Finance Hub

Dealers are gearing up for the Financial Conduct Authority (FCA) changes on discretionary commission that come into being in 28 January. Finance firm Motonovo said that 1,000 Dealers has switched to its MotoRate product and its new risk-based pricing model in two months since launch. On 24 June MotoNovo announced the formal launch of MotoRate following a pilot of over ...

Auto Trader is pushing further into providing automated finance for dealers with the purchase of AutoConvert. AutoConvert is a finance, insurance and compliance software platform with integrated customer relationship management solutions. The business helps dealers increase finance penetration and to reduce costs by automating the full customer journey for the automotive sector. AutoConvert’s customers include dealers, dealer networks and financial ...

The Financial Conduct Authority (FCA) confirmed today that it will introduce a ban on discretionary commission models, which will come into force on 28 January 2021. It is also making changes to ensure that customers get more relevant information on the finance they choose. The confirmation today follows a consultation in October 2019. The market has been moving in the ...

The Finance & Leasing Association (FLA) has welcomed the move by the Financial Conduct Authority (FCA) to extend its support for customers having difficulty with car finance payments because of the COVID-19 pandemic. The Financial Conduct Authority FCA yesterday outlined the support it is offering for people who face temporary motor finance payment difficulties. This included a ban on repossessions ...

The Financial Conduct Authority (FCA) today outlined the support it is offering for people who face temporary motor finance payment difficulties. Finance firms should contact customers coming to the end of a first payment freeze to find out if they can resume payments and if so, agree a plan on how the missed payments could be repaid. For customers still ...

The Financial Conduct Authority (FCA) has announced proposals to provide continued support for users of motor finance products, who face payment difficulties due to Coronavirus. The economic lockdown has put many people in financial distress, and so this news will come as a relief for many consumers. The motor finance sector is facing increased regulatory scrutiny. Just last year the ...

MotoNovo Finance is lifting the lending restrictions that have been in place during the lockdown period with immediate effect. It said the move would help dealers to re-start their businesses in the phased lifting of the current lock-down requirements. The finance firm  is rolling out a package of support tools to guide dealers on how to manage their business in ...

Northridge Finance achieved gross new asset finance lending of £1.3bn in 2019, an increase of 26% on 2018. A Bank of Ireland UK subsidiary, Northridge reported underlying profit before taxation of £166 million, for the twelve months ended 31 December 2019. In 2019, Northridge signed an exclusive agreement with SsangYong Motors UK (SsangYong) to provide motor finance products to customers ...

The Financial Conduct Authority said that the introduction of the GAP rules in 2015 had gone some way to protection customers but there was still some way to go. In 2015 it started requiring firms that sell Guaranteed Asset Protection (GAP) insurance to give customers more information and allow them two days to consider the cover before buying it. “This ...

Moneybarn has been fined £2.77m by the Financial Conduct Authority (FCA) for unfair treatment of customers in arrears. The motor finance firm has also agreed, following talks with the FCA, to voluntarily return £30m to customers potentially affected by its failings. Moneybarn has 62,000 customers and in 2018 it made adjusted profits before tax of £28.1m. Its owner Provident Financial ...