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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 […]

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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

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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

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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

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Supreme Court Ruling

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

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car dealership shop front

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

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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

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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

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