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NBRA calls for fair insurance valuations
- 28/03/2024
- Posted by: Bob Malkowski
- Categories: Featured, News
The National Body Repair Association (NBRA) today published its support of findings from the Financial Conduct Authority (FCA) regarding insurance valuations. Specifically, the FCA has uncovered a trend observed in the valuation of total loss vehicles, by certain motor insurance firms. Martyn Rowley, executive [...] -
CarMoney unveils new franchise strategy
- 14/02/2024
- Posted by: Alan Feldberg
- Category: News
Car finance broker CarMoney is gearing up for significant growth after launching its franchise model in key territories. The brokerage, part of the Peter Vardy Group, aims to become the fastest-growing operation of its kind in the UK. The franchising package will create partnerships which contain the complete [...] -
NFDA responds to FCA measures
- 11/01/2024
- Posted by: Alan Feldberg
- Category: News
The National Franchised Dealers Association (NFDA) has urged members to take the necessary steps to meet new measures introduced by the Financial Conduct Authority around motor finance. The FCA announced it is taking immediate action to review motor finance after a rising number of customer complaints around agreed [...] -
ALA Insurance calls for FCA clarity
- 25/09/2023
- Posted by: Alan Feldberg
- Category: News
ALA Insurance has called a fair value warning to GAP insurance providers issued by the FCA ‘irresponsible’ as the data does not differentiate between online brokers and dealerships. The FCA claimed it had evidence that some GAP products do not offer fair value, citing its own data which revealed only six per [...] -
FCA announces insurance crackdown
- 21/09/2023
- Posted by: Alan Feldberg
- Category: News
The Financial Conduct Authority has told motor insurers they are falling short of new Consumer Duty regulations and warned them to improve services within three months or face penalties. In a letter to insurers, it has asked them to check if their policies are offering value for money after identifying cases where [...] -
Dealers urged to prepare for Consumer Duty
- 15/06/2023
- Posted by: Alan Feldberg
- Category: News
Dealers are being advised to reassess the customer journeys and deal processes within document management and DMS platforms ahead of the introduction of the new Consumer Duty regulations on 31 July 2023. The warning comes from automotive technology company Mad Devs, which supports dealers across the UK with its [...] -
Price hikes continue for motor insurance
- 15/02/2023
- Posted by: Alan Feldberg
- Category: News
Average motor insurance premiums rose by eight per cent in the fourth quarter of last year, driven by rising costs in energy and materials as well as continued part delays. According to the Association of British Insurers' latest Motor Insurance Premium Tracker, average premiums increased to £470, which is seven [...] -
Soaring premiums to continue rising
- 31/01/2023
- Posted by: Alan Feldberg
- Category: News
Car insurance premiums saw the biggest annual rise in six years in 2022. According to the Confused.com Car Insurance Price Index in association with WTW, average comprehensive premiums rose by 19% last year to an average price of £629. The sharp rise was capped by a seven per cent increase in the last three [...] -
Motor premiums creeping up
- 08/08/2022
- Posted by: Alan Feldberg
- Category: News
The average price of motor insurance rose in the second quarter, according to data published by the ABI. Its Motor Insurance Premium Tracker found that the average policy has increased to £419. This represents a marginal increase of £5 on the previous quarter, but remains £11 lower than the same time in [...] -
Fresh compliance warning to dealers
- 08/12/2021
- Posted by: Alan Feldberg
- Category: News
Dealers have been warned to keep compliant finance and consumer records ahead of the introduction next year of new rules from The Financial Conduct Authority. The new rules will see the introduction of a new Consumer Duty by the Financial Conduct Authority, which will be backed by a data-led approach for [...]