The FCA highlighted that it is pleased to see that the Consumer Duty has further heightened firms’ focus on ensuring good outcomes for customers in a vulnerable situation. Protecting customers in such situation was outlined to remain a key priority for the regulator.
The Financial Conduct Authority (FCA) has published examples of Good and Poor Practice for supporting customers in vulnerable circumstances, as part of its Vulnerability Review. The output outlines some specific examples for members to apply to their businesses.
Since the Financial Conduct Authority (FCA) launched its review into discretionary commission arrangements (DCAs), a ruling by the Court of Appeal found in favour of the consumers in three cases relating to commission disclosure. The Supreme Court will hear an appeal against the Court of Appeal’s judgment in early April. The FCA has been granted permission to intervene in the case and have filed a submission with the Court.
The Supreme Court has confirmed who will be able to make a formal intervention as part of a motor finance appeal case, which is set for April. The case will hear an appeal by finance firms after the Court of Appeal Commission Disclosure ruling in favour of the customers in October last year.
Members are advised to check they have adequate Financial Conduct Authority (FCA) permissions for the activities undertaken, and cancel any not being used to avoid fines.
The Financial Conduct Authority is carrying out an information gathering exercise to help understand the impact of the judgment on both individual firms and on the sector. It will shortly be issuing a data request to a number of motor finance lenders to obtain details of their non-discretionary commission arrangements.
The Financial Conduct Authority (FCA) is considering how it can remove or simplify rules, having been challenged by the Government in December to support the UK’s growth ambitions.
Permission has been granted for the three motor finance cases from 25 October’s ruling to be appealed. The Court of Appeal found in favour of the consumer in all three cases, with the rulings causing fundamental questions about the future of financing to be raised.
The High Court has found in favour of the consumer when reviewing a case relating to Discretionary Commission Arrangements (DCA). The case is not directly related to the separate the Court of Appeal rulings from 25 October (which were recently granted permission to appeal by the Supreme Court).
A pair of guidance documents exploring good and bad practice have been published by the Financial Conduct Authority (FCA), looking at approaches to Complaints and Root Cause Analysis, as well as Consumer Duty Board Reports. Both guidance documents are designed to support firms to learn and improve.
The inaugural meeting of the BVRLA’s Commissions Working Group took place last week. Chaired by the BVRLA, the group was attended by representatives from across leasing broker and funder members and aims to facilitate cross-sector collaboration.