The motor insurance industry is projected to return to profitability in 2024 after two years of record losses, according to EY’s latest UK Motor Insurance Results.
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.
UK consumer car finance new business volumes fell in October 2024 by 2% compared with the same month in 2023, according to the FLA.
Plunging residual values in the electric vehicle (EV) market are creating substantial financial challenges for leasing companies, manufacturers, and customers alike, according to Auto Data Solutions (ADS) which is warning of a prolonged impact on the sector.
More than a third of motorists would be encouraged to replace their current petrol or diesel vehicle with an electric vehicle if the Insurance Premium Tax was ditched, according to new research.
Former Lookers executive Paul Bentley has been recruited by the National Franchised Dealer Association.
Liberal Democrat MP for Wokingham Clive Jones heard firsthand about the significant discrepancies in the cost of home versus public charging and the need for additional government support to entice motorists to go green when he visited Select’s HQ in Reading.
The motor retail industry is being urged to have its say on a proposal from the Financial Conduct Authority to let dealerships and finance providers delay their responses to consumer complaints about motor finance commission.
The probe into historic motor finance practices by some car loan providers could cost the industry £30 billion, according to ratings agency Moody's.
Warranty Solutions Group (WSG) has partnered with Strategic Risk Solutions (SRS) to introduce a comprehensive lineup of regulated protection products through its new captive WSG Guardian Insurance.
Legal and compliance specialist Auxillias has launched the Motor Finance Hub, a comprehensive online resource designed to support motor finance professionals grappling with evolving regulatory requirements.
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.
Select Car Leasing has unveiled a major revamp of its vans division, signalling a strategic step forward in the UK van leasing market.
Richard Hoggart, founder and CEO of DSG Finance Group has been appointed to the board of the Finance & Leasing Association.
Omoda, Jaecoo partner with Thatcham to boost insurability, ease of repair
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
Lenders are ramping up their technology solutions to provide timely, transparent commission disclosures to customers following the recent Court of Appeal ruling on motor finance, iVendi reports.
Manufacturers struggled to hit October new car sales as they scrambled to comply with the recent Court of Appeal ruling on the duty of car finance providers to disclose detailed commission arrangements and secure clear consent from the car buyer, according to industry insiders.
Insurance and warranty firm Opteven UK has appointed Neil Mobey and Emmanuel Pallot as its new heads of operations, each with distinct responsibilities to enhance the company’s service standards.
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.
Clear, upfront disclosure of commission to ensure informed consent will be critical for providers of motor finance following last week’s shock Court of Appeal decision which saw several major industry names suspend lending in order to take stock of the implications of the ruling.
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.
