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, […]
Senior Managers and Certification Regime
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
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.
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