Car Dealer News 25 May
Car dealers price drop adverts could be misleading, regulator finds
The advertising watchdog has censured Marshall Motor Group with a ruling that could have implications for all car dealers advertising used cars with a price drop.
Supplier Interviews 24 May
5 Minutes With... Alex Royall, director, Alphera Financial Services
In this latest '5 Minutes With' interview, I ask Alphera Financial Services director Alex Royall about some of the work UK motor retail is doing ahead of changing FCA regulation, including affordability checking when a consumer wants to buy a car.
Finance 10 May
FCA warns of "swift action" as Consumer Duty deadline looms
The Financial Conduct Authority (FCA) has warned there will be "swift action" for those that ignore its new Consumer Duty standards.
Opinion 9 May
Consumer Duty renews focus on even better customer outcomes
Mike Todd, chief executive of Volkswagen Financial Services UK, shares his thoughts about the Financial Conduct Authority's new Consumer Duty regime which begins on July 31.
Finance 26 Apr
Latest FCA Consumer Duty deadline puts car dealers on ‘compressed timeline’
An April 30 deadline for motor finance providers to issue product reviews to their retail partners will put car dealers on a “compressed timeline” to deliver compliance with the Financial Conduct Authority’s new Consumer Duty regulations.
Finance 24 Mar
FCA expands its enforcement and oversight team
The Financial Conduct Authority (FCA) has made Therese Chambers and Steve Smart its joint executive directors of enforcement and market oversight.
Finance 14 Mar
BVRLA launches Compliance Forum to help members with FCA
A new Compliance Forum, centred around three half-day events, is hoped to help BVRLA members improve their understanding of the ongoing "period of remarkable regulatory realignment" and the future of motor finance.
Finance 14 Feb
Amigo Loans censured but escapes £73m FCA fine for poor affordability checks
Failure to have appropriate processes to properly check affordability has left sub-prime firm Amigo Loans publicly censured by the FCA instead of a £72.9m fine.
Finance 31 Jan
Consumer Duty rules require dealer focus on management information
Dealers must compile ‘accurate and timely’ management information (MI) in order to comply with the FCA’s new Consumer Duty responsibilities.
Finance 25 Jan
FCA gives firms extra Consumer Duty guides as review finds laggards
Alarm raised by the Financial Conduct Authority that some firms are behind in their planning with just six months until Consumer Duty rules comes into effect.
Finance and insurance 18 Jan
Change ahead for point of sale motor finance
Car finance sales opportunities remain for motor retailers despite tougher economic conditions, new business models and the upcoming FCA Consumer Duty requirements
Finance 13 Dec
Are car dealers ‘heading for a fall’ ahead of 2023’s compliance challenges?
Unprepared car retailers could be “heading for a fall” if they do not act fast to prepare for 2023’s ramp-up in compliance challenges, it has been claimed.
Finance 9 Dec
Consumer Credit Act reform must be ‘comprehensive’, says FLA
The Finance and Leasing Association (FLA) has called for reform of the Consumer Credit Act to be “comprehensive” as consultation on the plans opened today (December 9).
Finance 24 Nov
VIDEO: Single point dealer processes essential for new FCA Consumer Duty
Single point dealer processes that track motor finance activity could prove essential to meeting the Financial Conduct Authority's (FCA) Consumer Duty principle, says iVendi.
Finance 23 Nov
FCA demands improved customer data needed to improve finance decisions
The Financial Conduct Authority (FCA) has said that the finance sector needs “a higher quality of credit information” to ensure that consumers get accurate lending advice.
Finance 3 Nov
Only pawnbrokers monitor customer vulnerability less than motor finance sector, FCA finds
Pawnbrokers are the only lending provider deemed worse than motor finance at assessing customer vulnerability as UK households feel the impact of its cost-of-living crisis, an FCA report suggests.
Finance and insurance 25 Oct
Tight deadline for FCA Consumer Duty plan approaches
As the October 31 deadline for implementation plans for FCA Consumer Duty looms, compliance experts share their advice for UK motor retailers.
Finance 7 Oct
FCA Consumer Duty: time to ‘make a plan and do what it says’
Automotive retail business have been reminded that they have until the end of October to ‘make a plan and do what it says’ to comply with the Financial Conduct Authority’s (FCA) new Consumer Duty regulations.
Latest News 29 Sep
Car retailers target of ‘veiled threat’ from overstretched HMRC
Car retailers have been the target of a “veiled threat” from an overstretched HMRC after the Government body identified the sector as a VAT risk area, MHA has revealed.
Finance 20 Sep
Car retailers cannot afford to compromise on new FCA principles
Car retailers have been told “there can be no compromise” when it comes to the technology leveraged to ensure compliance with the Financial Conduct Authority’s (FCA) new Consumer Duty.