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The Financial Conduct Authority (FCA) will consult on extending the time motor finance firms have to handle commission complaints. Its decision to consult follows the Court of Appeal’s 25 October judgment.

The Financial Conduct Authority (FCA) and Financial Ombudsman Service have published a joint call for input to seek views on how to modernise the redress framework, so it better serves consumers and provides greater stability for firms to invest and innovate.

The BVRLA has updated the Frequently Asked Questions (FAQ) document first shared with members last week. Provided by Norton Rose Fulbright, the document provides clarity on the most pressing questions raised by members in the short period since the Court of Appeals motor finance ruling on 25 October.

The BVRLA has today published a FAQ guide to address some of members’ immediate concerns following the recent ruling relating to motor finance commissions.

Customer vulnerability and the impact of regulation were among the topics discussed at the final BVRLA Compliance Forum of the year.

The Financial Conduct Authority (FCA) has fined Volkswagen Financial Services (UK) Limited (Volkswagen Finance) £5,397,600 for failing to treat its customers in financial difficulty fairly. Volkswagen Finance has agreed to pay over £21.5m in redress to around 110,000 customers who may have suffered harm because of its failings.

It was reported on Friday that the Court of Appeal ruled on three motor finance cases relating to commission arrangements in favour of the consumer.

The leasing broker fleet has seen a slight fall compared to post-pandemic numbers but still above levels seen before 2021, according to the latest BVRLA Leasing Broker report, presenting annual data to June 2024.

Last week’s Leasing Broker Conference saw the sector gather to discuss the evolving landscape of the leasing industry. A thread through the whole event was how to adapt for future success, with attendees given a valuable opportunity to hear about the key trends and innovations that will shape the industry in the coming years.

Private motorists are beginning to catch up to business users when it comes to EV adoption, as personal lease agreements (PCH: personal contract hire) tracked in line with ZEV mandate targets last quarter. Battery Electric Vehicles accounted for 21% of new PCH additions to the BVRLA’s leasing fleet in Q2 2024, although the association is warning that the uplift risks being short-lived if the used EV market is not stabilised.