FCA redress scheme set for further delays
The National Franchised Dealers Association (NFDA) has said that expected delays to the FCA redress scheme are disappointing. The scheme has been developed to support customers seeking payouts for being […]
FCA
Motor finance complaints to resume on 1 June
The Financial Conduct Authority will lift its pause on motor finance complaints from 1 June. The FCA paused the complaints process while it considered an industry-wide compensation scheme relating to […]
Ghost broking on the rise, warns FCA
The Financial Conduct Authority has reporting rising ghost broking instances and warned against the risks of buying car insurance through social media. Its research has revealed that half of drivers […]
Motor finance claims bad practice tackled by FCA taskforce
Motor finance claims mishandling will be tackled by a new joint taskforce set up by the Financial Conduct Authority. It is joining the Information Commissioner’s Office (ICO) and Advertising Standards Authority […]
FCA extends motor finance compensation scheme consultation
The Financial Conduct Authority has extended the deadline for its consultation on its motor finance compensation scheme. It proposed the scheme last month after it was found that motor finance […]
FCA proposes motor finance compensation scheme
About 14 million drivers can expect payouts of around £700 as a result of a motor finance compensation scheme proposed by the Financial Conduct Authority. It estimates total the total […]
Regulators target bad practice in motor finance claims
A number of regulatory bodies are working together to tackle high fees charged by claims management companies dealing with motor finance claims. The Financial Conduct Authority (FCA), Solicitors Regulation Authority […]
Motor insurers to pay £200m after shortchanging customers
About 270,000 drivers will receive £200m in compensation after the FCA found motor insurers had underpaid policyholders for stolen or written-off vehicle claims. The backdated payouts for historic claims come […]
VAPs could attract FCA scrutiny, warns iVendi
Dealers have been warned they could face scrutiny from the Financial Conduct Authority around the sale of value-added products (VAPs) and warranties. Recent investigations into hidden commissions has turned the […]
FCA to launch motor finance consultation in October
The Financial Conduct Authority has confirmed it will consult industry in October about a compensation scheme for motor finance customers. Dealers and finance companies faced a bill estimated to be […]
FCA to act after Supreme Court ruling on car finance
Dealerships and car finance companies have avoided compensation payouts to motorists of up to £40bn after a Supreme Court ruling on commissions. It ruled that hidden commissions from lenders to […]
Motor insurance premiums inflated by bad industry practices
The Financial Conduct Authority has said high motor insurance premiums are partly down to the way insurers manage claims. It said that motor insurance prices have been driven up by […]