Apr 12, 2024: Stephen Bassett, AFC’s community head for UK asset finance professionals, looks at the background to the FOS decisions over discretionary commission in vehicle lending. The news that Barclays is mounting a legal challenge to the Financial Ombudsma...

 

Apr 12, 2024: The Financial Conduct Authority (FCA) has issued a warning to motor finance firms they must maintain adequate financial resources at all times, in light of potential claims arising from the regulator’s review of the historical use of motor finance ...

 

Apr 09, 2024: Barclays has become the first lender to launch a legal challenge against a regulatory ruling regarding discretionary commission payments, with the news the bank is to apply for a judicial review of one of the Financial Ombudsman Service (FOS) decis...

 

Apr 05, 2024: The Financial Ombudsman Service (FOS) is gearing up for a hike in the level of new cases it handles this year, following a sharp rise in auto finance complaints which are not affected by the Financial Conduct Authority's (FCA) review of historical ...

 

Mar 19, 2024: Close Brothers plans to boost its capital position by around £400m, having already scrapped this year’s dividend and placed next year’s payout under review, in response to continuing uncertainty around the potential financial impact of the outcome ...

 

Mar 14, 2024: The FCA’s chief executive has said it is ‘improbable’ the regulator will find nothing to report following its review of historic motor finance sales, after confirming that the investigation is not retrospective and will focus on conduct that may ha...

 

Mar 13, 2024: Vanquis Banking Group has warned income and pretax profit in 2024 will be substantially lower than expected, as a result of a deluge of car finance complaints, despite not being one of the lenders under investigation, in further evidence of the dis...

 

Mar 04, 2024: MPs are calling for action to ensure SMEs continue to have access to a wide range of sources of finance, after the Treasury select committee found high street banks shut more than 140,000 accounts held by small businesses last year. The data was u...

 

Feb 26, 2024: Politicians have sounded the alarm about the performance of UK regulators, suggesting there are problems with a “growing vacuum in regulatory accountability”, and calling for the government to set up a new independent statutory body to monitor regu...

 

Feb 22, 2024: Lloyds Banking Group has announced a £450 million provision for the potential impact of the FCA review into historical motor finance commission arrangements in its fourth quarter results. The bank’s total provision for bad loans was £541 million, ...