In a recent development, the Financial Conduct Authority (FCA) has initiated a thorough investigation into complaints related to commissions in motor finance.
Automotive Compliance
The dangers of not complying with the FCA in the motor industry
Compliance with the FCA is essential for businesses operating in the motor industry. Failure to comply can have serious consequences
What are the compliance rules for motor dealers
As a motor dealer, it is essential to understand and comply with the various rules and regulations that govern the industry; the FCA. Failure to comply with these regulations can result in fines, legal action, and damage to your reputation. In this article, we will explore the compliance rules for motor dealers and how you […]
Why is compliance important in the automotive finance industry?
The automotive finance industry is a critical part of the economy that helps millions of people purchase vehicles each year. This industry involves many complex regulations that must be followed to ensure consumer protection and industry stability. Compliance is a crucial component of this industry, and it is essential to understand why it is so […]
Vehicle Insurance Products – we’ve got you covered
Making insurance easy and straightforward for our customers is what our Partner company Assurity Solutions is all about. At a time when regulation is at its most strenuous and tightened, it is vital that firms make the right choice when it comes to their choice of insurer. Over the last few years, the FCA have […]
Non-Insured vehicle ancillary products
The FCA (Financial Conduct Authority) has set out its expectations regarding the distribution of insurance products. Details of their expectations can be found by reviewing the FG 19/5 The GI distribution chain: Guidance for insurance product manufacturers and distributors and the FG19/2 Senior Managers and Certification Regime: Guidance on statements of responsibilities and Responsibilities Maps […]
Commission disclosure in consumer credit markets
The Financial Conduct Authority (FCA) has stressed the importance of transparency regarding consumer credit. The regulator published their final findings on motor finance back in March 2019 and their consultation paper on motor finance discretionary commission models and consumer credit commission disclosure in October 2019. These were prompted by a material rise in consumer credit, […]
Peak Consultants joins NFDA
The National Franchised Dealers Association (NFDA) represents franchised car and commercial vehicle retailers in the UK. There are more than 4,500 franchise outlets in the UK and approximately 555,000 people working in the automotive retail sector. Working closely with Ed Buckley, National Membership Relations Manager, Peak Consultants are now an Associate Member of the NFDA […]
FCA acts to address unclarity
The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector and has uncovered “serious concerns” about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor […]
PROD now in the FCA handbook
The Insurance Distribution Directive requirements has meant that the FCA has introduced a completely new section to its handbook, called PROD, which can be found via this link: https://www.handbook.fca.org.uk/handbook/PROD/4/1.html?date=2018-10-01 PROD stipulates the rules surrounding product governance: including the design, approval, testing and identifying the target market of products, assessing distribution channels and monitoring product performance. […]
