On December 9 this year, the Financial Conduct Authority’s (FCA) Senior Managers and Certification Regime (SMCR) for consumer credit firms – including motor finance sellers – comes into effect.
The Financial Conduct Authority (FCA) has to be sure that any regulatory changes introduced by the in light of its recent review of the motor finance sector “don’t have unintended consequences”.
The value of fines imposed by the Financial Conduct Authority in 2018/19 increased threefold in 2018/19 compared to the prior year.
Lookers has said that it is “cooperating fully” with the Financial Conduct Authority (FCA) as the regulator announced that it was commencing an investigation into the car retail group’s sales process.
Failing to report early suspicions of fraudulent activity to the finance regulator has left Bank of Scotland with a £45.5 million fine.
The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have fined R. Raphael & Sons plc (Raphaels) for failures in the management of its outsourcing arrangements.
The Independent Motor Dealers Association (IMDA) has launched a new partnership with Acceler8, to help dealers boost sales conversion rates.
The FCA’s executive director of supervision for retail and authorisations has warned its focus on affordability, business models and culture will not shift.
The long-awaited FCA update on the motor finance industry has sharpened the sector's focus on Difference in Charge (DiC) arrangements that can lead to higher interest rates for consumers.
DealTrak has announced the launch of its new compliance module to assist in managing automotive finance and insurance products.
Just 53% of motorists understood the terms and conditions of their last car finance deal, according to research commissioned by Europcar Mobility Group UK.
The IMI has added F&I accredited salespeople to its professional register as part of an Alphera-supported scheme to improve transparency and satisfaction.
Alphera has launched a new car finance incentive scheme which has been designed with the specific purpose of promoting FCA compliance among car retailers.
Car retailers have been warned not to breach the Financial Conduct Authority’s new Insurance Distribution Directive, which demands increased staff training in a bid to enhance consumer protection.
A new range of four short animated videos about add-on products has been created by iVendi in an effort to support car dealers' online sales efforts.
Car buyers’ lack of awareness about car dealers’ obligations when selling finance products suggests a “high potential for mis-selling of F&I products”, according to Alphera Financial Services.
Aston Martin Financial Services has signed up its UK dealer business managers to the new Finance and Insurance Accreditation Pathway developed by Alphera Financial Services in partnership with the Institute of the Motor Industry (IMI).
Car buyers’ ‘increasing arrears and default rates for customers with the lowest credit scores’ are among areas of consumer credit which remain a concern, the FCA has stated in its annual report.
GDPR has been putting the frighteners on virtually every business in the UK for the past 12 months and with D-day finally on the horizon, there’s no escaping the panic any time soon.
Close Brothers Motor Finance has issued its top five tips to help car dealers achieve GDPR compliance after identifying a need for a quick and easy guide to the new legislation.
Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.
When: November 12 2020
Where: Birmingham NEC
Find out what features are in this month's, and future, issues