FCA chief executive Nikhil Rathi joined Martin Lewis’ Money Show to address shortcomings about the regulator, as well complaints against lenders.
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.
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.
Direct warnings to the UK Government about the feasibility of ZEV Mandate targets without more work to get motorists into electric cars appear to have fallen on deaf ears.
The used EV market is showing signs of decline, according to recent data from Marketcheck, with sales slipping while petrol vehicle sales achieved a yearly peak.
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.
The UK financial watchdog plans to consult on extending the time motor finance firms have to respond to consumer complaints involving non-discretionary 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.
Volkswagen Finance has been slapped with a £5.4 million fine by the Financial Conduct Authority (FCA) for failing to treat customers in financial distress fairly.
The Government is launching a national awareness campaign, 'Fake Always Breaks' about the dangers of buying counterfeit car parts, including wheels, airbags and brakes that can leave cars unsafe.
The Financial Conduct Authority (FCA) is undertaking a comprehensive market study into the insurance sector, focusing on the fairness of premium finance products used for motor insurance.
Transport Secretary Louise Haigh said the UK Government "wants to make EVs as affordable as possible" and it sees big fleet deals as an advantage in bringing more low priced used EVs into the market for private motorists.
The Financial Conduct Authority (FCA) has fined TSB Bank £10.9 million for failing to ensure fair treatment of customers who were in arrears.
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.
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.
The FCA is urging the automotive industry to provide feedback to help reduce red-tape around any overlaps with previous guidance and Consumer Duty.
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.
The financial watchdog at the heart of the finance mis-selling probe has hit back at Barclays’ bid to quash a key ruling.
