Finance Hub

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 ...

  Dealers should be ready for 2024’s used car finance market to become increasingly competitive, we’re predicting at iVendi. A range of emerging factors mean that larger volumes of used car sales, an ongoing readjustment of vehicle values, and lenders looking to move into new sectors are all likely to have an impact. Our view is the even if we ...

Financial Ombudsman Service sees more motor finance complaints from third parties The Financial Ombudsman Service has revealed that the majority of complaints on motor finance commission brought over the past year were brought by third parties on behalf of customers. These would typically be claims management companies and law firms. According to FOS figures complaints on motor finance in Q4 ...

The agency model and availability of motor finance are growing worries for used car dealers. August’s Startline Used Car Tracker showed that when asked about the biggest challenges facing them for the future, the agency model was mentioned by 27% of respondents, the highest monthly figure recorded since this factor was added to the research in January, while the availability ...

The Financial Ombudsman Service is seeing the number of complaints it receives on motor finance rise over the past year. Earlier this year it reported that complaints have been rising since Q4 2021 and in Q3 it is now the third most-complained about product in its data with 2,987 new complaints. “Of the cases it resolved in Q3, it upheld ...

The September member meeting of the Vehicle Remarketing Association (VRA) will cover some of the key issues impacting dealers. Jon Butler, VRA legal counsel and partner at motor industry legal specialist Geldards, at whose Derby premises the event is taking place, will look at the class action filed at the Competition Appeal Tribunal last month against finance houses Black Horse, ...

Auction4Cars.com has signed up V12 Vehicle Finance as a new funding provider for trade customers. Auction4Cars.com now offers stock funding integrations from both V12 Vehicle Finance and NextGear, giving dealers more flexibility when it comes to financing their purchases. As part of the partnership, Auction4Cars.com has simplified the account set-up process for dealers who already have a stock funding account ...

A class action was filed at the Competition Appeal Tribunal last month against finance houses Black Horse, MotoNovo and Santander The action is being led by Enfield Labour councillor Doug Taylor, who has instructed Scott+Scott UK LLP to handle the claims. Scott+Scott is working with a barrister team from Brick Court Chambers and Matrix Chambers. The clam relates to historic ...

iVendi has revamped the processes used in its technology platform to take account of the new Consumer Duty rules. Its “Connected Retailing” platform – used by dealers to sell motor finance both online and in the showroom now meets FCA aims of ensuring customers are provided with products that meet their needs and offer fair value. A Consumer Duty process ...

MotoNovo Finance has expanded its senior leadership team with three senior external appointments. Leanne Christmas joins as conduct and business risk director; Alice Sweet becomes product and proposition director; and James Gearey has been appointed interim commercial and performance director. The new additions will report to managing director, Richard Jones, as he continues to reshape the business he joined in ...