The UK financial watchdog plans to consult on extending the time motor finance firms have to respond to consumer complaints involving non-discretionary commissions
The motor finance industry is urgently calling for a pause on regulatory action and court cases over 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.
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.
Volkswagen Finance has been slapped with a £5.4 million fine by the Financial Conduct Authority (FCA) for failing to treat customers in financial distress fairly.
The Financial Conduct Authority (FCA) is undertaking a comprehensive market study into the insurance sector, focusing on the fairness of premium finance products used for motor insurance.
The Financial Conduct Authority (FCA) has fined TSB Bank £10.9 million for failing to ensure fair treatment of customers who were in arrears.
Several key shifts in the UK financial watchdog’s enforcement strategy could see motor retail finance providers subject to far more rapid investigations, allowing less time to respond in a fast-moving enforcement environment.
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.
Many insurers and brokers are still failing to demonstrate fair value despite industry efforts to improve governance and oversight regarding Guaranteed Asset Protection (GAP) products.
The FCA is urging the automotive industry to provide feedback to help reduce red-tape around any overlaps with previous guidance and Consumer Duty.
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.
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.
The Financial Conduct Authority (FCA) has confirmed it will set out the next steps into its review of discretionary commission arrangements (DCA) in May 2025.
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".
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.
The autumn moratorium imposed by the UK financial watchdog will likely be moved back to sit behind a Judicial Review appeal.
AM examines fears that regulator views on Guarantee Asset Protection’s value to consumers may kill off a product once hailed for its profitability
Motor finance firms are exploring the role of AI (artificial intelligence) in supporting car loan sales and FCA regulatory compliance
Auto Trader has made its Deal Builder omnichannel solution available to all FCA authorised used car retailers to trial.
