The Financial Conduct Authority could implement a simplified claims process if it deems there has been widespread unfair treatment of car buyers due to discretionary commission agreements between lenders and car dealers or brokers.
The Financial Conduct Authority has announced it is looking deeper at historical agreements between motor finance companies and their brokers or car dealers because of mounting complaints, some of which have been upheld by the Financial Ombudsman Service. But what is causing its concern?
Historical arrangements used by motor finance firms to pay commission to car dealers and brokers are being reviewed by the Financial Conduct Authority in case consumers have not been treated fairly.
The Competition and Markets Authority (CMA) has handed a £2.5 million fine to vehicle salvage firm Copart for ignoring the regulator's orders.
The pressure on UK motor retailers to identify vulnerable customers ahead of the motor finance sales process has increased since the arrival of the latest regulatory regime, and Jonathan Barrett, chief executive of Comentis, shares his thoughts on what this means for regulated firms.
Dealers have shared concerns that the Government's Zero Emission Vehicle (ZEV) Mandate will create a forced new electric vehicle (EV) market in 2024.
Retail software house Automotive Transformation Group (ATG) is working with iVendi to enable dealers to offer an advanced consumer journey
Phillip Williams, founder and non-executive director at Oodle Car Finance, looks at what Consumer Duty means in practice and offers some pointers on navigating the new regulations.
While watched by the Financial Conduct Authority, finance and insurance still delivers welcome profit for car dealers. Debbie Kirlew reports
An artificial intelligence system is set to help Oodle Car Finance to identify vulnerable consumer credit customers and to ensure its staff adapt their behaviours accordingly.
The Financial Conduct Authority (FCA) has moved to protect those in financial difficulty by requesting unregulated buy-now-pay-later BNPL firms to make changes to potentially unfair and unclear contract terms as new research reveals a significant increase in the use of short term financing.
The Financial Conduct Authority has reiterated that all business leaders need to exercise sound judgement and set an example as it announced it has decided to fine former Barclays chief executive James Staley £1.8 million for "misleading statements".
A director of an AM100 dealer group has branded the UK Government’s zero emissions vehicle strategy “a bloody shambles” after targets were reaffirmed by the Department for Transport yesterday.
The Department for Transport (DfT) has officially announced the implementation of a Zero Emissions Vehicle (ZEV) mandate slated to take effect next year.
Industry veteran Suzuki GB director Dale Wyatt shared his thoughts and a direct plea for modern automotive retail leaders to rethink their plans in changing conditions.
Gap insurance experts are calling for the Financial Conduct Authority (FCA) to clarify its stance, citing its recent blanket warning as “irresponsible”.
The FCA has given insurers a three-month ultimatum after recent data revealed that guaranteed asset protection (GAP) products could be failing to provide fair value.
Carmakers are facing fines of more than £600m, if new Zero Emission Vehicles (ZEV) mandate rules, for selling non-electric cars and vans, go ahead.
TC Harrison Group is investing in systems and training to help its workforce identify and support vulnerable customers in line with Financial Conduct Authority demands.
Lack of clarity over consumer duty rules creating legacy risk
Chris Bond, head of motor retail at accountancy and advisory firm BDO, shares his thoughts on HM Revenue and Customs' interest in motor retail employers being compliant with the national minimum wage.
An Essex car dealer has been fined after admitting selling an unroadworthy Nissan Pathfinder described by magistrates as a 'death trap'.
The Financial Conduct Authority wants to reduce the risks of finance promotions on social media. AM examines what it means for motor retailers' marketing.
Car dealer groups and their EV-buying customers have a month to give input to a House of Lords investigation into electric vehicles (EVs) and the UK Government's strategy to halt the sale of new internal combustion engine (ICE) cars and vans.
A workshop owner has been condemned for running an "amateurish, shambolic" vehicle repair garage after an employee was crushed while fixing a Ford Transit.
