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 […]
Read More →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 […]
Read More →Lookers is set to be bought by Canada’s Alpha Auto Group, via a UK entity called Global Auto Holdings, in a £465m deal. The deal by the privately owned Canadian retailer network was first announced by Sky News and has been confirmed this morning. It is an all-cash offer for Lookers by the bidding vehicle […]
Read More →The Financial Conduct Authority will ban discretionary commission models from 28 January 2021. The FCA has also issued revised commission disclosure rules. The ruling follows a consultation by the FCA in October last year. Some car retailers currently receive commission which is linked to the interest rate that customers pay. This creates an incentive to […]
Read More →Fiat UK has appointed Alejandro Noriega to the role of Country Manager, Fiat Professional. Noriega takes over responsibility for developing fleet business and sales of the company’s growing stable of commercial vehicles and motorhome chassis. An 18 year veteran, Noriega has spent the 11 years working specifically with the Fiat Professional brand. He was most […]
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