City watchdog’s motor finance review drives up official complaints August 29, 2024 A review by the City regulator into now-banned commission arrangements on car loans has contributed to a surge in official complaints to the UK's financial ombudsman in recent months.
Secure Trust Bank upgrades cost-cutting target as FCA review weighs on earnings August 14, 2024 Secure Trust Bank has ramped up cost-cutting efforts, while a review by the City regulator affecting its vehicle finance arm weighed on the firm's earnings in the first half of 2024.
S&U: Motor finance lender urges Labour to change ‘restrictive’ regulation after profit warning August 12, 2024 Specialist lender S&U has urged the new Labour government to change the UK's "restrictive and constantly changing" regulatory regime after warning that actions by the City watchdog would have a "significant impact" on its motor finance business' profits.
FCA to extend motor finance probe amid consumer tensions July 30, 2024 The FCA said it intended to set out next steps in its review into the past use of so-called DCAs in May 2025.
Vanquis Bank reports surprise balance sheet hit after investigation July 16, 2024 As a result of these write-offs, the lender said it would no longer hit its return on tangible equity and profit targets for the year.
Motor finance test cases against Close Brothers and Firstrand head to Court of Appeal July 2, 2024 A test case containing three cases relating to motor finance commission will be heard at the Court of Appeal this week.
Shawbrook to acquire high-end auto lender in bid to expand motor finance offering June 17, 2024 Challenger bank Shawbrook has struck a deal to acquire motor finance lender JBR Auto Holdings as it looks to expand its car loan offering.
Close Brothers shares drop as motor finance arm deals with two FCA reviews May 22, 2024 Shares in merchant banking group Close Brothers fell as much as 6.6 per cent on Wednesday morning as its motor finance business faces compensation costs tied to two market-wide reviews from the Financial Conduct Authority (FCA).
Regulator warns firms over provisions for motor finance claims April 12, 2024 It said it had "observed firms taking different approaches to account for the potential impact of previous use of DCA on their financial resources."
S&U channels Marcus Aurelius as motor finance lender says it will ‘wrestle on’ April 9, 2024 The specialist auto and property lender has posted a fall in annual profit and lowered its dividend as the firm grapples with higher costs and regulatory pressures.