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”.
Car dealers are being targeted by criminals making fraudulent car finance applications. Sgt Kate Jackson of the NVCIS explains how to spot them.
The Financial Conduct Authority (FCA) has found that Admiral included inaccurate premium amounts in its renewal documents.
There has been a lot of adverse publicity around Personal Contract Purchase in recent months, much of which is technically incorrect and some of which is blatant journalistic sensationalism.
Prepared car dealers can minimise risks to the finance market – whether from competitors, regulation or market pressures.
The new car sales boom depends on cheap, available finance, but storm clouds are visible on the horizon.
To dispel doubt about the stability of the motor finance market, finance houses and trade bodies need to be more transparent.
The PCP industry is booming. Thousands of drivers every year walk off the showroom forecourt with a brand new motor and a freshly signed PCP agreement to go along with it.
An investigation into finance in the automotive sector has slammed used car dealers for a “£1.4 billion a year rip-off” after comparing the deals offered by 100 retailers across the UK.
FCA action to tackle perceived “conflicts of interest and irresponsible lending” in motor finance must be proportionate and not harm vehicle sales, according to NFDA director Sue Robinson.
The Bank of England has confirmed that it considering more stringent regulations which would usher in strict affordability checks in a bid to avoid a PCP-prompted financial crisis.
Sales of Guaranteed Asset Protection (GAP) insurance policies appear to have stabilised.
Nearly half of drivers believe they have been over-charged and mis-sold finance and insurance products when buying from a dealership.
The FCA has begun its publication of data about claims frequencies, claims acceptance rates and average claims pay-outs in a bid to make the value of products more transparent for consumers.
FCA Automotive Services is celebrating after gaining IMI accreditation for its own finance training program.
The FCA took over the regulation of consumer credit in April 2014. What’s happened since?
FCA scrutiny of car dealers' commission on F&I products will happen “quicker than we think”, according to Barclays Partner Finance managing director Mike Britton.
