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: The FCA is concerned that principals had an insufficient oversight of ARs with inadequate controls following a review of the general insurance sector in 2016…
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 :…
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…