Compliance & risk management

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.

Compliance & risk management 14 Feb

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.

31 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.

Compliance & risk management 25 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 and insurance 18 Jan

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.

13 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).

9 Dec

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.

24 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.

23 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.

3 Nov

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.

Compliance & risk management 25 Oct

Discussion: panel on-stage at the BVRLA conference

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.

7 Oct

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.

29 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.

20 Sep

Register to hear experts in FCA Consumer Duty webinar

AM is hosting a webinar for law firm Freeths this Thursday to give UK motor retailers insights into how they must prepare for the Consumer Duty, the new regime from the Financial Conduct Authority.

FCA 14 Sep

Paul Burgess, CEO at Startline Motor Finance

Fuel cap rise risks motorists cutting back on maintenance, Startline finds

October’s fuel cap price increase - if implemented - would result in a safety risk for motorists as one-in-five say they plan to cut back on car maintenance.

Aftersales 7 Sep

Consumer Duty and its impact on the motor retail sector - BDO's expert view

Richard Barnwell, financial services advisory partner at BDO, outlines what the FCA's new Consumer Duty will mean to UK motor retailers and repairers.

Compliance & risk management 9 Aug

NFDA warns new FCA rules may delay some car dealers' F&I authorisations

The National Franchised Dealers Association has responded to new FCA rules on appointed representatives with a warning of likely delays and increased costs passed on to consumers.

8 Aug

The FCA toughens regulatory oversight of appointed representatives

The Financial Conduct Authority has toughened its rules to help prevent consumers being mis-sold or mis-led by appointed representatives (ARs) following its concerns that many are not being managed effectively by principal firms.

3 Aug

What's next for dealers' Appointed Representative status?

Tara Williams, chief risk and compliance officer, AutoProtect Group, shares some insights into the likely impact of the Financial Conduct Authority shining the spotlight on finance and insurance's appointed representatives and their principals.

Compliance & risk management 26 Apr

DS 4 gets max Euro NCAP stars but Dacia Jogger is "sub-standard" on safety

The DS 4 has achieved a five-star Euro NCAP rating in its latest round of testing, while Honda's HR-V performed well, too.

car model news 14 Apr

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