As highlighted in the 2017/18 business plan, the FCA (“Financial Conduct Authority”) are concerned that there may be a lack of Accountability, potential conflicts of interest and irresponsible lending in the motor finance industry. They will conduct an exploratory piece of work to identify who uses these products and assess the sales processes, concentrating on whether the products cause harm and the due diligence that firms undertake before providing motor finance.

Since publishing their 2017/18 Business Plan, the FCA have continued their work to identify potential areas of consumer harm in the motor finance market.

The majority of new car … Read more