Compliance
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Finance 6 Jan
Most dealers feel ready for Jan 28 motor finance changes
Just over half of UK motor retailers believe they’re ready for the changes to motor finance rules which are being brought in on January 28.
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Finance and insurance 24 DecKeeping motor finance safe to trade
In early 2021 the Financial Conduct Authority's ban on discretionary commission in motor finance will kick in. AM examines the impact on motor retailers.
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Finance and insurance 23 DecDealers get set for disclosure and accountability in motor finance
The Financial Conduct Authority is keen for motor retailers providing consumer credit to be upfront about earning finance commission
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Finance 15 OctFCA to move from Gabriel to RegData for regulatory reporting
The FCA is replacing its Gabriel regulatory reporting system with RegData starting from October 17 and 18.
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Finance 14 OctFCA motor finance changes present ‘promotional and profit opportunity’
Forthcoming Financial Conduct Authority (FCA) changes to the motor finance sector should be embraced as a “promotional and profit opportunity” by used car dealers.
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Finance 5 Oct
FCA’s SM&CR deadline extension must not bring complacency about compliance
Car retailers have been urged not to not put their preparations to comply with the Financial Conduct Authority’s (FCA) Senior Manager Certification Regime (SM&CR) “on the back burner” as a result of the recent deadline extension.
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News 23 SepTrade Centre UK radio advert banned due to ‘ambiguous’ finance T&Cs
A Trade Centre Group radio advert said to have placed PCP finance terms at the start in an effort for added prominence has been banned by the Advertising Standards Authority (ASA).
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Opinion 4 AugAct now to adapt to FCA's motor finance regulation changes, opinion
Many will still need time to fully consider the content of the Financial Conduct Authority’s (FCA) final ruling from its motor review and the impending ban on discretionary commission models, published earlier this week.
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Finance 28 Jul
FCA confirms ban on car dealers' discretionary motor finance commission models
The Financial Conduct Authority (FCA) has confirmed its move to ban all discretionary commission models in motor finance to save car buyers £165 miilion-per-year and eliminate “conflicts of interest” in the sector.
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Supplier News 15 JulMotoNovo's MotoRate ‘priced to risk’ car finance responds to FCA findings
MotoNovo claims to have moved towards the Financial Conduct Authority’s (FCA) car finance ideal scenario with the launch of its new “priced to risk” MotoRate offering.
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Supplier News 25 JunSuppliers unite to form ‘Motor Alliance’ for car dealers and OEMs
MotorVise Automotive has partnered with Drive Assured and The Compliance Company to form the Motor Alliance – a new business aiming to drive car dealers’ profitability.
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People News 22 Jun
HM Treasury appoints Nikhil Rathi as FCA chief executive
HM Treasury has appointed the current chief executive of London Stock Exchange Nikhil Rathi as the new permanent chief executive of the Financial Conduct Authority (FCA).
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Finance 9 JunFlat rates, EV funding and PCH growth drive changes in motor finance
Government’s ‘travel by car’ advice fuels hope for market revival
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Finance 5 JunCOVID-19 car finance payment deferrals come with consequences, says ASI
Automotive Services International has said automotive finance payment deferrals introduced during the coronavirus pandemic could see customers incur unintended costs.
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Aftersales 22 MayGarages can signal COVID safeguards in IGA compliance scheme
Next month the Independent Garage Association (IGA) will launch a COVID-19 compliance certification scheme for independent workshops wishing to demonstrate to their customers that the environment is safe.
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People News 11 MayAPD Compliance Solutions welcomes Keith Allen as board member
APD Compliance Solutions has welcomed ex-ALD Automotive Group and ARI Fleet UK managing director Keith Allen as an equity stakeholder and board member.
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Finance 17 Apr
FCA publishes draft coronavirus guidance on motor finance repayments
The Financial Conduct Authority (FCA) has said that it expects motor finance providers to offer “exceptional and immediate support to customers facing payment difficulties” due to COVID-19 coronavirus.
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Finance 17 Feb
FCA fines Moneybarn £2.77m for unfair treatment of 'vulnerable' customers
The Financial Conduct Authority (FCA) has fined automotive finance provider Moneybarn £2.77 million for failing to treat "vulnerable" customers fairly when they fell behind with loan repayments while in financial difficulties.
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Opinion 4 OctNew FCA regime highlights F&I professionals’ duty to ‘stay competent’
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.
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Finance 27 SepFCA motor finance regulation must avoid ‘unintended consequences’
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”.
