The Financial Conduct Authority has set out some of the factors it will consider if it launches a UK-wide consumer redress scheme as part of its review into car loans commission.
Nikhil Rathi has been reappointed as chief executive of the Financial Conduct Authority (FCA) for a second five-year term.
The Supreme Court now faces the complex task of weighing consumer protection against the operational realities of the motor retail industry
A third (34%) of drivers are unaware they may be entitled to compensation due to historic discretionary commission arrangements (DCAs), according to a new survey by direct-to-consumer online lender Carmoola.
Close Brothers has posted an operating loss before tax of £103 million for its half year results.
It’s a year since the FCA’s investigation into GAP insurance, casting light on the character of the motor finance industry. But GAP is back on the table and motor retailers can make strides to re-build revenue, writes Duncan McClure Fisher, CEO at Intelligent Motoring.
The Finance and Leasing Association admits it is bracing for all possible outcomes - both good and bad – in the imminent Supreme Court’s ruling on commission disclosure which will ultimately determine a lender’s fiduciary duty and whether it will be enshrined as a permanent legal standard.
The Supreme Court has rejected Chancellor Rachel Reeves’ attempt to intervene in a landmark case concerning hidden commissions in car finance, dealing a blow to lenders facing a compensation bill potentially running into billions.
The FCA ramped up its crackdown on misleading financial promotions in 2024, forcing nearly 20,000 ads to be withdrawn or amended - almost double the 2023 figure.
The group of MPs has said there is “still something seriously wrong with the FCA” as part of a new report slamming the regulator.
The Financial Conduct Authority (FCA) has announced an extension for firms to respond to complaints about motor finance agreements that do not involve discretionary commission arrangements (DCAs).
The Supreme Court has granted permission for two car lenders to appeal a landmark ruling on motor finance commission payments that has raised concerns over a potential £30 billion compensation bill.
FCA chief executive Nikhil Rathi joined Martin Lewis’ Money Show to address shortcomings about the regulator, as well complaints against lenders.
The financial crisis brewing in the UK’s motor finance sector could rival the infamous £50 billion Payment Protection Insurance (PPI) consumer scandal, the Financial Conduct Authority's (FCA) top legal chief has conceded.
The motor retail industry is being urged to have its say on a proposal from the Financial Conduct Authority to let dealerships and finance providers delay their responses to consumer complaints about motor finance commission.
The probe into historic motor finance practices by some car loan providers could cost the industry £30 billion, according to ratings agency Moody's.
The move by the Treasury to sound out how best to deal with mass compensation claims has been welcomed as a positive step although immediate certainty is critical for car loan providers, according to motor retail tech business iVendi.
The UK financial watchdog plans to consult on extending the time motor finance firms have to respond to consumer complaints involving non-discretionary commissions
The motor finance industry is urgently calling for a pause on regulatory action and court cases over motor finance commission.
Clear, upfront disclosure of commission to ensure informed consent will be critical for providers of motor finance following last week’s shock Court of Appeal decision which saw several major industry names suspend lending in order to take stock of the implications of the ruling.
