Compliance & risk management - Page 10
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FCA reminding motor finance firms about maintaining adequate resources
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.
Bid to license the motor retail industry looming as Government comes under pressure
A bid to drive the UK Government to introduce mandatory licensing of motor retailers is being prepared by consumer protection groups who are concerned about high levels of complaints in the marketplace.
Car loan commission cases "expose firms' legal obligations", says FCA's chief executive
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.
UK promised trade sanctions to block risk of a flood of cheap Chinese EVs
The UK Government will apply trade sanctions if the UK's new car market becomes at risk of a flood of cheap electric vehicles from China's state-backed manufacturers, transport secretary Mark Harper has warned.
Halfords sacks National Tyres technician caught speeding in customer's car
A National Tyres and Autocare technician has been fired, and the firm has offered to pay for a service at a Seat dealership, after a customer's car was logged at 18mph above the speed limit during the technician's test-drive.