An April 30 deadline for motor finance providers to issue product reviews to their retail partners will put car dealers on a “compressed timeline” to deliver compliance with the Financial Conduct Authority’s new Consumer Duty regulations.
The Financial Conduct Authority (FCA) has made Therese Chambers and Steve Smart its joint executive directors of enforcement and market oversight.
A new Compliance Forum, centred around three half-day events, is hoped to help BVRLA members improve their understanding of the ongoing "period of remarkable regulatory realignment" and the future of motor finance.
When the initial consultation for Consumer Duty was announced in May 2021 by the Financial Conduct Authority (FCA), it divided opinion.
Failure to have appropriate processes to properly check affordability has left sub-prime firm Amigo Loans publicly censured by the FCA instead of a £72.9m fine.
Dealers must compile ‘accurate and timely’ management information (MI) in order to comply with the FCA’s new Consumer Duty responsibilities.
Alarm raised by the Financial Conduct Authority that some firms are behind in their planning with just six months until Consumer Duty rules comes into effect.
Car finance sales opportunities remain for motor retailers despite tougher economic conditions, new business models and the upcoming FCA Consumer Duty requirements
After more than six years at iVendi Phil Harding has left to join Automotive Compliance as its national sales director, in a newly created role.
Unprepared car retailers could be “heading for a fall” if they do not act fast to prepare for 2023’s ramp-up in compliance challenges, it has been claimed.
The Finance and Leasing Association (FLA) has called for reform of the Consumer Credit Act to be “comprehensive” as consultation on the plans opened today (December 9).
Insurance firms have been warned not to undervalue cars when settling insurance claims and are being “watched closely” by the Financial Conduct Authority (FCA).
Single point dealer processes that track motor finance activity could prove essential to meeting the Financial Conduct Authority's (FCA) Consumer Duty principle, says iVendi.
The Financial Conduct Authority (FCA) has said that the finance sector needs “a higher quality of credit information” to ensure that consumers get accurate lending advice.
A used car dealer who attacked a doorman with a machete during a night out has been banned from providing financial services by the FCA.
Pawnbrokers are the only lending provider deemed worse than motor finance at assessing customer vulnerability as UK households feel the impact of its cost-of-living crisis, an FCA report suggests.
As the October 31 deadline for implementation plans for FCA Consumer Duty looms, compliance experts share their advice for UK motor retailers.
Mark Steward will be stepping down as the FCA's executive director of enforcement and market oversight after seven years with the regulator.
Automotive retail business have been reminded that they have until the end of October to ‘make a plan and do what it says’ to comply with the Financial Conduct Authority’s (FCA) new Consumer Duty regulations.
The Financial Conduct Authority has written to insurance sector CEOs as part of a bid to protect consumers from “unnecessary products or add-ons and unfair penalties” during the cost-of-living crisis.
