Financial Conduct Authority (FCA)
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News 23 SepTrade Centre UK radio advert banned due to ‘ambiguous’ finance T&Cs
A Trade Centre Group radio advert said to have placed PCP finance terms at the start in an effort for added prominence has been banned by the Advertising Standards Authority (ASA).
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Market Insight 22 SepFCA identifies £3.7bn of consumer savings from car insurance reform plans
The Financial Conduct Authority (FCA) has identified £3.7 billion in potential car and home insurance sector reforms being considered as part of a new consultation.
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Finance 21 SepNo room for ‘body-swerves or gamification’ in new FCA motor finance rules
The motor finance sector must reinvent itself in light of the Financial Conduct Authority’s (FCA) new regulations which will ban all discretionary commission models from January 28.
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Market Insight 17 Sep
High Court backs FCA’s COVID-19 business interruption insurance claim case
Insurers will have to pay out claims on business interruption insurance policies amounting to hundreds of millions of pounds after a High Court ruling this week.
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Finance 20 AugDigital finance systems need to be ready for new FCA regulations, says iVendi
Dealers need to ensure their technology is keeping up with new Financial Conduct Authority (FCA) regulations on commission unveiled recently, iVendi is warning.
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Opinion 4 AugAct now to adapt to FCA's motor finance regulation changes, opinion
Many will still need time to fully consider the content of the Financial Conduct Authority’s (FCA) final ruling from its motor review and the impending ban on discretionary commission models, published earlier this week.
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Finance 28 Jul
FCA confirms ban on car dealers' discretionary motor finance commission models
The Financial Conduct Authority (FCA) has confirmed its move to ban all discretionary commission models in motor finance to save car buyers £165 miilion-per-year and eliminate “conflicts of interest” in the sector.
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Finance 15 JulFCA confirms extended payment freeze for motor finance customers
Cash-strapped motor finance customers can ask for a second three-month freeze or cut on their monthly payments that could last into 2021, the Financial Conduct Authority has confirmed.
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Supplier News 15 Jul
MotoNovo's MotoRate ‘priced to risk’ car finance responds to FCA findings
MotoNovo claims to have moved towards the Financial Conduct Authority’s (FCA) car finance ideal scenario with the launch of its new “priced to risk” MotoRate offering.
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Finance 3 JulFCA extends demands on motor finance support for consumers
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.
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Supplier News 25 JunSuppliers unite to form ‘Motor Alliance’ for car dealers and OEMs
MotorVise Automotive has partnered with Drive Assured and The Compliance Company to form the Motor Alliance – a new business aiming to drive car dealers’ profitability.
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People News 22 Jun
HM Treasury appoints Nikhil Rathi as FCA chief executive
HM Treasury has appointed the current chief executive of London Stock Exchange Nikhil Rathi as the new permanent chief executive of the Financial Conduct Authority (FCA).
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Finance 19 Jun
FCA proposes three-month extension to COVID-prompted payment deferrals
The Financial Conduct Authority (FCA) has extended the availability of payment freezes and interest-free overdrafts for a further three months in a bid to help consumers mitigate against the impact of the COVID-19 coronavirus.
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Car Dealer News 8 JunLookers annual results delay to trigger share trading suspension
Lookers expects to be hit by a temporary suspension of shares trading after conceding that its 2019 annual financial results will not be published in time for the Financial Conduct Authority’s (FCA) June 30 deadline.
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Finance 8 JunFCA delays start of new motor finance rules
Coronavius crisis has meant FCA is putting back the release of car finance findings
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Finance 8 JunCoronaviris crisis impacts UK motor finance operations
Lenders are urged to treat customers fairly as the coronavirus pandemic leads to many borrowers facing financial difficulties
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Finance 5 JunCOVID-19 car finance payment deferrals come with consequences, says ASI
Automotive Services International has said automotive finance payment deferrals introduced during the coronavirus pandemic could see customers incur unintended costs.
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Car Dealer News 4 Jun
Lookers to axe up to 1,500 jobs and close 12 more car dealerships
Lookers will close a further 12 car dealerships and cut its employee headcount by up to 1,500 as part of a restructure plan aiming to make annual savings of £50 million.
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Finance 24 Apr
PCP balloon refinancing and payment deferrals outlined by the FCA
The Financial Conduct Authority has warned motor finance firms not to repossess vehicles or end contracts with customers in financial difficulty due to the coronavirus pandemic.
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Market Insight 21 AprMotor finance firms' Q2 offers responded quickly to COVID-19
While new car sales have been impacted by UK showrooms closing, car manufacturers are still putting offers together for Q2 and customers can apply for credit.
