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…
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…
The Financial Conduct Authority is consulting on draft guidance on the fair treatment of vulnerable customers – and the BVRLA wants to hear your views.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…
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…
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.…
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…
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…
THE FCA has announced that it is delaying the publication of its Motor Finance Policy Statement. While the review into the commission structures of motor finance brokers and dealers has been published, the policy statement was due Q2 2020. However, more pressing concerns regarding the coronavirus crisis has meant that publication has been delayed. Christopher Woolard, interim chief executive, said: “Our highest…