Banks are in a “holding pattern” as the FCA investigates whether there has been systematic harm with discretionary commission models, says Kate Robinson from regulatory adviser Avyse Partners. However, the issue is not “black and white… the responsibility has been pushed towards the banks but the brokers were involved in this process. “From a lender’s point of […]

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Motor finance sales are to come under a new investigation by the FCA which has said it will use its powers under the Financial Services and Markets Act to review historical car finance commission agreements and sales. “Significant dispute” It follows a high volume of complaints and “significant dispute” between some car finance firms and […]

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Claims companies and no-win, no-fee law firms are increasingly targeting motorists who have taken out car loans as they believe car finance “could be brewing the next big mis-selling scandal”. Car finance has grown to be the second most popular type of household borrowing after credit cards, with 6.8m customers. However, complaints have also grown, […]

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Car finance regulation is likely to see significant overhaul in the next few years. Changes are expected following the Government’s commitment to reform the 1974 Consumer Credit Act. The act regulates personal loans including hire purchase and PCP agreements. Keeping pace with the modern world Announcing the change, John Glen, Economic Secretary to the Treasury, […]

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New figures released today by the Finance & Leasing Association (FLA) show new business in the point of sale (POS) consumer new car finance market grew 13% by value and 5% by volume in March. This is compared with the same month in 2016. In Q1 2017, new business increased 10% by value and 3% […]

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