Financial Conduct Authority (FCA)
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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 JunHM 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to be hit by a temporary suspension of shares trading after conceding that its 2019 annual financial results will not be published in time for the Financial Conduct Authority’s (FCA) June 30 deadline.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.
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Finance 17 Apr
FCA publishes draft coronavirus guidance on motor finance repayments
The Financial Conduct Authority (FCA) has said that it expects motor finance providers to offer “exceptional and immediate support to customers facing payment difficulties” due to COVID-19 coronavirus.
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Market Insight 16 AprInsurance complaints fall in automotive sector, FCA shows
The number of complaints about motor vehicle insurance products fell 13% to 242,041 in the second half of 2019 from 277,363.
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Car Dealer News 3 Apr
FCA to consider deferment of fees during coronavirus lockdown, says NFDA
The Financial Conduct Authority (FCA) may allow businesses to defer their subscription fees as they battle to minimise outgoings during the COVID-19 coronavirus crisis, the National Franchised Dealers Association (NFDA) has said.
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Finance 2 Apr
FCA proposes loan repayment freeze for coronavirus-hit consumers
The Financial Conduct Authority (FCA) has proposed a three-month temporary payment freeze on loan and credit card repayments to help consumers cope with the “unprecedented financial shock” triggered by the COVID-10 coronavirus lockdown.
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Car Dealer News 10 MarLookers delays annual financial results due to fraud investigation
Lookers has revealed that it will delay the publication of its 2019 annual financial results after finding evidence of potentially fraudulent transactions in one of its operating divisions.
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Finance 19 Feb
FCA bans Rix Motor Company’s range of online adverts
The Financial Conduct Authority (FCA) has banned a number of online adverts issued by Rix Motor Company.
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Finance 17 Feb
FCA fines Moneybarn £2.77m for unfair treatment of 'vulnerable' customers
The Financial Conduct Authority (FCA) has fined automotive finance provider Moneybarn £2.77 million for failing to treat "vulnerable" customers fairly when they fell behind with loan repayments while in financial difficulties.
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Opinion 13 FebFive ways car dealers can drive affordability and sales, guest opinion
Motor traders have faced a dual challenge in the last year or so, reviewing their affordability assessments to meet new guidance from the FCA at a time of economic uncertainty.
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People News 5 FebLookers targets ‘improved operational execution’ under new CEO
Lookers Group will target “improved operational execution” in 2020 following the appointment of Mark Raban as its new chief executive and Cameron Wade as chief operating officer.
