Berkshire Risk Services的动态

Attention Auto Dealers! The recent Supreme Court decision upholding the funding structure for the consumer watchdog agency has significant implications for our industry. It's crucial to stay informed and understand how this ruling may impact your dealership. #consumerwatchdog #autodealers #buckeyereinsurance https://lnkd.in/gB2HkETe

Last week, the Court of Appeal issued a ruling on undisclosed motor finance?? commissions, underscoring the importance of transparency and likely influencing the FCA’s upcoming review. The FCA has already stated that it is carefully considering this decision’s implications, as the ruling could lead to further compensation claims from consumers impacted by hidden commission fees. At Fenchurch Legal, we view these developments positively, though we maintain a cautious approach. As we’ve previously stated, our exposure to PCP claims remains minimal, but we are closely monitoring the landscape and look forward to the FCA’s review in 2025. ?? Read more here:?https://lnkd.in/e3pzwj_n. #PCPClaims #LitigationFunding?#MotorFinanceClaims #LitigationFinance

Robust compliance programs are important in all industries, but there are certainly some industries where companies are highly regulated or under a heightened level of scrutiny where such programs become essential.

Big news from the Court of Appeals today, with the court siding with consumers against the car finance industry on discretionary commissions. This is almost certainly going to be very expensive for car finance lenders... We await the FCA's response and next steps. #carfinance

The FCA have considered reducing FSCS and FOS (compensation/ombudsman) protection. The context for this was higher risk products; essentially removing protection for higher risk products that can be more prone to 'issues' (reducing costs to industry). Leading to a 'buyer beware' approach for such products. Labelling 'non retail' and therefore no protection. If such a change also ensured higher risk investments can be more accessible - where appropriate for individual investors - industry will be delighted. You will remember that UK gov' fairly recently rolled back increasing restrictions under the FPO (which would have meant higher risk products were even less accessible) despite consulting on changes. The FCA were critical of this 'U-Turn'. At that time, it seemed the regulator had a different view of how consumers should be protected than government. So, in the context of direct government intervention here for FOS/FSCS - and with a new Chief Executive at the FCA next year - can we expect a different attitude from the regulator? Particularly with a push to streamline and reduce the rule book? As we have seen from compensation scheme data, it is the very small number of bad apples that tend to cause problems. Not the majority of firms, who get tarnished by the same brush. It's not usually the rules that are broken. It's a tiny minority of firms (and individuals). In that context, the Consumer Duty is likely to stay. It can lead to less rules, and a focus on outcomes not technical detail. It can work with a less onerous rulebook for accessing higher risk products. And less consumer protection. If focusing on reasonable outcomes. Not technical literacy. But it will need an effective, inquisitive and data led regulator to identify the bad apples. And act promptly. Not one spending time reviewing how individual firms comply with the minutiae of highly detailed rules. Without looking at the outcomes for consumers.

On May 28, 2024, the FTC released its annual report to the Consumer Financial Protection Bureau (CFPB), detailing the agency’s enforcement actions and educational efforts throughout 2023. ???? The report details the latest enforcement actions and educational initiatives tackling deceptive practices in auto financing, electronic fund transfers, and hidden fees. Learn about the new CARS Rule aiming to save consumers billions, and the targeted efforts to protect vulnerable populations. ??Read more in this Financial Services Observer blog written by Timothy Butler, Matthew White, Tessa Cierny and Zeba Pirani: https://buff.ly/3XLbtrT. #GTBlogs #FinancialServices #CFPB #ConsumerProtection #FTCReport #AutoFinancing #FinancialTransparency

#TeamARB’s Matthew Marcoullier explains how #AutoDealerships can file claims in the #ClassAction settlements involving the recent #DMS fee case against CDK/Reynolds and the credit card processing case against Visa/Mastercard. Find out if your business is eligible in the article below.

The final countdown is on for implementation of the FCA's Consumer Duty. ? If you're regulated for consumer credit activities, have you ensured that you are compliant with the Consumer Duty? Have you made your Board aware and prepared your Board report for approval? Read more below. #consumerduty

More motor finance news. Whilst the FCA's review remains ongoing and the Court of Appeal will be grappling with the issues raised shortly, this is an interesting read on some of the issues that need to be considered. As ever, watch this space. #motorfinance #missale #commissions https://lnkd.in/gds2DDvE

Happy Halloween from The Compliance Guys ??! The compliance landscape is looking especially spooky this season. Following a recent court ruling, car dealers and lenders are now required to fully disclose commissions on car finance deals, enhancing customer protection. This shift towards transparency means that both dealers and lenders must clearly communicate the details of their commission structures, which could lead to significant implications for the industry. Many lenders are currently pausing new finance agreements to review their policies and ensure full compliance with the new requirements. This cautious approach is necessary as both dealers and lenders may face compensation claims from customers who were previously unaware of how commission structures impacted their finance options. The potential for increased claims and scrutiny could reshape how the motor finance industry operates moving forward. At The Compliance Guys, we are committed to helping you navigate these changes during this uncertain time. We have an exciting new product on the horizon designed specifically to assist brokers and lenders in adapting to these new compliance requirements—and the best part? It’s completely FREE! Stay tuned for more details on how we can support your compliance strategy and protect your business in this evolving landscape. Connect with us to learn more: ?? 01792 926040 ?? [Link in Bio] ?? [email protected] ?? Message this page #CaringNotScaring #CarFinance #Transparency #Compliance #UKMotorFinance