FCA
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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.
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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.
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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.
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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?
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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.
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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.
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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.
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Finance 31 OctFCA scrutiny of buy-now-pay-later contracts prompts action
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.
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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".
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Finance 25 SepOnline GAP insurer brands FCA warning ‘irresponsible’
Gap insurance experts are calling for the Financial Conduct Authority (FCA) to clarify its stance, citing its recent blanket warning as “irresponsible”.
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Finance 22 Sep
FCA warns GAP insurers to provide fair value or risk action
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.
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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.
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Finance 13 Sep
Lack of clarity over consumer duty rules creating legacy risk
Lack of clarity over consumer duty rules creating legacy risk
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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.
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Opinion 28 JulConsumer Duty: The regulation reflecting the transformation of the automotive finance industry
Mike Todd, Volkswagen Financial Services UK chief executive, believes the new Consumer Duty regulations will encourage a renewed focus on customers.
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Finance 24 JulThree out of four dealers say Consumer Duty will create new business opportunities
Almost three out of four dealers (73%) believe measures to meet the FCA’s Consumer Duty responsibilities will create new opportunities, according to iVendi.
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Finance 17 Jul
FCA set to revamp social media rules on finance promotions
The Financial Conduct Authority (FCA) is proposing new rules to combat non-compliant financial promotions on social media platforms.
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Finance 17 JulNFDA ready to help members with Consumer Duty support
The NFDA is urging its motor retailer members to get in touch if they need additional support ahead of the new Consumer Duty regulations that launch on July 31.
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Finance 12 Jul
Dealer awareness on Consumer Duty rules spikes as July 31 deadline approaches
Dealers’ awareness of new Consumer Duty regulations has increased from 28% to 91% over the last quarter, according to Close Brothers Motor Finance.
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Finance 4 JulCustomer self-service effective for Consumer Duty compliance, says iVendi
Letting customers self-serve their motor finance needs is proving the most effective route to Consumer Duty compliance, iVendi is reporting.
