The Financial Conduct Authority has said that it will continue investigations into the “risk of harm” posed by motor finance, with its final findings expected to be delivered in September.
The Financial Conduct Authority expects to publish an update on its examination of motor finance next month.
Household expenditure on vehicle ownership defied the negative narrative surrounding PCP car finance products with an increase of 47.7% in spending on “hire loan purchase agreements” during 2017.
Finance mis-selling will create ‘perfect storm’ in 2018 according to the boss of fleet management business who has claimed that car dealership sales staff “don’t know how PCP and PCH deals work”.
Sub-prime car finance firm Moneybarn is being investigated by the FCA over how it assesses car-buyers for loans.
This year’s Automotive Management Live event will see Compliancy Services equip dealers with how to respond to the FCA’s letter to bosses.
A hire purchase firm is beginning to pay almost £15m in redress to customers after intervention by the Financial Conduct Authority.
Digital solutions look set to play a key role in helping dealers comply with the demands of GDPR legislation and FCA regulation.
Labour party chairs of two parliamentary committees are urging the Government to set up an independent public enquiry into £200 billion household debt, consisting of credit cards and car deals.
Santander Consumer Finance (SCF) has launched a series of free videos to enhance customer understanding of car finance options.
The automotive finance industry must focus on generating positive messages as it endures a flurry of negative publicity and the growing attention of regulators, according to a panel of industry experts.
Dealers should subscribe to the ethos of the FCA by offering customers a broader choice of finance providers, says iVendi.
The FCA has set out its main areas of focus for its investigation into the motor finance industry in the UK.
Car buyers using PCP car finance deals are safe, say motor retailers, but questions remain over clarity and transparency.
As the sales practices around motor financing are increasingly brought into the spotlight, it has become clear that something must change.
Technology from EnquiryMAX has been launched to help dealers achieve full compliance with FCA investigations into PCP sales.
The Financial Conduct Authority has published proposals to require dealers to better manage risks of non-compliance in staff's pay and performance management.
Car retailers have come under fire for their approach to finance sales after undercover newspaper reporters found sales executives were offering new car PCPs to and minimum wage earners and the unemployed.
The Bank of England has told banks to set aside an extra £11.4 billion to protect the economy from a financial crash as car finance and credit card debt lending continues to “increases rapidly”.
FCA’s compliance consultancy consumer director Andrew Smith has said that “dealers need a dramatic culture shift ahead of the Financial Conduct Authority’s (FCA) 2018 review”.
