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The Financial Ombudsman Service (FOS) will implement transitional arrangements for charging case fees to financial businesses before introducing fees for professional representatives from 1 April 2025.

The Supreme Court’s hearing on the motor finance judgment from October is taking place next week. The appeal will run from 1-3 April with a ruling expected in the weeks that follow. The case and its ongoing impact on the sector will lead the agenda of the first Compliance Forum of 2025, taking place on 28 May.

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 BVRLA’s Legal and Membership Director Shashi Maharaj recently represented the BVRLA at the Lex Autolease Conference, where the association engaged directly with brokers on key compliance and regulatory challenges.

The Financial Conduct Authority (FCA) has confirmed that it no longer expects firms to have a Consumer Duty Board Champion.

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.

The Financial Ombudsman Service (FOS) has announced plans to introduce a £250 charge for professional representatives referring cases, starting from 1 April 2025. The change is intended to create a fairer funding structure and ensure that complaints are submitted with stronger supporting evidence.

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.