Compliance & risk management
-
Latest News 26 JanFCA refutes rumours it will ban GAP insurance
The Financial Conduct Authority has just told AM it has "no intention of banning GAP Insurance", in response to unsubstantiated reports that the product must be scrapped this year.
-
Finance 24 Jan
FCA sends in independent expert to car loans firms for commission probe
The Financial Conduct Authority has appointed a third-party independent expert to consult with car loans firms as the regulator progresses its review of historic discretionary commission arrangements.
-
Finance and insurance 18 JanWhy the Financial Ombudsman Service rulings prompt a FCA probe into discretionary commission car loans
Two recent car loan misselling cases heard by the Financial Ombudsman Service (FOS) against Black Horse Motor Finance and Barclays Partner Finance have been mentioned by the FCA as particularly influencing its decision to dive deeper into this issue.
-
Finance 12 Jan
FCA could plan system for mass claims on unfair car loan commissions
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.
-
Finance 11 JanWhy is the FCA concerned about car loan commission?
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?
-
Finance 11 Jan
FCA to probe historic discretionary commission paid to dealers and motor finance brokers
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.
-
Aftersales 21 DecAutomotive firm fined £2.5m for ignoring Competition and Markets Authority decree
The Competition and Markets Authority (CMA) has handed a £2.5 million fine to vehicle salvage firm Copart for ignoring the regulator's orders.
-
Opinion 21 DecExecutive View: Vulnerable customer identification under the FCA's Consumer Duty
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.
-
Supplier News 6 DecATG, iVendi team on compliant consumer finance tools
Retail software house Automotive Transformation Group (ATG) is working with iVendi to enable dealers to offer an advanced consumer journey
-
Opinion 29 NovExecutive View: The Consumer Duty, beyond the deadline
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.
-
Finance and insurance 24 NovHelp for dealers on making every F&I revenue stream count
While watched by the Financial Conduct Authority, finance and insurance still delivers welcome profit for car dealers. Debbie Kirlew reports
-
Finance 24 NovAI to help Oodle support vulnerable customers with motor finance
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.
-
People News 12 Oct
Former CEO is fined by the FCA for "misleading" board and regulator
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".
-
Car Dealer News 15 SepWith FCA Consumer Duty, TC Harrison invests to support vulnerable customers
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.
-
Opinion 13 SepExecutive View: HMRC gives motor retail a "nudge" on minimum wage compliance
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.
-
Digital marketing 6 Sep
The FCA could crack down on social media “wild west” with finance risk warning labels
The Financial Conduct Authority wants to reduce the risks of finance promotions on social media. AM examines what it means for motor retailers' marketing.
-
Aftersales 8 AugWorkshop owner jailed after technician was crushed by Ford Transit
A workshop owner has been condemned for running an "amateurish, shambolic" vehicle repair garage after an employee was crushed while fixing a Ford Transit.
-
Aftersales 25 JulHSE concerned that 21 motor repair workers killed since 2017
The Health and Safety Executive has urged motor repair workshops to ensure their processes and practices are fit for purpose as its data shows that 21 workers in the sector have been killed in incidents since 2017.
-
Finance 3 JulFCA warns motor insurers it is concerned about write-off payouts
The Financial Conduct Authority (FCA) has found motor insurers need to improve how they treat vulnerable customers and handle claims, and end paying out low for write-offs
-
Supplier News 7 JunIvendi launches ‘single point solution’ for Consumer Duty compliance
Ivendi is launching a new product range this week designed to act as a “single point solution” to dealer Consumer Duty compliance.
