Financial Conduct Authority (FCA)
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Finance 19 MarDealers urged to prepare for car buyers' interest in commission rates
MotoNovo has urged dealers to ‘be prepared’ for car buyers' greater levels of interest in a dealer’s finance commission.
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Car Dealer News 2 MarLookers avoids sanctions as FCA closes investigation into ‘possible mis-selling’
The FCA has told Lookers does not intend to apply any sanction against the car retail group following the decision to close its investigation into the ‘possible mis-selling’ of regulated products.
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People News 26 Feb
Stephanie Cohen named as Financial Conduct Authority’s new COO
The Financial Conduct Authority (FCA) has made a number of senior appointments, including naming a new chief operating officer.
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Finance 11 Feb
Coronavirus leaves more than a quarter of UK adults with low financial resilience
More than a quarter of adults in the UK characteristics of vulnerability such as poor health, low financial resilience or recent negative life events
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Market Insight 18 JanCOVID-19 business interruption claims to be ‘settled quickly’ after court ruling
Thousands of business interruption (BI) insurance policy pay-outs contested by insurers who claimed that they did not include COVID-19 cover will be paid out following a ruling in the Supreme Court.
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Finance 14 Jan
FLA welcomes FCA decision to resume car finance repossessions
The Finance and Leasing Association (FLA) has welcomed changes to Financial Conduct Authority (FCA) legislation which will allow motor finance firms to resume car repossessions from motorists who miss regular repayments.
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Finance and insurance 23 DecDealers get set for disclosure and accountability in motor finance
The Financial Conduct Authority is keen for motor retailers providing consumer credit to be upfront about earning finance commission
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People News 14 Dec
New head of consumers and competition at FCA finance watchdog
The Financial Conduct Authority has appointed Sheldon Mills as its first executive director for consumers and competition, in a newly created post.
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Opinion 16 OctLookers to publish 2019 results in November after 13.6% Q3 cars sales growth
Lookers has reported that trading in Q3 resulted in underlying PBT “significantly ahead of last year” to largely offset losses recorded in a COVID-19 impacted first half of 2020.
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Finance 15 Oct
FCA to move from Gabriel to RegData for regulatory reporting
The FCA is replacing its Gabriel regulatory reporting system with RegData starting from October 17 and 18.
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Finance 14 OctFCA motor finance changes present ‘promotional and profit opportunity’
Forthcoming Financial Conduct Authority (FCA) changes to the motor finance sector should be embraced as a “promotional and profit opportunity” by used car dealers.
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Finance 5 Oct
FCA’s SM&CR deadline extension must not bring complacency about compliance
Car retailers have been urged not to not put their preparations to comply with the Financial Conduct Authority’s (FCA) Senior Manager Certification Regime (SM&CR) “on the back burner” as a result of the recent deadline extension.
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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 Sep
FCA 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.
