Supreme Court Rejects Rachel Reeves’ Motor Finance Intervention
In a significant development within the UK’s motor finance sector, the Supreme Court has denied Chancellor Rachel Reeves’ attempt to intervene in a landmark case concerning the mis-selling of car loans. This decision has profound implications for lenders, consumers, and the broader financial landscape. Background of the CaseThe controversy centres on undisclosed commissions paid by […]
🎉 My Compliance is 5 Years Old! 🎉
Celebrating a significant milestone, My Compliance Consultant proudly marks its 5th anniversary. Since our establishment in February 2020, we’ve been dedicated to providing exceptional consultancy services, ensuring our clients achieve and maintain full compliance with the Financial Conduct Authority (FCA) regulations. Reflecting on Our JourneyOver the past five years, we’ve expanded our suite of services […]
My FCA
My FCA to launch in spring 2025 The FCA have just announced that they will be launching their single point of sign in where you will be able to access Connect, RegData and and the FCA register using your existing user details. For full Information please see link below. https://lnkd.in/etg97Zqx
Information for firms on motor finance complaints
The Financial Conduct Authority (FCA) has updated its guidelines for handling motor finance complaints, particularly those involving non-discretionary commission arrangements (non-DCA). Key changes include: Firms are advised to ensure adequate resources for investigating complaints and consider financial provisions for potential redress. Information for firms on motor finance complaints | FCA
Rachel Reeves Intervenes
According to the FT.com, the Treasury has sought permission to intervene in the upcoming Supreme Court case after several banks and lenders in the sector became exposed to multi-million Pound fines following a court case in October last year. The Treasury has warned that last year’s case could damage Britain’s reputation as a place to do business. Reeves […]
FCA Application Notice
Introduction and Summary The Financial Conduct Authority (FCA) seeks to intervene in appeals involving Close Brothers Limited, FirstRand Bank Limited, and motor finance. The FCA aims to provide the Court with insights on interpreting its rules, the interaction between private law remedies and the regulatory framework, and the broader motor finance market context. Background to […]
January Newsletter
NEWSLETTER New For 2025 My Compliance Consultant have been working on a new Compliance Monitoring Programme web-portal which should be launched at the end of January. This will supersede the excel format version and will be accessed with your own login details. A monthly call with MCC will be an option for those firms who […]
Ripped off caravan owners start compensation bid
About 1,200 caravan owners across the UK, many of whom say they feel “ripped off”, are to begin legal action against the holiday parks that sold them. Members of the Holiday Park Action Group (HPAG) are seeking compensation for what they say are unfair increases in annual pitch fees and misleading claims about the value […]
Consumers Making a Complaint
Making a complaint Any consumers concerned that they weren’t told about commission and may have paid too much for their car finance, should complain. We have also confirmed that consumers will have until the later of 29 July 2026 or 15 months from the date of their final response letter from the firm, to refer a […]
FCA Complaints Handling Changes
Summary The FCA have released their latest guidance on complaints handling rules for motor finance complaints, below is on overview of PS24/18. Why the Changes?New Rules in January 2024: Introduced for handling complaints involving discretionary commission arrangements (DCA) between lenders and brokers.Court of Appeal Ruling in October 2024: Declared it illegal for brokers to receive […]