The Financial Conduct Authority has considered whether to force car dealers to tell their customers about the way they earn commission from selling motor finance and the amounts they earn.
The Financial Conduct Authority (FCA) has opened a consultation in a bid to ban car retailers’ discretionary finance commission model – saving UK car buyers an estimated £165 million a year.
Research from Zopa has shown that UK car buyers are confused when picking which car finance option is the best to fund their next purchase.
On December 9 this year, the Financial Conduct Authority’s (FCA) Senior Managers and Certification Regime (SMCR) for consumer credit firms – including motor finance sellers – comes into effect.
The Financial Conduct Authority (FCA) has to be sure that any regulatory changes introduced by the in light of its recent review of the motor finance sector “don’t have unintended consequences”.
Lookers is investing £10 million over the next two years in a bid to deliver a “gold-plated” sales process ahead of the launch of an official investigation of the business by the Financial Conduct Authority (FCA).
In the general insurance (GI) publication, the FCA highlighted risks that can lead to customers purchasing inappropriate products, paying excessive prices or receiving poor service.
New draft guidance from the Financial Conduct Authority should help dealers in their sales of finance and insurance to vulnerable consumers.
The FCA’s concern is that some lenders’ affordability assessments are not aligned with the latest guidance issued as part of its Policy Statement 18/19.
Car dealers are ‘right to be worried’ about finance income following the FCA credit watchdog's latest motor retail investigation
The FCA feels some lenders are not taking reasonable steps to manage intermediaries’ adherence to the rules in the Consumer Credit sourcebook (CONC).
The value of fines imposed by the Financial Conduct Authority in 2018/19 increased threefold in 2018/19 compared to the prior year.
The Financial Conduct Authority (FCA) recently announced forthcoming changes to what has been a controversial area of consumer credit lending.
Lookers has said that it is “cooperating fully” with the Financial Conduct Authority (FCA) as the regulator announced that it was commencing an investigation into the car retail group’s sales process.
Failing to report early suspicions of fraudulent activity to the finance regulator has left Bank of Scotland with a £45.5 million fine.
The Financial Conduct Authority is freeing consumers from full back-dated interest charges when they partly pay amounts owed under ‘buy now, pay later’ (BNPL) finance deals.
FCA Group has withdrawn its proposal of a “transformational” merger with Renault after representatives from the French government stalled a potential deal.
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined R. Raphael & Sons plc (Raphaels) for failures in the management of its outsourcing arrangements.
The Financial Conduct Authority’s findings on commissions, information disclosure and affordability have big implications for the motor retail industry
There needs to be a sweeping change in the role of technology both at the point of sale and online, placing consumers in control of their finance experience and just as importantly to provide lenders with a rigorous record of the customer’s finance buying experience.
