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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.

The Financial Conduct Authority (FCA) has confirmed that motor leasing will be included in the commission complaints extension period

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.

The Financial Conduct Authority (FCA) has confirmed the details and timings of its consultation on extending the time motor finance firms have to handle commission complaints. The consultation was announced last week and requests responses by 5 December 2024.

The Financial Conduct Authority (FCA) is consulting on extending the time motor finance firms have to handle commission complaints. Its decision to consult follows the Court of Appeal’s 25 October judgment.

The Financial Conduct Authority (FCA) and Financial Ombudsman Service have published a joint call for input to seek views on how to modernise the redress framework, so it better serves consumers and provides greater stability for firms to invest and innovate.

Customer vulnerability and the impact of regulation were among the topics discussed at the final BVRLA Compliance Forum of the year.

The Financial Conduct Authority (FCA) has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5,397,600 for failing to treat its customers in financial difficulty fairly. Volkswagen Finance has agreed to pay over £21.5m in redress to around 110,000 customers who may have suffered harm because of its failings.