Compliance & risk management - Page 3
News
Government throws industry £2.3bn lifeline and greater flexibility to support EV switch
The 2030 phase-out date for new petrol and diesel cars has been officially reinstated and full and plug-in hybrid vehicles can be sold until 2035 as part of a new package of government reforms and funding
Car loans commission case ends, ruling not likely until the summer
The UK's motor finance industry must wait until the summer to hear whether the Supreme Court will overturn the notion that lenders and their partner car dealerships have been unfair with their customers because of the finance commission paid to dealers.
Third of drivers unaware they could be due compensation in commissions probe
A third (34%) of drivers are unaware they may be entitled to compensation due to historic discretionary commission arrangements (DCAs), according to a new survey by direct-to-consumer online lender Carmoola.
Customers trusted car dealers while unaware they earned finance commission, survey finds
New research reveals that 65% of car finance customers who took out loans before the ban on discretionary commission arrangements (DCAs) trusted their dealer to offer them the best deal
Finance industry braces for Supreme Court ruling on commission disclosure
The Finance and Leasing Association admits it is bracing for all possible outcomes - both good and bad – in the imminent Supreme Court’s ruling on commission disclosure which will ultimately determine a lender’s fiduciary duty and whether it will be enshrined as a permanent legal standard.
Black Horse owner Lloyds puts aside £1.25bn awaiting car loan commissions outcome
Lloyds Banking Group, which owns Black Horse Motor Finance and Lex Autolease, has put another £700 million into its pot for potential compensation while it awaits the outcome of the car loan commission saga at the Supreme Court.
Supreme Court rejects Chancellor’s bid to intervene in finance compensation case
The Supreme Court has rejected Chancellor Rachel Reeves’ attempt to intervene in a landmark case concerning hidden commissions in car finance, dealing a blow to lenders facing a compensation bill potentially running into billions.