The Financial Conduct Authority approached nine companies in the automotive industry in its first 15 days of taking responsibility for consumer finance.
Credit firms need to do more to ensure their adverts and promotions do not mislead potential customers. The findings come as Financial Conduct Authority (FCA) statistics show that one in five adverts from consumer credit firms, for products including payday loans, fell short of the FCA’s financial promotion expectations - although most firms were quick to make changes once the shortcomings were pointed out.
Alphera Financial Services has launched a loans package for new and used electric vehicles and hybrids following a 534.4% year-on-year increase in UK registrations of pure electric cars in January and February.
Mitsubishi will price its Outlander PHEV from £436 a month on 6.9% APR finance following a deposit of £6,410.
Figures released today by the Finance & Leasing Association (FLA) show that consumer new car finance volumes were up by 21% in March compared with the same month in 2013, and by 23% in Q1 2014.
Car Loan 4U has continued its rapid growth in the online car finance sector after announcing the appointment of David Kelly as chairman.
DSG Financial Services has appointed a head of compliance to help dealers implement the new Financial Conduct Authority (FCA) directives.
The number of new cars bought on finance grew 26% in February year-on-year, according to figures from the Finance & Leasing Association.
New FCA financial regulations will not benefit supermarkets, banks and other direct lenders over dealers, says Richard Hoggart, DSG Financial Services MD.
The FCA's new consumer finance regulations in force from April 1 may bring unforeseen benefits for dealers as well as consumers, said Gerald Grimes, managing director of Hitachi Capital Consumer Finance.
Dealers should use the new Financial Conduct Authority framework to drive change in how they promote loans and deliver a fresh approach digitally aimed at younger car buyers
Everything you need to know about the Financial Conduct Authority and changes to consumer credit regulation and GAP insurance, from AM's special eight-page guide
February used car volumes were up year on year, but NAMA predicts values will remain ‘fairly constant’
Stoneacre Motor Group has won the Treating Customers Fairly award at the 2014 F&I Conference.
Organisations within the automotive industry have responded to the Budget 2014 statement.
The impending legislation regarding consumer credit agreements and GAP products should be welcomed in the motor retail sector as an opportunity to demonstrate a ‘customer first’ approach to business.
The Financial Conduct Authority (FCA) is proposing a number of changes to the way GAP insurance is sold which it hopes will shake up the industry.
Dealers saw a 25% increase in consumer finance in January 2013 to 89,426 units, according to the latest figures released by the Finance and Leasing Association (FLA).
Figures from the Finance & Leasing Association (FLA) show growth of 25% in the number of cars bought by consumers using dealer finance in January 2014, compared with the same month last year.
Dealers are assessing the changes they need to make to their businesses to gain eventual full approval by the Financial Conduct Authority.
Lenders are urging dealers to prepare to make essential changes from April 1 when the Financial Conduct Authority becomes responsible for UK consumer finance standards.
Ssangyong is developing its first Personal Contract Purchase scheme as it looks to double sales in the UK this year.
Credit solutions provider Capquest has expanded into the motor finance sector by purchasing the business operations of British Credit Trust (BCT).
Williams finished 2013 at 118% of her financial targets - all delivered with a personal style that particularly impressed the auditors.
Motor dealers are waiting until the last minute to apply to the Financial Conduct Authority (FCA) for interim permission to continue providing motor finance, according to finance technology iVendi.
