Compliance and FCA Insights
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The type of discretionary commission models that were banned by the FCA and who this applies to
In a recent development, the Financial Conduct Authority (FCA) has initiated a thorough investigation into complaints related to commissions in motor finance.
Unveiling the FCA Investigation: Unfair Commissions in Motor Finance Under Scrutiny
In a recent development, the Financial Conduct Authority (FCA) has initiated a thorough investigation into complaints related to commissions in motor finance.
Consumer Duty: A Guide for Motor Finance Providers
In recent years, regulatory changes have been shaking up the world of motor finance in the UK. In this article, we’ll provide a consultative perspective and offer insights into how the FCA’s Consumer Duty impacts motor finance providers.
Understanding FCA Authorisation for Motor Dealers: Full vs. Limited Permission
FCA authorisation is essential for businesses that offer consumer credit or provide financial services. However, not all motor dealers require the same level of authorisation.
Pros and Cons of Using Third-Party Compliance for Legislation Compliance
In this article, we explore the pros and cons of using third-party compliance for legislation compliance, enabling businesses to make informed decisions about their compliance strategies.
Navigating the Consumer Duty Legislation: A Consultative Perspective
This legislation aims to enhance consumer rights, establish greater transparency, and promote responsible business practices.
Navigating FCA Rules for the Sale of Guaranteed Asset Protection (GAP) Insurance: A Consultative Overview
In this article, we will explore the Financial Conduct Authority (FCA) rules pertaining to the sale of Guaranteed Asset Protection (GAP) insurance.
Understanding the Costs Involved in FCA Authorisation
One of the FCA Authorisation Process key responsibilities is to ensure that firms operate in a way that protects consumers
The FCA authorisation process explained
One of the FCA Authorisation Process key responsibilities is to ensure that firms operate in a way that protects consumers
How to be GDPR compliant if handling personal information
As a seller of regulated products you must ensure you are providing fair and transparent services to your customers
The FCA regulations when selling finance and general insurance
As a seller of regulated products you must ensure you are providing fair and transparent services to your customers
The dangers of not complying with the FCA in the motor industry
Compliance with the FCA is essential for businesses operating in the motor industry. Failure to comply can have serious consequences
The requirement & benefits of Continuing Professional Development (CPD) & eLearning
Continuing Professional Development (CPD) and eLearning are essential components of personal and professional growth in the modern workforce. With the pace of technological advancement and the evolution of new trends and practices, CPD and eLearning have become an integral part of career development for individuals and organisations alike. In this article, we will explore the […]
What are the compliance rules for motor dealers
As a motor dealer, it is essential to understand and comply with the various rules and regulations that govern the industry; the FCA. Failure to comply with these regulations can result in fines, legal action, and damage to your reputation. In this article, we will explore the compliance rules for motor dealers and how you […]
Why is compliance important in the automotive finance industry?
The automotive finance industry is a critical part of the economy that helps millions of people purchase vehicles each year. This industry involves many complex regulations that must be followed to ensure consumer protection and industry stability. Compliance is a crucial component of this industry, and it is essential to understand why it is so […]
Do Car Dealers Need to be FCA Approved?
There are approximately 4,500 UK franchised car dealerships in the United Kingdom. As the industry continues to pick itself up from the effects of the COVID-19 pandemic, it is essential to ensure car dealer compliance with FCA (Financial Conduct Authority). If you own and operate a car dealership in the UK, it is crucial that you understand […]
Rules & Outcome Consumer Duty
PURPOSE The FCA have released their final Consumer Duty rules. This is where the work begins! We have been discussing with firms assessing possible areas of their business that could be impacted by Consumer Duty. Now that we know the final rules, we can support you with the implementation and changes required. The purpose of […]
Vehicle Insurance Products – we’ve got you covered
Making insurance easy and straightforward for our customers is what Assurity Solutions is all about. At a time when regulation is at its most strenuous and tightened, it is vital that firms make the right choice when it comes to their choice of insurer. Over the last few years, the FCA have implemented and tightened […]
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 […]
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, […]
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 […]
FCA consults on discretionary commission models
Motor finance: FCA consults on discretionary commission models and consumer credit commission disclosure On 15th October 2019 the FCA published Consultation Paper 19/28: Motor finance discretionary commission models and consumer credit commission disclosure (CP19/28). The Consultation Paper proposes plans to ban commission models that give motor finance brokers/dealers an incentive to raise customers’ interest rates. […]
SMCR. Are you ready?
Are you ready for SMCR? The Senior Managers and Certification Regime (SMCR) comes into effect on the 9th December 2019 for solo-regulated firms. This affects all Financial Services and Markets Act (FSMA) authorised firms. SMCR represents a complete overhaul of the current Approved Persons Regime and will require a considerable amount of effort, resource and […]
CPD. What Peak Consultants can do for you
Now we have provided our subscribers with the facts about Continuing Professional Development in our previous CPD article,we wanted to outline some key features and benefits we have at our disposal which will help you implement and monitor an effective CPD strategy – Why Peak Consultants? Peak Consultants have created e-learning modules, which can be […]
Mitigating The Risks! Consumers demands and needs – The importance of getting it right
All firms are required to take a more active role in identifying their customers’ demands and needs and must ensure that any insurance contract proposed is consistent with them. The stricter requirements mean firms can’t simply offer all of the firm’s available products through generic statements about the type of needs each product will meet. […]
The Financial Conduct Authority and Continuing Professional Development
The Financial Conduct Authority (FCA) introduced Continuing Professional Development (CPD) that became a regulatory requirement for all insurance providers, intermediaries and professionals from 1st October 2018. The new requirement arises from the Insurance Distribution Directive that has passed into EU legislation after 4 years of debate and consultation. It replaces the Insurance Mediation Directive (IMD). […]
FCA expectations of general insurance (‘GI’) firms
The FCA has published its Thematic Review into GI insurance distribution chains. The FCAs findings have highlighted and identified areas where there is potential of harm and poor outcomes for customers arising from the product development, sales and distribution approaches in some sectors of the GI market. The FCA’s Thematic Review highlights the importance of […]
Professional Indemnity Insurance (PII) Does your cover meet the FCA requirements?
The FCA has reviewed the Professional Indemnity Insurance (PII) policies of 200 general insurance intermediaries and compared the cover of those policies against the rule requirements detailed in the Prudential Sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries (MIPRU). This thematic review is of relevance not only for intermediaries’ own policies, but also […]
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 […]
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. […]
