Motor finance under scrutiny in UK

Britain’s Financial Conduct Authority (FCA) is planning a review of the country’s motor finance rules.

It will look issues like whether the right steps to lend responsibly are taken, if there are conflicts of interest around commission and whether customers receive information in a clear way, cardealermagazine.co.uk reports.

‘‘We are taking forward a range of work to help us to answer these questions, and to decide what further interventions may be necessary.

“This includes supervisory work with FCA-authorised lenders, detailed analysis of millions of anonymised credit reference agency records, and careful scrutiny of firms’ sales practices and processes.”

Findings are due early next year.