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 […]
FCA statement on Supreme Court motor finance announcement
The Financial Conduct Authority (FCA) has issued a statement regarding the Supreme Court’s decision to hear an appeal on three motor finance cases involving Close Brothers and FirstRand Bank. The FCA is considering whether to formally intervene in the case to share its expertise. They have also proposed extending the time firms have to respond […]
Supreme Court Ruling
The FCA have published its letter to the Supreme Court regarding FirstRand Bank and Close Brothers permission to appeal, here are the key points. Context and Importance: The FCA regulates consumer credit, including motor finance. The appeal concerns significant legal issues related to bribery and fiduciary duties in the motor finance sector. Market Impact: The […]
5 Reasons to Choose My Compliance for FCA Regulation Adherence
In the fast-paced world of financial services, staying compliant with FCA (Financial Conduct Authority) regulations isn’t just a necessity—it’s the foundation for building trust and ensuring long-term success. Navigating these complex regulations can feel daunting, but that’s where My Compliance comes in. Specializing in FCA compliance consultancy and training, My Compliance is your trusted partner […]
FCA Condemned in Report
The UK’s main financial regulator, the Financial Conduct Authority (FCA), has been condemned in a scathing report from a group of MPs and peers. Describing it as “incompetent”, they say the FCA is “too often failing” to perform its functions and are calling for it to be overhauled. The regulator has been heavily criticised by several […]
Remembering Scott Wall
This tribute has taken some time to write due to the shock and sadness of losing such a dear friend and business partner. For those who knew Scott, I don’t need to explain the type of person he was. But for those of you who only knew him via an email or phone conversation, Scott […]
FCA Consumer Duty Workshop
If you haven’t seen this already, you are strongly advised to have a read as the FCA are recognising that some firms are already slipping behind in their preparations for implementation of the new Consumer Duty by July 31st. https://www.fca.org.uk/publications/multi-firm-reviews/consumer-duty-implementation-plans We are here to assist and guide so please reach out if you need our […]
Consumer Duty – What is the price and value outcome?
The FCA has just released a highly recommended podcast edition. Click on the link below for more. In the first of a series of Inside FCA Podcast interviews on the Consumer Duty, Ozge Ibrahim speaks to the FCA’s Head of Competition Policy, Ed Smith, about the price and value outcome, which he describes as an upfront […]
Multi-Factor Authentification
In case you missed it, be sure to read this FCA article relating to multi-factor authentication for logging into a variety of your account systems. https://www.fca.org.uk/firms/multi-factor-authentication-fca-systems