Resource Library

The Financial Conduct Authority (FCA) will consult 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.

The BVRLA has updated the Frequently Asked Questions (FAQ) document first shared with members last week. Provided by Norton Rose Fulbright, the document provides clarity on the most pressing questions raised by members in the short period since the Court of Appeals motor finance ruling on 25 October.

With a new year and significant challenges on the horizon, the BVRLA’s Industry Outlook Conference in December will prepare members for the future. Designed to cover all member types and business models, topics on the agenda span every corner of the industry.

The BVRLA has today published a FAQ guide to address some of members’ immediate concerns following the recent ruling relating to motor finance commissions.

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.

It was reported on Friday that the Court of Appeal ruled on three motor finance cases relating to commission arrangements in favour of the consumer.

Last week’s Leasing Broker Conference saw the sector gather to discuss the evolving landscape of the leasing industry. A thread through the whole event was how to adapt for future success, with attendees given a valuable opportunity to hear about the key trends and innovations that will shape the industry in the coming years.

The upcoming Compliance Forum will shine a light on the full customer journey and explore the ways in which members need to ensure they are operating in a compliant way. Wayne Gibbard from Shoosmiths will be talking to delegates about origination activity and the customer journey, before Chris Fitch from The Money Advice Trust will speak on the importance of recognising Customer Vulnerability, and regulation in this space.

The final Compliance Forum of 2024 will take place on 30 October at the Shoosmiths office in Bow Churchyard, London. Starting at 10 am, the event will include lunch and provide excellent networking opportunities with peers, as well as the chance to stay ahead of critical compliance developments.

The BVRLA’s Regulation and Compliance Working Group will be meeting online on Wednesday 2 October and it is still possible for members to attend.