The UK financial watchdog, the FCA, has moved to allow a ‘significant’ number of firms to recommence sales of GAP insurance to car buyers, following its action to improve fair value.
The autumn moratorium imposed by the UK financial watchdog will likely be moved back to sit behind a Judicial Review appeal.
AM examines fears that regulator views on Guarantee Asset Protection’s value to consumers may kill off a product once hailed for its profitability
Motor finance firms are exploring the role of AI (artificial intelligence) in supporting car loan sales and FCA regulatory compliance
Auto Trader has made its Deal Builder omnichannel solution available to all FCA authorised used car retailers to trial.
Almost one in 20 motor finance customers have been identified as vulnerable, according to new research by iVendi.
The Financial Conduct Authority is reminding motor finance firms about their requirement to maintain adequate financial resources at all times, in the light of several lenders reserving millions of pounds in case of widespread compensation demands after the review of car loan commissions.
The UK financial watchdog has told several online providers of GAP insurance that they can continue to sell their products until the end of April.
Gaurav Jain, UK commercial director, Get Your Car, Carwow, discusses the opportunities for dealers as car buyers seek more guidance on finance options
The Financial Conduct Authority (FCA) has identified shortcomings in how some motor insurance firms are valuing written-off or stolen vehicles.
Close Brothers has confirmed that it has set aside up to £400 million ahead of the FCA’s regulatory review into the motor finance sector.
The FCA has said it will start the process of reviewing firms’ treatment of vulnerable customers as it set out its plans for the next year.
Any action taken on car loan discretionary commission complaints will be much swifter than that implemented for payment protection insurance (PPI) misselling last decade, according to the chief executive of the Financial Conduct Authority.
If consumers are paying a greater price now than they did before, what harm is the FCA’s intervention actually preventing?
Lloyds Banking Group has allocated £450 million to cover potential expenses related to regulatory investigations into historic motor finance commission deals.
Consumer champion Martin Lewis’s free tool for consumers to probe whether they were victims of discretionary commission agreements (DCAs) has logged the filing of over half a million complaints.
Eight out of ten insurance firms have agreed to pause sales of Guaranteed Asset Protection (GAP) insurance at the request of the financial watchdog.
Consumer champion Martin Lewis has launched a free tool for consumers to use in logging a complaint about discretionary commission agreements (DCAs) in their car loans.
The Financial Conduct Authority has just told AM it has "no intention of banning GAP Insurance", in response to unsubstantiated reports that the product must be scrapped this year.
Two recent car loan misselling cases heard by the Financial Ombudsman Service (FOS) against Black Horse Motor Finance and Barclays Partner Finance have been mentioned by the FCA as particularly influencing its decision to dive deeper into this issue.
