Automotive

Non-Insured vehicle ancillary Products

Non-Insured vehicle ancillary products

The FCA (Financial Conduct Authority) has set out its expectations regarding the distribution of insurance products. Details of their expectations can be found by reviewing the FG 19/5 The GI distribution chain: Guidance for insurance product manufacturers and distributors and the FG19/2 Senior Managers and Certification Regime: Guidance on statements of responsibilities and Responsibilities Maps …

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Consumer Credit

Commission disclosure in consumer credit markets

The Financial Conduct Authority (FCA) has stressed the importance of transparency regarding consumer credit. The regulator published their final findings on motor finance back in March 2019 and their consultation paper on motor finance discretionary commission models and consumer credit commission disclosure in October 2019. These were prompted by a material rise in consumer credit, …

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Peak Consultants joins NFDA

The National Franchised Dealers Association (NFDA) represents franchised car and commercial vehicle retailers in the UK. There are more than 4,500 franchise outlets in the UK and approximately 555,000 people working in the automotive retail sector. Working closely with Ed Buckley, National Membership Relations Manager, Peak Consultants are now an Associate Member of the NFDA …

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FCA Clarifies Motor Finance by Peak Consultants

FCA acts to address unclarity

The Financial Conduct Authority (FCA) is considering changes to the way in which commission works in the motor finance sector and has uncovered “serious concerns” about the way in which lenders are choosing to reward car retailers and other credit brokers. The findings form part of the final report of the FCA’s work on motor …

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FCA Handbook, Automotive Compliance

PROD now in the FCA handbook

The Insurance Distribution Directive requirements has meant that the FCA has introduced a completely new section to its handbook, called PROD, which can be found via this link: https://www.handbook.fca.org.uk/handbook/PROD/4/1.html?date=2018-10-01 PROD stipulates the rules surrounding product governance: including the design, approval, testing and identifying the target market of products, assessing distribution channels and monitoring product performance. …

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