Lookers is investing £10 million over the next two years in a bid to deliver a “gold-plated” sales process ahead of the launch of an official investigation of the business by the Financial Conduct Authority (FCA).
The FCA’s concern is that some lenders’ affordability assessments are not aligned with the latest guidance issued as part of its Policy Statement 18/19. In particular, there were a small number of cases where policies were focused on credit risk rather than affordability, which could have a significant adverse impact on customers’ financial situations.
There needs to be a sweeping change in the role of technology both at the point of sale and online, placing consumers in control of their finance experience and just as importantly to provide lenders with a rigorous record of the customer’s finance buying experience.
PPI continued to account for the vast majority of complaints received by the Financial Conduct Authority (FCA) as the overall number of consumers demanding redress declined by 5% in the second half of 2018.
The Financial Conduct Authorities (FCA) Motor Finance Review has finally arrived. The eagerly awaited and long overdue investigation into auto finance has revealed what many in the industry had predicted.