Car buyers satisfied with finance buying experience despite FCA probe
Last year 93% of buyers said they were satisfied with the explanation given to them by dealership sales staff of the available finance packages, up from 91% in 2020. While
Last year 93% of buyers said they were satisfied with the explanation given to them by dealership sales staff of the available finance packages, up from 91% in 2020. While
In 2021, the FCA banned incentives for brokers to increase the interest rate that a customer pays for their motor finance. But many customers have logged complaints claiming compensation for
Comments come as the latest figures from the Society of Motor Manufacturers and Traders (SMMT) show the new car market grew 28.3% in July with 143,921 new vehicles registered. As
The F&I community has been working diligently for many months and, in some cases, years to get ready for the launch of the Consumer Duty. Now we are there; arguably,
Self-serve means you can demonstrably meet the requirements of the FCA’s four outcome areas and three cross cutting rules, minimising the chances of mis-selling, while creating a clear digital trail
With such large amounts being spent, and the cost-of-living crisis putting household budgets under significant pressure, it’s more important than ever that potential customers are accurately assessed for any risk
Where firms haven’t supported their customers properly, the FCA has told them to make changes. It reminded 3,500 lenders of how they should be supporting borrowers in financial difficulty and
Review finds that firms had carefully considered the FCA’s price and value requirements, but that some firms have more work to do to meet the rules. The FCA has set
April 30 is the deadline date when providers of finance products would issue reviews of their existing products, giving just a few weeks before the regulations take effect. Businesses will
Closer matching of customer and finance should mean that fewer car buyers reach the point where they are making an application likely to be rejected. The detailed process of finding
While FCA’s letter centres on consumer lending it is not explicitly focused on dealer finance, Tara Williams, Chief Compliance Officer AutoProtect Group, is clear that when taken in conjunction with
The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes, which the Duty will bring,
Harding’s industry reputation and background in sales and marketing will help drive Automotive Compliance forward and his team will be more pro-active in taking to market new forward thinking product
The shift to putting customer needs first represents a genuine change in the way that the process of choosing a finance solution needed to be presented and recorded. The FCA
As part of its new three-year strategy to improve outcomes for consumers and markets, the FCA is also undertaking targeted supervision of principal firms across the whole financial services sector, using improved
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