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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.

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.

The Financial Conduct Authority (FCA) has written to all Chairs of retail banks with SME customers to urge action on fair treatment of the SMEs during collections and recoveries, in light of the rising cost of living affecting both consumers and small businesses.

Due to the growth in new vehicle lead times, the BVRLA has received more queries from members looking for advice on how to handle regulated customer complaints.

The BVRLA is launching a new express e-Learning module ‘Dealing with Vulnerable Customers’, which will sit within the association’s Essentials e-Learning package.

The BVRLA Learning & Development team can help support members’ sales teams with an array of remote learning courses and e-Learning to improve communication and selling skills.

The Financial Conduct Authority has published guidance for firms on the fair treatment of vulnerable customers and regulated members are being encouraged to check it to ensure that they have the right processes in place to ensure best practice.

The Financial Conduct Authority (FCA) has launched a consultation on draft guidance to help firms better understand how to treat vulnerable customers fairly.