Tag Archives: Consumer Duty

A new survey reveals 41% of customers have not noticed any changes to their treatment since Consumer Duty obligations were introduced by the Financial Conduct Authority in July 2023. But 42% believe that Consumer Duty will have a positive impact on the quality and range of products and services available, according to the research from fintech firm Motorhub. The research, ...

Evolution Funding is now using Automotive Compliance’s enhanced regulatory platform. It said the key focus of the platform is to offer more efficient processes, reduce time-wasting activities, and optimise finance penetration by streamlining the buying journey. The system displays tailored quotes based on the customer’s credit profile before routing them to the most appropriate lender for their credit circumstances. This ...

Dealers have turned in a strong performance in a consumer motor finance satisfaction survey carried out by technology firm iVendi. The survey of 1,000 car buyers asked a series of questions about the online motor finance process with 87% saying it was fair and transparent, 82% that they felt in control and 85% that they were given sufficient information which ...

The Motor Trader Podcast held in association with Mann Island focused on Consumer Duty, which came into effect in July last year. The Podcast looked at some of the key issues for motor retailers. What sort of impact has Consumer Duty  had on dealers? What are the areas the Financial Conduct Authority (FCA) has focused on? What’s on the cards ...

Consumer Duty is top of the agenda at the Motor Trader Retailing EXPO 2023, which takes place in Silverstone on 17 October. John Hughes, CEO at Mann Island Finance (pictured), will shine the spotlight on Consumer Duty and its impact on dealers. In his presentation and the panel session afterwards, he will look at how it was launched and its ...

The National Franchised Dealers Association (NFDA) is offering members support and guidance on the new Consumer Duty, which comes into force on 31 July 2033. The Financial Conduct Authority (FCA) intends for the new Duty to increase levels of consumer protection in retail financial services markets, whilst aiming to promote a healthy environment for firms to thrive. NFDA CEO Sue ...

The majority of dealers are aware of the upcoming new Consumer Duty changes being launched by the Financial Conduct Authority (FCA). A total of 91% said they were aware, This is an increase of 28 per centage points compared to the previous quarter. The data from Close Brothers Motor Finance comes ahead of the 31 July 2023 deadline to implement ...

Alphera Financial Services is providing dealers on its books with a range of guidance documents and videos for the new Consumer Duty, which comes into effect on 31 July. The materials address dealer obligations under the new rules, including terms and conditions, target markets, fixed payments and interest for PCP products. There are also recommendations for motor retailers to address ...

iVendi has published a free guide for dealers on how technology can be used to help drive Consumer Duty compliance. The White Paper, called “Navigating Consumer Duty Regulations in the Automotive Sector”, includes a step-by-step examination of the responsibilities that the new regulations create, explanations of what dealers and lenders need to do to show that they are being met, ...

The Financial Conduct Authority (FCA) has urged firms to ensure they are ready for the 31 July deadline for the introduction of Consumer Duty rules. The FCA has set out four key areas for firms to focus on which include collecting evidence that demonstrates products represent fair value and having clear oversight of actions to take if products do not ...