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.
Frontline Solutions managing director Martin Hill has announced the rebranding of the business as DealTrak as part of an expansion phase which will see it move into a larger headquarters in Leeds city centre.
Five final notices issued by the Financial Conduct Authority to dealers this month could be the “first of many”, warns iVendi.
An independent used car dealership has had its consumer credit permissions withdrawn by the Financial Conduct Authority.
The widespread adoption of the internet has clearly been a benefit to the motor trade. However, this connectivity comes with a health warning.
The Financial Conduct Authority (FCA) marks six months since the start of the Senior Managers’ and Certification Regime by proposing ways to strengthen it.
The Financial Conduct Authority has published its examination of the impact of Big Data in sales of general insurance such as motor cover.
Dealers should consider pricing non-prime motor finance lower in order to win more business and question whether deals which demand high APR should be done, says Startline Motor Finance.
Dealers are regularly collecting the wrong data or are proving to be unsure of how to meet the demands of an FCA investigation.
The automotive retail sector should brace itself for a Financial Conduct Authority investigation with at least one dealership group likely to come under scrutiny.
An FCA proposal to set a PPI claim deadline of June 2019 could bring an end to uncertainty brought by the “significant administration and costs”, says the NFDA.
GAP and motor-related insurance providers have been identified by the FCA as among principal firms failing to properly supervise appointed representatives.
