The Financial Conduct Authority (FCA) has published a list of 19,335 companies offering pay day loans that have failed to register for interim permission to offer consumer credit.
The Financial Conduct Authority approached nine companies in the automotive industry in its first 15 days of taking responsibility for consumer finance.
Credit firms need to do more to ensure their adverts and promotions do not mislead potential customers. The findings come as Financial Conduct Authority (FCA) statistics show that one in five adverts from consumer credit firms, for products including payday loans, fell short of the FCA’s financial promotion expectations - although most firms were quick to make changes once the shortcomings were pointed out.
Alphera Financial Services has launched a loans package for new and used electric vehicles and hybrids following a 534.4% year-on-year increase in UK registrations of pure electric cars in January and February.
Mitsubishi will price its Outlander PHEV from £436 a month on 6.9% APR finance following a deposit of £6,410.
Figures released today by the Finance & Leasing Association (FLA) show that consumer new car finance volumes were up by 21% in March compared with the same month in 2013, and by 23% in Q1 2014.
Car Loan 4U has continued its rapid growth in the online car finance sector after announcing the appointment of David Kelly as chairman.
DSG Financial Services has appointed a head of compliance to help dealers implement the new Financial Conduct Authority (FCA) directives.
The number of new cars bought on finance grew 26% in February year-on-year, according to figures from the Finance & Leasing Association.
New FCA financial regulations will not benefit supermarkets, banks and other direct lenders over dealers, says Richard Hoggart, DSG Financial Services MD.
The FCA's new consumer finance regulations in force from April 1 may bring unforeseen benefits for dealers as well as consumers, said Gerald Grimes, managing director of Hitachi Capital Consumer Finance.
Dealers should use the new Financial Conduct Authority framework to drive change in how they promote loans and deliver a fresh approach digitally aimed at younger car buyers
Everything you need to know about the Financial Conduct Authority and changes to consumer credit regulation and GAP insurance, from AM's special eight-page guide
February used car volumes were up year on year, but NAMA predicts values will remain ‘fairly constant’
The Financial Conduct Authority published its finalised rules for consumer credit companies at the end of February.
The FCA takes control of consumer credit regulation on April 1 and its message to car dealers is simple: Put the customer at the heart of your business ... and prove it
FCA inquiry found a lack of transparency about price and cover of add-on insurance products
The FCA requires consumer credit business such as car dealers to abide by 11 principles of business
The FCA has imposed heavy penalties for breaches of its rules in other business sectors
Stoneacre Motor Group has won the Treating Customers Fairly award at the 2014 F&I Conference.
