There could me more rules on the horizon from the Financial Conduct Authority, Adrian Dally, head of motor finance at the Finance and Leasing Association (FLA) will tell delegates at this year’s AM F&I Compliance Conference.
Discussing the FCA supervisory focus during the next year when he speaks at the event, which takes place at the Motorcycle Museum, Solihull, West Midlands B92 0EJ, on November 10, Dally highlights a number of areas which the regulatory body currently has in its sights including the creditworthiness and affordability of the consumer and dealer pay structures and commission.
He said: “The regime has been a challenge for everyone involved – the FCA, because it almost trebled the number of firms they supervise, and the firms themselves, because the pace of change continues to be relentless.
“Along with firms’ preparations so far for authorisation, they should be aware that the FCA is currently conducting a thematic review of staff remuneration and incentives, with a report due early next year. We also expect a further report around the same time on the thematic review of arrears and forbearance, as well as a consultation paper on affordability and creditworthiness, which may ultimately lead to some new rules.
“2016 will be busy year for the consumer credit industry.”
This year’s AM F&I Compliance Conference takes a look at the F&I landscape under the new regulatory regime and explores how dealers have responded, with expert views and analysis of possible future trends.
Finance & Leasing Association (FLA) figures show that the number of new cars bought by consumers on finance provided through dealerships increased by 13% in July, compared with the same month last year.
The percentage of private new car sales financed by FLA members through dealerships in the twelve months to July reached 78.7%, up from 78.1% in the 12 months to June.
The point-of-sale consumer used car finance market also showed continued growth, with new business volumes up by 9% compared with July 2014.
Tickets and website
Motorcycle Museum, Solihull, West Midlands B92 0EJ