Tag: FCA

FCA warns of reduced compliance while homeworking

FCA logo

THE FCA is warning brokers that recording telephone conversations and electronic communications must not stop, even during homeworking as a result of Lockdown 3.0. While the FCA acknowledges that the pandemic has changed significantly the way businesses must work, it says risks are heightened by unmonitored use of apps such as WhatsApp. It said in a recent newsletter to the market :…

Latest FCA guidance on PCH offers further payment freeze

Woman at the wheel of a personal contract hire citroen

THE Financial Conduct Authority (FCA) has provided an update regarding consumers struggling with Coronavirus repayment difficulties (30 September 2020). It announced that consumers could apply for a further three-month freeze up until 31 october 2020, if they continued to be in financial difficulty because of the coronavirus outbreak. The FCA told consumers: “Firms should not alter aspects of your Personal Contract Purchase…

BVLRA response to the FCA on customer forbearance

FCA logo

THE BVRLA has submitted its formal response to the Financial Conduct Authority on future guidance on forbearance for motor finance customers. The FCA had requested feedback on: What support should people get after two payment deferrals What support will be needed post 31 October for those facing redundancy BVRLA member feedback on the PCH market The BVRLA agreed with the FCA’s view…

FCA consultation on treatment of vulnerable customers

FCA building where they are consulting on the fair treatment of vulnerable customers

The Financial Conduct Authority is consulting on draft guidance on the fair treatment of vulnerable customers – and the BVRLA wants to hear your views. The FCA aims to provide clarity and to focus the attention of regulated regulated firms on what they should do to comply with its Principles. “We want to make sure the fair treatment of vulnerable consumers is…

FCA confirms ban on discretionary commission by motor finance brokers

FCA building where they are consulting on the fair treatment of vulnerable customers

THE FCA will ban discretionary commission effective 28 January, 2021. The ban follows a consultation period that began in October 2019. The FCA says consumers are disadvantaged by higher costs from discretionary commission models charged by motor finance brokers and dealers. And that it acts against the interests of the customer. Christopher Woolard, the FCA’s interim chief executive, said: By banning this…

Brokers should prepare for FCA’s move from Gabriel data collection platform

FCA building where they are consulting on the fair treatment of vulnerable customers

THE BVRLA has warned that leasing brokers should start preparing for the FCA’s move to its new data collection platform. The new data collection platform will be known as RegData and replaces the current Garbiel system. The FCA said: We’ll email firms’ principal user and associated users three weeks before their moving date, with reminders five days and one day to go.…

FCA confirms three month payment holiday for PCH deals

FCA confirms three month payment holiday for PCH drivers

THE FCA has confirmed temporary guidance for personal leasing customers experiencing financial difficulties during COVID-19. The details were proposed last week by the FCA. The financial regulator said it expected funders to provide immediate support to customers facing payment difficulties as a result of the coronavirus out break.  The FCA said in its statement: “It is intended to provide help to those…

FCA proposes three month lease rental holiday

Mazda image for 3 month payment holiday

THE FCA is expecting funders to provide a three-month payment holiday on lease rentals. It wants to ease the financial pressures on consumers as a result of the coronavirus crisis. The FCA said this morning (17 April 2020): “If customers are experiencing temporary financial difficulties due to coronavirus, firms should not take steps to end the agreement or repossess the vehicle.” It…