Tag Archives: finance

The UK government is reportedly developing plans to encourage electric vehicle adoption by introducing subsidies for consumer loans, aiming to boost sales and support sustainability efforts. The Financial Times  reported that UK ministers are actively developing plans to encourage the adoption of electric vehicles (EVs) by introducing subsidies to support consumer loans. The scheme aims to make low-interest or even ...

You don’t need a crystal ball to anticipate some of the pressures that will face UK dealers in 2025 – a challenging economic backdrop, continuing upwards cost pressures, particularly on staff costs, electrification with the ZEV Mandate targets being ratcheted up another notch, and manufacturers continuing to try to find ways to get cost out of distribution – whether through ...

MILS Legal Services Director Christopher Baylis addresses questions surrounding the Court of Appeal’s decision in Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank, and Hopcraft v Close Brothers [2024] EWCA Civ 1282, and how Johnson interacts with the Digital Markets, Competition and Consumers Act (DMCCA).  Q: What’s the biggest takeaway from Johnson?  A: The landmark decision in Johnson has far-reaching ...

Suppliers are scrambling to update their systems to allow for the recent motor finance commission judgement made by the Court of Appeal. Some finance firms paused writing more finance as they took on board the surprise ruling. One fast mover is Mad Devs, which updated its iStoreDOCS platform within days of the ruling to enable dealers to upload Finance Commission ...

The Financial Conduct Authority (FCA)  is giving finance houses and dealers more time to deal with complaints on motor finance commission. The watchdog said today it had extended the pause to the deadline for motor finance firms to provide a final response to customer complaints regarding discretionary commission arrangements until 4 December 2025. In January this year it announced a ...

Research from CA Auto Finance reveals that 73% of UK drivers expect the cost of living or increased cost of cars to impact how they’ll approach purchasing their next car Of those that said this, nearly half (47%) said they plan to shop around for more deals While more than two in five (42%) said they have been concerned about ...

  Complaints on finance issues soared 70% in the three months to June, according to the Financial Ombudsman Service. Motor finance Hire purchase (motor) was the second most complained about product, behind credit cards, with 15,925 complaints, of which around three quarters are in relation to motor finance commission. Over 90% of these motor finance commission complaints were brought by ...

The consumer new car finance market reported new business by value in June 6% lower than in the same month in 2023, while new business volumes fell by 12%. In the first half of 2024, new business volumes in this market were 7% lower than in the same period in 2023. The consumer used car finance market reported a fall ...

Used auto finance platform Evolution Funding has appointed Duncan Josey to the newly created role of chief strategy officer. Josey brings over 21 years of experience across key business roles at Autotrader, including commercial director, digital marketing director, and key accounts sales director. Josey will lead the development and execution of strategic plans to achieve Evolution Funding Group’s goals of ...

New figures released today by the Finance & Leasing Association (FLA) show that consumer new and used car finance new business both by value and volume fell in May 2024 by 4% compared with the same month in 2023. In the five months to May 2024, new business was 1% lower by value and 2% lower by volume compared with ...