its plans for the next year.
Two recent car loan misselling cases heard by the Financial Ombudsman Service (FOS) against Black Horse Motor Finance and Barclays Partner Finance have been mentioned by the FCA as particularly influencing its decision to dive deeper into this issue.
The Financial Conduct Authority could implement a simplified claims process if it deems there has been widespread unfair treatment of car buyers due to discretionary commission agreements between lenders and car dealers or brokers.
The pressure on UK motor retailers to identify vulnerable customers ahead of the motor finance sales process has increased since the arrival of the latest regulatory regime, and Jonathan Barrett, chief executive of Comentis, shares his thoughts on what this means for regulated firms.
Dealers should prepare for a potentially higher level of scrutiny from regulators following news that complaints about motor finance agreements have doubled.
Retail software house Automotive Transformation Group (ATG) is working with iVendi to enable dealers to offer an advanced consumer journey
Phillip Williams, founder and non-executive director at Oodle Car Finance, looks at what Consumer Duty means in practice and offers some pointers on navigating the new regulations.
TC Harrison Group is investing in systems and training to help its workforce identify and support vulnerable customers in line with Financial Conduct Authority demands.
Lack of clarity over consumer duty rules creating legacy risk
