An independent used car dealership has had its consumer credit permissions withdrawn by the Financial Conduct Authority.
The widespread adoption of the internet has clearly been a benefit to the motor trade. However, this connectivity comes with a health warning.
The Financial Conduct Authority (FCA) marks six months since the start of the Senior Managers’ and Certification Regime by proposing ways to strengthen it.
The Financial Conduct Authority has published its examination of the impact of Big Data in sales of general insurance such as motor cover.
Dealers should consider pricing non-prime motor finance lower in order to win more business and question whether deals which demand high APR should be done, says Startline Motor Finance.
Dealers are regularly collecting the wrong data or are proving to be unsure of how to meet the demands of an FCA investigation.
The automotive retail sector should brace itself for a Financial Conduct Authority investigation with at least one dealership group likely to come under scrutiny.
An FCA proposal to set a PPI claim deadline of June 2019 could bring an end to uncertainty brought by the “significant administration and costs”, says the NFDA.
GAP and motor-related insurance providers have been identified by the FCA as among principal firms failing to properly supervise appointed representatives.
The Financial Conduct Authority has fired a warning shot for general insurance firms acting as principals for appointed reps, after it found shortcomings.
I am increasingly horrified by the advice that has and is still being given to some firms in relation to the FCA authorisation and ongoing regulatory requirements.
The motor industry has called for the UK Government to take action to safeguard UK automotive interests and maintain economic stability.
The Financial Conduct Authority has announced that a full representative example is no longer needed in an ad where there are no credit charges and the APR is 0%.
With the bulk of FCA consumer credit authorisation now complete, the regulator's focus is likely to shift towards enforcement.
Non-regulated dealers can now benefit from free IAR status, 30-day free insurance for customers and access to additional revenue through GAP and SMART insurance sales.
MotoNovo Finance’s unique MotorV8 measurement and reward programme, which evidences dealerships’ FCA compliance, is now benefiting over 3,000 dealers.
Tracey McDermott is to quit the Financial Conduct Authority. McDermott has been acting CEO but withdrew from the process to appoint a permanent CEO.
GAP sales are starting to recover following an initial slump that resulted from the introduction of new regulations from the Financial Conduct Authority on September 1.
The Financial Conduct Authority (FCA) has launched a 'Call for Input' on a planned review of retained provisions of the Consumer Credit Act 1974.
To ‘treat customers fairly’, ask if you would be happy with how your dealerships treat your family and friends.
Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.
When: November 7 2019
Where: Birmingham NEC
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