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.
Car loan providers and dealerships won't need to give a final response to customer complaints related to discretionary commission arrangements (DCAs) for more than a year while the regulator continues to tackle the issue.
A former sales consultant has been fined after pleading guilty to unlawfully retaining and selling thousands of customer records from the car leasing company he worked for in Hertfordshire.
AM's regular columnist Professor Jim Saker, president of the Institute of the Motor Industry, notes that external factors are increasingly forcing a change of thinking in a traditionally insular motor industry.
Many insurers and brokers are still failing to demonstrate fair value despite industry efforts to improve governance and oversight regarding Guaranteed Asset Protection (GAP) products.
A car dealer has been sentenced after being convicted of selling the same dangerously defective car on two separate occasions.
A car dealer has been fined £1,000 by magistrates after an investigation by trading standards officers prompted by complaints from members of the public.
While there are positive signs of an industrial strategy for automotive and investment in EV infrastructure, the new government's actions will be determined by political uncertainty and competing national priorities.
The FCA is urging the automotive industry to provide feedback to help reduce red-tape around any overlaps with previous guidance and Consumer Duty.
The Financial Conduct Authority has found "issues" in the ways that motor finance was offered or incentivised in the past and the ongoing review will determine the breadth of those issues, and what system of redress will be needed. That's according to FCA chief executive Nikhil Rathi.
Alphera is “doubling down” on Consumer Duty by launching six new promises for partners and consumers a year on from the launch of the FCA initiative.
The Financial Conduct Authority (FCA) has confirmed it will set out the next steps into its review of discretionary commission arrangements (DCA) in May 2025.
Mike Todd, chief executive of Volkswagen Financial Services UK, says the automotive sector needs to ensure the Consumer Duty standard remains a driving force for continual improvement as it looks to meet the changing demands of customers.
Motor industry organisations have reacted to suggestions that dealerships and garages should be able to do more to deter motorists from driving off in a car or van that has unresolved safety-critical faults identified by vehicle technicians.
The financial watchdog at the heart of the finance mis-selling probe has hit back at Barclays’ bid to quash a key ruling.
Steve Salvin, chief executive of Milton Keynes-based tech firm Aiimi, discusses how motor retail companies can ready their data for an influx of Data Subject Access Requests (DSAR) from consumers hoping for a payout from historic car loans.
Cap HPI chief Chris Wright discusses the dangers of using unethical data
A car dealer from Omagh has been found guilty at Newry Crown Court of advertising and selling 'clocked' cars including reducing the mileage of a VW Scirocco by 52,000 miles.
A significant number of used car buyers are finding personal data from previous owners still stored in their vehicles' infotainment systems.
A director of new car brokerage in the north east of England has been banned by the Financial Conduct Authority from carrying out any regulated consumer finance or insurance activities because it has deemed him to be "not a fit and proper person".
When motorists want one thing, but policies are driving OEMs to offer less of it, it risks the prosperity of the UK motor industry, argues AM's regular columnist Professor Jim Saker.
The UK financial watchdog, the FCA, has moved to allow a ‘significant’ number of firms to recommence sales of GAP insurance to car buyers, following its action to improve fair value.
The motor industry must stay vigilant if it is to navigate the emerging legal and ethical considerations surrounding Artificial Intelligence (AI), data security and environmental responsibility.
The autumn moratorium imposed by the UK financial watchdog will likely be moved back to sit behind a Judicial Review appeal.
AM examines fears that regulator views on Guarantee Asset Protection’s value to consumers may kill off a product once hailed for its profitability
