The Financial Conduct Authority (FCA) has announced an extension for firms to respond to complaints about motor finance agreements that do not involve discretionary commission arrangements (DCAs).
The Supreme Court has granted permission for two car lenders to appeal a landmark ruling on motor finance commission payments that has raised concerns over a potential £30 billion compensation bill.
FCA chief executive Nikhil Rathi joined Martin Lewis’ Money Show to address shortcomings about the regulator, as well complaints against lenders.
The financial crisis brewing in the UK’s motor finance sector could rival the infamous £50 billion Payment Protection Insurance (PPI) consumer scandal, the Financial Conduct Authority's (FCA) top legal chief has conceded.
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.
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".
