The Supreme Court has granted permission for two car lenders to appeal a landmark ruling on motor finance commission payments that has raised concerns over a potential £30 billion compensation bill.
The financial crisis brewing in the UK’s motor finance sector could rival the infamous £50 billion Payment Protection Insurance (PPI) consumer scandal, the Financial Conduct Authority's (FCA) top legal chief has conceded.
Close Brothers Motor Finance has promoted Clare Bradley to the position of commercial director and Neil Leonard as its new marketing director.
UK consumer car finance new business volumes fell in October 2024 by 2% compared with the same month in 2023, according to the FLA.
Members of the Finance and Leasing Association (FLA) are demanding that dealers that want to work with them must be SAF accredited by January 1.
iVendi and Close Brothers Motor Finance have formed a new strategic partnership to make it easier for dealers to offer consumers motor finance, both online and in the showroom.
According to a new survey, 69% of consumers now consider financing directly through dealerships as their preferred option, particularly when dealers provide clear, upfront details about financing options and costs on their websites.
The UK financial watchdog plans to consult on extending the time motor finance firms have to respond to consumer complaints involving non-discretionary commissions
Close Brothers resumes new lending after landmark court of appeal ruling
Rochdale-based lender Marsh Finance is to integrate iVendi’s point-of-sale (POS) system allowing it to share its finance options with dealers across the iVendi network.
The FCA's latest decisions on regulating the automotive retail sector will be under the microscope as part of a special strategy session at this year’s AM Live.
Shares in Close Brothers have taken a sharp hit in the wake of a landmark ruling by the Court of Appeal, which determined that motor finance brokers must provide full disclosure on commissions when arranging car loans.
Payment Assist has reported a significant 350% increase in applications for its flexible four-month payment instalment plan.
The Financial Ombudsman Service has revealed a significant 40% year-on-year increase in consumer complaints during the first half of 2024, with a total of 133,019 complaints lodged before July, up from 93,114 in the same period of 2023.
French bank Crédit Agricole is entering into a strategic partnership with GAC International, the European branch of China’s fifth largest car manufacturer Guangzhou Automobile Corporation (GAC).
The Financial Conduct Authority (FCA) is undertaking a comprehensive market study into the insurance sector, focusing on the fairness of premium finance products used for motor insurance.
Specialist automotive finance house JBR Capital is set to significantly expand its lending operations in the luxury, hypercar, and supercar markets following its acquisition by Shawbrook Group.
Several key shifts in the UK financial watchdog’s enforcement strategy could see motor retail finance providers subject to far more rapid investigations, allowing less time to respond in a fast-moving enforcement environment.
Consumer pre-approval for motor finance is becoming increasingly important as the industry shifts toward risk-based pricing, according to fintech iVendi.
Startline Motor Finance has launched its first-ever funding options for used electric cars, signalling a significant vote of confidence in the stability of the used electric vehicle (EV) market.
