Tag Archives: fla

Dealers can expect a ‘challenging’ year for motor finance in 2025, according to the latest forecast from the Finance & Leasing Association (FLA). Last year motor finance business reached £38.9bn, a similar amount to 2023 but this year could be different with 60% of finance houses not expecting an increase in sales for the year. “The outlook for 2025 remains ...

The Financial Conduct Authority (FCA) has given finance houses until December 2025 to respond to motor finance commission complaints It said the extension will help prevent “disorderly, inconsistent and inefficient” outcomes for consumers and firms. “We have extended the time firms have to respond to complaints about motor finance agreements not involving a discretionary commission arrangement (DCA). “Firms now have ...

The Supreme Court announced today that it was going to allow an appeal the Court of Appeal;s judgement on motor finance commission cases. The Court of Appeal had upheld an appeal against Close Brothers, First Rand Bank and MotoNovo Finance, ruling that motor dealers acting as credit brokers have a duty of loyalty to their customers. It ruled that a ...

Dealers who do not have SAF (Specialist Automotive Finance) or equivalent approval in 2025 will be unable to offer finance through any lender who is a Finance & Leasing Association (FLA) member and complies with the FLA’s Lending Code, of which Tandem is one. That is the warning from Tandem Motor Finance whose sales Director Dave Anderson, said dealers need ...

  Motor finance providers are less optimistic about business prospects in the year ahead. That’s a key finding of the Finance & Leasing Association (FLA) in its latest quarterly survey. Geraldine Kilkelly, director of research and chief economist at the FLA, said “The outlook for consumer spending has weakened with the prospect of slower wage growth and higher taxes weighing ...

The Finance & Leasing Association (FLA) has bolstered its board with the appointment of Richard Hoggart, founder and CEO of DSG Finance Group, to the FLA Board. The appointment is a key one for the trade body as it represents the views of finance houses during a turbulent period for motor finance. Hoggart has been at DSG Group since the ...

Consumer car finance new business volumes grew in September by 4% compared with the same month in 2023, according to the FLA. In the first nine months of 2024, volume of new business was 2% lower compared with the same period in 2023. Geraldine Kilkelly, director of research and chief economist at the FLA, said: “Overall, the consumer car finance ...

The Court of Appeal has upheld an appeal against Close Brothers, First Rand Bank and MotoNovo Finance ruling that motor dealers acting as credit brokers have a duty of loyalty to their customers. The decision could pave the bay for billions of pounds to be paid out to customers although Close Brothers has said it is going to the Supreme ...

Stephen Haddrill, Director General of the Finance & Leasing Association (FLA), will retire next summer after five years in the role. He said: “I joined the FLA at the end of 2019, and during five eventful years have seen our industry’s mettle tested by a series of crises, including Covid, unprecedented political turbulence, and a cost-of-living crisis that is still ...

The consumer car finance new business volumes grew in July 2024 by 1% compared with the same month in 2023. The corresponding value of new business increased by 2% over the same period. In the seven months to July 2024, new business was 2% lower by value and 3% lower by volume compared with the same period in 2023, according ...