FCA’s Consumer Duty places more emphasis on TCF TO BE honest, it’s hard to know quite where the crosshairs of the FCA’s new Consumer Duty law are pointing. All brokers I speak to are absolutely committed to treating customers fairly. It’s become engrained, part of the DNA. One clue, though, is that the FCA is searching for firms that provide information in…
THE BVRLA has written to the FCA objecting to the proposed fee increase for regulated brokers and particularly the new fees surrounding appointed representatives (ARs). Brokers could be facing a significant rise if the proposed fees go through: a rise to £1151 for regulated brokers; and £250 for every AR. In its response, the BVRLA raised concerns concerning the timing of the…
A NEW level of consumer protection is being proposed by the FCA for regulated leasing brokers. Although brokers are already guided by FCA rules around treating customers fairly, the FCA says the new Consumer Duty will provide further defence against poor customer outcomes. The FCA says it wants Consumer Duty to “drive a shift in culture and behaviour for firms, meaning that…
Genesis enters UK market WE’VE been here before with upmarket brands from mainstream OEMs and they don’t always turn out well. Let’s hope this is a success. Announced today is the latest entrant to the market: Genesis, the luxury brand from Hyundai. It will launch with two models this summer, including this GV80 SUV pictured below, before adding electric variants and attacking the corporate sector. Good…
LEASING brokers could be facing “a significant” increase in fees for regulated firms, while a new flat fee is proposed for each Appointed Representative (AR) on a broker’s books, says the BVRLA. The proposed new changes are: A significant increase to the fees paid by consumer credit firms to create greater alignment of minimum fees charged to other authorised firms in the…
THE coronavirus pandemic has increased the number of adults with a greater risk to poor financial health. The FCA has just run a Financial Lives Survey to understand the financial situation of consumers, the financial products they have chosen and the experience with financial firms. Originally run in February 2020, but subsequently updated with new information in October, the Financial Lives Survey…
THE FCA’s new rules on Commission Disclosure came into force on 28 January 2021. The regulation forms part of the CONC rules on affordability and transparency. This is to ensure regulated contract hire offered to a customer is suitable and that the customer also meets the underwriting requirements of the funding partner. To help leasing brokers stay compliant, the BVRLA has produced…
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 :…