It’s 5 months since the publication of the FCA report on Motor Finance which highlighted a number of areas for ongoing concern including commission structures, lenders’ control on the processes of their introducers, the provision of information to customers, and adequate affordability assessment.
A number of lenders and dealer groups have been actively considering the report’s findings, including assessment of the viability of current business models and relationships.
Jo Davis, Partner at law firm Locke Lord and a recognised authority on motor finance regulatory compliance, has written a white paper on the report findings and useful summary guides for both funders and dealer groups. See the download link below to access the papers.
Many of the issues can be deep-seated in an organisation’s business model and psyche, requiring a holistic approach to their resolution. For example, conduct risk issues can be a function of negotiated funder commission structures, internal and dealer reward mechanisms, processes, a prevailing business culture, behaviours, training, and recruitment practices. Working in association with compliance experts, our specialist-led, multi-disciplinary approach is designed to assist funders and dealer groups authentically, systematically and sustainably overcome such challenges.
To discuss further how GrowCap can support you in these challenging areas please contact Peter Cottle at firstname.lastname@example.org.
Download the briefing papers
- GrowCap Ltd and associate companies disclaims all liability whatsoever in relation to any materials or information provided. This piece is provided solely for educational and informational purposes. It is not intended to constitute legal advice or to create an attorney-client relationship. If you wish to secure legal advice specific to your enterprise and circumstances in connection with any of the topics addressed, we encourage you to engage counsel of your choice.