FCA set to save consumers millions a year by banning discretionary commission motor finance models
In its 2017/18 business plan, the Financial Conduct Authority (FCA) made a commitment to review the motor finance market, largely…
27 Jul 2020
To repossess or not to repossess, that is the question!
These are unprecedented and extremely difficult times for the motor finance industry. Lenders are grappling with constantly changing Financial Conduct Authority (FCA) guidance, communications to customers, high call levels from…
27 Jul 2020
01 May 2020
What does the FCA really want from credit brokers?
It’s fair to say that firms are always keen to know ‘what’s coming’ from the FCA in order to anticipate the regulator’s concerns. Typically, this has been achieved by looking…
01 May 2020
30 Apr 2020
Dealing with Vulnerable Customers – Eversheds Sutherland
The fair treatment of vulnerable customers by creditors is a continuing focus of the regulators. Given the risk of large fines and customer redress payments, motor finance providers should consider…
30 Apr 2020
04 Mar 2020
The breathing space scheme and the effects on the motor finance industry
The Breathing Space and Statutory Debt Repayment Plans (together ‘the Scheme’) are at the heart of the government’s proposals to tackle rising problem debt. The final Scheme proposals have been…
04 Mar 2020
03 Mar 2020
The new EV target needs joined-up thinking and a clear direction of travel
On 4 February, UK Prime Minister Boris Johnson announced plans to bring forward the ban on petrol and diesel cars by 15 years to 2035. Ragi Singh, partner and head…
03 Mar 2020
03 Feb 2020
Commission models: so little time, so much to do
With 2019 behind us, the FCA’s work on commission models and disclosure will doubtless be keeping many busy, as firms build broker remuneration packages to ensure a competitive position in…
03 Feb 2020