Clarification is being sought on whether motor dealer brokers could be considered co-manufacturers under the terms of Consumer Duty. The Finance & Leasing Association (FLA) has contacted the Financial Conduct Authority (FCA) for further information on how Consumer Duty will be applied in the motor finance market.
The Financial Conduct Authority (FCA) has written to motor finance firms regarding the financial impact of its review into historical commission arrangements. Firms are being prompted to set budget aside to handle and resolve complaints that may arise as a result of the review.
The Financial Reporting Council (FRC) has recently published changes to Financial Reporting Standards (FRS) that will impact how members recognise revenue. The most important of these will see a requirement for operating leases to be reported on the balance sheet.
The Financial Ombudsman Service (FOS) has confirmed that case fees will be reduced from £750 to £650, following a recent consultation. The BVRLA was one of the organisations to respond to the consultation, which ran through December and January.
The Financial Conduct Authority (FCA) has published the results of the final phase of the Financial Resilience Survey. This survey began in light of the Covid-19 pandemic and has continued through several crises, providing valuable insight about the financial resilience of thousands of firms that it regulates.
The Financial Conduct Authority (FCA) has undertaken a multi-firm review that identified shortcomings in how some motor insurers are valuing written-off or stolen vehicles.
The Financial Conduct Authority (FCA)’s ‘pragmatic’ approach to Consumer Duty enforcement was a feature of a recent speech delivered by Chief Executive Nikhil Rathi. Speaking at the recent Morgan Stanley European Financials Conference, Rathi looked at the FCA’s regulatory approach to deliver for consumers, markets, and competitiveness.
The first Compliance Forum of 2024 will take place on Thursday 18 April in Birmingham. Current subscribers are guaranteed two spots but need to confirm their attendance, while a limited number of tickets are available for new sign ups.
Only by hearing from the experts can BVRLA members ensure their team members are set up for success. Our trainers have extensive experience from across the automotive industry and a focus on providing exceptional service to customers. Members can access their insights via the BVRLA’s Learning and Development programme of online and in-person courses.
The Financial Conduct Authority (FCA) has published good practice and areas for improvement regarding Consumer Duty. Having reviewed progress to date, the authority has said it “welcomes the improvements made by many firms to deliver better outcomes for their customers. However, some firms are lagging behind.”