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ARTICLE · 24 JULY 2019

All Change In The Car Industry

Duff and Phelps
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It should come as no surprise to the motor industry that the FCA is considering consumer credit rule enhancements that will likely require considerable changes to how car dealerships do business.

United KingdomFinance and Banking
Claire Simm
Claire Simm
Sebastien Petsas
Sebastien Petsas
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It should come as no surprise to the motor industry that the Financial Conduct Authority (FCA) is considering consumer credit rule enhancements that will likely require considerable changes to how car dealerships do business. Proposed changes are likely to sweep down from internal governance and oversight to commission arrangements and interactions with customers. The very process of selling a car will probably look quite different in 2020 than it does today.

Why the Change?

The FCA set out in both the 2017/18 and 2018/19 Business Plans how it will focus on the motor finance industry with a focus on responsible lending and credit checks, conflicts of interest to the detriment of customers and the clarity of information on risks and informed decision-making.

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