Tag Archives: Consumer Duty

Consumer Duty is top of the agenda at the Motor Trader Retailing EXPO 2023, which takes place in Silverstone on 17 October. John Hughes, CEO at Mann Island Finance (pictured), will shine the spotlight on Consumer Duty and its impact on dealers. In his presentation and the panel session afterwards, he will look at how it was launched and its ...

The National Franchised Dealers Association (NFDA) is offering members support and guidance on the new Consumer Duty, which comes into force on 31 July 2033. The Financial Conduct Authority (FCA) intends for the new Duty to increase levels of consumer protection in retail financial services markets, whilst aiming to promote a healthy environment for firms to thrive. NFDA CEO Sue ...

The majority of dealers are aware of the upcoming new Consumer Duty changes being launched by the Financial Conduct Authority (FCA). A total of 91% said they were aware, This is an increase of 28 per centage points compared to the previous quarter. The data from Close Brothers Motor Finance comes ahead of the 31 July 2023 deadline to implement ...

Alphera Financial Services is providing dealers on its books with a range of guidance documents and videos for the new Consumer Duty, which comes into effect on 31 July. The materials address dealer obligations under the new rules, including terms and conditions, target markets, fixed payments and interest for PCP products. There are also recommendations for motor retailers to address ...

iVendi has published a free guide for dealers on how technology can be used to help drive Consumer Duty compliance. The White Paper, called “Navigating Consumer Duty Regulations in the Automotive Sector”, includes a step-by-step examination of the responsibilities that the new regulations create, explanations of what dealers and lenders need to do to show that they are being met, ...

The Financial Conduct Authority (FCA) has urged firms to ensure they are ready for the 31 July deadline for the introduction of Consumer Duty rules. The FCA has set out four key areas for firms to focus on which include collecting evidence that demonstrates products represent fair value and having clear oversight of actions to take if products do not ...

The FCA wrote to finance houses in March flagging up the challenges ahead for dealer networks and Consumer Duty Last year the Financial Conduct Authority (FCA) published the final rules and guidance for motor finance firms on its new Consumer Duty rules. The rules come into force on 31 July 2023 for new and existing products or services that are ...

The Financial Conduct Authority (FCA) has beefed up its enforcement team. The regulatory body has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight. The move comes as the new Consumer Duty comes into force in July, which impacts motor finance firms and dealers. It wants to ensure that companies meet the higher standards ...

Compiling accurate and timely management information (MI) will be crucial for dealers and lenders in meeting the FCA’s new Consumer Duty responsibilities. That’s the view of iVendi which said that proving customer needs were being put first could only be achieved by having systems and processes in place. Rob Severs, Senior VP Product and Insight at the motor retail technology ...

The Financial Conduct Authority (FCA) has found that some firms are behind in their planning for the new Consumer Duty rules. The rules come into force on 31 July 2023 for new and existing products or services that are open to sale or renewal, and 31 July 2024 for closed products or services. Sheldon Mills, Executive Director of Consumers and ...