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.
Providing car loans and other forms of motor finance is a critical role of dealerships that must continue in the future as buying habits and technology advance, believes Mike Allen, the managing director of Cambria Private Capital, a firm that invests in and provides advisory services to automotive startups and scaleups.
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.
While there are positive signs of an industrial strategy for automotive and investment in EV infrastructure, the new government's actions will be determined by political uncertainty and competing national priorities.
NatWest Group has announced that Paul Edwards has been appointed to lead the banking group’s business asset finance business, Lombard
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.
Car ownership remains crucial for young people, with the need for a vehicle increasing among 17-24-year-olds, Auto Trader's latest consumer analysis reveals.
BNP Paribas Personal Finance UK and Arval UK have won a competitive tender process to help Britain's drivers with their purchases from the Chinese car brands Omoda and Jaecoo.
Car subscription service Dribe reports a surge in interest from British car distributors in its digital end-to-end platform and subscription model.
Three-quarters of car buyers are considering finance options offered by dealers, despite only half of them feeling comfortable with the process.
Shawbrook Group plans to broaden its portfolio by buying specialist motor finance lender JBR Auto Holdings.
A director of new car brokerage in the north east of England has been banned by the Financial Conduct Authority from carrying out any regulated consumer finance or insurance activities because it has deemed him to be "not a fit and proper person".
Dealers are being warned that claims made through self-funded warranties could well exceed the any funds set aside.
Vik Hill, the long serving chief executive of Santander Consumer UK, is retiring this week after more than two decades heading the automotive finance business.
Aston Martin has selected Lloyds Banking Group as its retail finance provider for UK car sales.
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
