FCA's final notices to dealers signify the first of many in 'new era of finance regulation'

November 1, 2016

Five final notices issued by the Financial Conduct Authority to dealers this month could be the “first of many”, warns iVendi.

James Tew (pictured), chief executive at the online motor finance specialist, points to the reason given by the FCA -  “failing to be open and co-operative in the consumer credit sector” – as an indication of a new era of motor finance regulation.


“To some extent, we have been in a holding pattern since the new FCA consumer credit regime came into effect but, with this first wave of motor dealer notices, we are very much seeing the regulator get down to business,” he said. 


“Issuing five in a short period of time is, compared to the old system of regulation, actually quite a high number and could be a signal of intent.


“We believe the FCA is possibly setting out its stall and these could be the first of many.”


Tew said that news about the notices should serve as a warning to dealers that they have no choice but to ensure their motor finance procedures are compliant.


“Even at this stage, we are coming across dealers pretty regularly who have not really got their head around all the implications of providing customers with meaningful choice, accurate information and consistency across their organisation.


“We have been identifying these as part of the work we are doing to use the iVendi Platform to help with FCA compliance, adopting our existing technology to make the tracking and recording of customer behavior much easier for dealers.”


Get in touch with us for a no obligation demonstration on how our ComplianceTrak software can help your business


You can read the full article on AM Online

Share on Facebook
Share on Twitter
Please reload

Featured Posts

FCA to ban car dealer's discretionary finance commission

September 11, 2020

Please reload

Recent Posts
Please reload

Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Contact Us




  • White Twitter Icon
  • White LinkedIn Icon

ComplianceTrak Ltd is authorised and regulated by the Financial Conduct Authority FRN: 914597. You can check this information on the Financial Services Register at https://register.fca.org.uk/

Dealer compliance software 

Automotive compliance

FCA compliance software

Compliance Training

Copyright © 2020 ComplianceTrak Ltd. All rights reserved