The FCA has confirmed next steps towards a potential motor finance redress scheme if it decides motor finance customers have lost out from widespread failings.
Used car dealers can use the Consumer Rights Act and the FCA's proposed Consumer Duty plans to improve consumer perceptions of the industry, according to MotoNovo.
A third (34%) of British car buyers expect dealers to earn commission on vehicles bought on finance, and a further 28% don’t mind so long as they’re informed, according to new research from Close Brothers Motor Finance.
The Financial Conduct Authority is set to demand motor finance firms extend the support available to customers left short of cash due to COVID-19.
Changed job descriptions for dealerships’ business managers may be one outcome of the Financial Conduct Authority’s probe into motor finance, says Andrew Smith, FCA expert
Motor industry groups have given a mixed response to yesterday’s report from the Financial Conduct Authority, which highlighted certain dealer reward structures in motor finance and a need for clarity about commission payments.
The Financial Conduct Authority is considering banning certain commission models in the motor finance sector due to its concerns about harm to consumers.
