Online Consumer Duty compliance appears to be working
One thousand recent car buyers were asked a series of questions about the online motor finance process* – with 87% saying it was fair and transparent, 82% that they felt
One thousand recent car buyers were asked a series of questions about the online motor finance process* – with 87% saying it was fair and transparent, 82% that they felt
Processes need to be sound and robust, with impartial audit trails available that evidence how businesses are doing everything that the regulations demand to ensure that consumers are treated with
Larger volumes of used car sales, an ongoing readjustment of vehicle values, and lenders looking to move into new sectors are all likely to have an impact, said Darren Sinclair,
The F&I community has been working diligently for many months and, in some cases, years to get ready for the launch of the Consumer Duty. Now we are there; arguably,
Self-serve means you can demonstrably meet the requirements of the FCA’s four outcome areas and three cross cutting rules, minimising the chances of mis-selling, while creating a clear digital trail
New figures from iVendi show that a year ago, the average deposit for a used car was £2,859 while the monthly payment was £292. Today, although the base rate has
The central point for the five enhancements is a new Consumer Duty page that forms a key element of the customer online buying journey. It includes firstly, lender-specific data and
April 30 is the deadline date when providers of finance products would issue reviews of their existing products, giving just a few weeks before the regulations take effect. Businesses will
Closer matching of customer and finance should mean that fewer car buyers reach the point where they are making an application likely to be rejected. The detailed process of finding
Harding’s industry reputation and background in sales and marketing will help drive Automotive Compliance forward and his team will be more pro-active in taking to market new forward thinking product
The shift to putting customer needs first represents a genuine change in the way that the process of choosing a finance solution needed to be presented and recorded. The FCA
The FCA’s January deadline is only a few months away and more uniform processes and disclosures may prove to be a much more difficult task than first imagined. Lenders have
The Covid-19 pandemic will change the way we do business and could provide an opportunity to further advance the way in which the motor finance sector handles customer relationships.
The FCA finds that some motor dealers have overcharged unsuspecting customers over a thousand pounds in interest charges in order to obtain bigger commission payouts.
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