Car retailers have been warned not to breach the Financial Conduct Authority’s new Insurance Distribution Directive, which demands increased staff training in a bid to enhance consumer protection.
Lawyers who led large-scale PPI mis-selling claims are poised to turn their attention on PCPs following the conclusion of the Financial Conduct Authority’s (FCA) investigation into car finance, it has been claimed.
Car buyers’ lack of awareness about car dealers’ obligations when selling finance products suggests a “high potential for mis-selling of F&I products”, according to Alphera Financial Services.
The Financial Conduct Authority (FCA) has appointed Competition and Markets Authority (CMA) director Sheldon Mills as its new director of competition.
Findandfundmycar.com has announced that it will “break free from tradition” by offering zero-cost advertising to dealers.
Aston Martin Financial Services has signed up its UK dealer business managers to the new Finance and Insurance Accreditation Pathway developed by Alphera Financial Services in partnership with the Institute of the Motor Industry (IMI).
The Financial Conduct Authority has revealed that its GAP insurance sales legislation has led to an average fall in car dealers’ sales of between 16 and 23%.
Car buyers’ ‘increasing arrears and default rates for customers with the lowest credit scores’ are among areas of consumer credit which remain a concern, the FCA has stated in its annual report.
The Financial Conduct Authority (FCA) has issued 38 final notices to dealers in the first half of this year.
The majority of motorists don’t know that dealers’ sales staff should discuss their financial details when buying a car in finance.
The Financial Conduct Authority has re-stated its intention to focus on transparency, affordability and car dealers' comission arrangements in its Business Plan 2018/19 as an investigation continues into the motor finance sector.
IVendi has invested more than £3m in a tracking tool, “event store” which will provide a full audit and log of consumer actions online.
The Financial Conduct Authority (FCA) has warned it will take action against insurance firms failing to to promote transparency and shopping around.
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.
