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Click the thumbs up > As the Financial Conduct Authority (FCA) ban on all discretionary commission (DiC) models in motor finance approaches, what are the alternatives for automotive retailers? The ban, from next January 28, follows consultation in October 2019 which was expected to result in a final decision in Q2, before COVID-19 held-up the FCA’s decision-making process. Confirmation finally came through in July. FCA interim chief executive Christopher Woolard said back then: “By banning this type of commission, where brokers are rewarded for charging consumers higher rates, we will in...

Click the thumbs up > Motor retailers have just weeks to get their house in order before clearer rules referring to finance commission disclosure come into effect. By January 28, any dealer involved in brokering motor finance must have given “prominence” to the fact that they earn income from finance referrals. Upon knowing this, it is possible a customer might choose to make alternative finance arrangements. After the January date, retailers must include a disclosure statement in financial promotions or offers to customers. One consultant told AM: “The Financial Conduct Authority (FCA)...

ADVERTISEMENT ADVERTISEMENT Credit Broker Loses FCA Authorization For SMCR Failings Law360, London (December 22, 2020, 12:51 PM GMT) -- The Financial Conduct Authority said Tuesday that it has canceled a credit broker's authorization to offer financial products to consumers after the company failed to appoint a senior manager to ensure that it is following the regulator's rules. The City watchdog said that it has removed permission to carry out regulated activities from G&M Supplies (Cumbria) Ltd. because it has not appointed a "fit and proper" person, a requirement of the Senior Manager and ...

To embed, copy and paste the code into your website or blog: Recent regulatory developments of interest to all financial institutions. See also sector specific updates in the Related Materials links. Contents Sanctions Regulations (EU Exit) (Commencement) Regulations 2020 UK financial services overseas framework: HM Treasury call for evidence BoE Financial Stability Report and FPC summary and record SMCR implementation: PRA evaluation UK Investment Firms Prudential Regime: FCA CP20/24 FCA Handbook Notice 83 FOS consults on plans and budget for 2021/22 FOS Ombudsman News 156 IFD: EBA consults ...

Getting to grips with the changes that have been brought in as a result of the Senior Managers and Certification Regime (SMCR) for all FCA regulated businesses is not easy.