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.
UK consumer car finance new business volumes fell in October 2024 by 2% compared with the same month in 2023, according to the FLA.
The move by the Treasury to sound out how best to deal with mass compensation claims has been welcomed as a positive step although immediate certainty is critical for car loan providers, according to motor retail tech business iVendi.
Richard Hoggart, founder and CEO of DSG Finance Group has been appointed to the board of the Finance & Leasing Association.
The UK financial watchdog plans to consult on extending the time motor finance firms have to respond to consumer complaints involving non-discretionary commissions
Dealer tech provider Mad Devs has swiftly updated its iStoreDOCS platform to support dealer compliance in response to a recent Court of Appeal ruling on finance commissions.
The motor finance industry is urgently calling for a pause on regulatory action and court cases over motor finance commission.
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.
The Finance and Leasing Association (FLA) is searching for a successor for the position of director general following Stephen Haddril's decision to retire next summer.
Dealerships risk a halt to their car loans provision in 2025 if they've not put staff through the Specialist Automotive Finance accreditation programme, warns Lisa Watson, sales director at Close Brothers Motor Finance.
New car finance business volumes and value both dropped by 3% over the first half of 2024, according to data from the FLA.
New data released by the Finance & Leasing Association (FLA) reveals an 8% increase in consumer car finance new business volumes in April
Motor finance firms are exploring the role of AI (artificial intelligence) in supporting car loan sales and FCA regulatory compliance
Used car finance is expected to fall by 5% this year to £21 billion while new car purchases are forecast to grow by 5% to £18bn
Cardiff-based Tandem Motor Finance has won a prestigious FLA ESG Award for exemplary commitment in consumer funding
Monthly figures from the Finance & Leasing Association (FLA) show that new consumer car finance business volume fell 7% in November compared to 2022.
Nick Williams, managing director of the transport business at Lloyds Banking Group, is to join the Board of The Finance & Leasing Association (FLA).
The Finance and Leasing Association has predicted a 6% decline in car finance during 2023 after new business volumes declined 5% in February.
The Finance and Leasing Association has forecast a 6% decline in the value of the UK car finance sector in 2023 – with used car finance falling by 12%.
