News - October 2019

Back in March this year, the FCA Final Findings report that followed their motor finance review made an important observation; they expected lenders to have better oversight of the dealers offering their finance with lenders taking reasonable steps to ensure any persons acting on their behalf comply with CONC. Another area of the FCA’s report focused on the need for lenders to look at customer affordability when considering a finance application, rather than just creditworthiness.

CEO, Mark Standish, discusses the FCA's consultation on motor finance that was published on October 15, focusing on discretionary commission models and what it means for our industry.

Automotive retailers operate a swathe of third-party software from the DMS to online finance calculators, after sales systems, part-exchange evaluation systems and CRM programmes. Service advisers and sales executives often have several windows open simultaneously with many providers now integrating with each other to share information and reduce double entry. Learn about keeping your data and accounts safe online...

This is the second in our series designed to help motor dealers to understand the Financial Conduct Authority’s (FCA) motor finance review findings, which will not only shape the future landscape for dealer finance, but also and very importantly may require dealers to make changes to the way they work now.

By the end of 2019, the FCA will be extending the Senior Managers & Certification Regime (SM&CR) to almost all regulated firms, including motor dealers. In a nutshell, SM&CR embodies the principles of good conduct and promotes a culture where ‘doing the right thing’ for customers is at its very heart. So, are you ready for SM&CR and the additional responsibility it will place on you?