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1 day ago | 
assetfinanceconnect.com | Pat Sweet
Santander is looking to hive off its UK car finance arm as the Spain-owned bank starts to ready its UK business for sale, according to recent press reports. The move follows a £295 million provision in Santander UK’s most recent accounts to cover potential compensation costs arising from the current legal cases concerning motor finance mis-selling cases.
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3 days ago | 
assetfinanceconnect.com | Pat Sweet
Captive finance company Ford Credit Europe (FCE) has become the latest motor finance lender to announce it has set aside funds to cover any compensation due for mis-sold car finance arrangements, noting a provision of £61 million in its recently published 2024 accounts. The move comes in the wake of last year’s Court of Appeal decision on commission disclosure which was challenged in the Supreme Court earlier this month.
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6 days ago | 
accountancydaily.co | Pat Sweet
A director of a London based construction company, who was previously disqualified, has been banned for 14 years after continuing to run the company, along with his mother who has been given an eight-year banRobert Murphy was disqualified from acting as a director for a period of four years from September 2011, but an investigation by the Insolvency Service discovered that despite resigning as a director of Silverview Developments Ltd, his role within the company did not change.
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2 weeks ago | 
assetfinanceconnect.com | Pat Sweet
July is the earliest that the motor finance sector will know the outcome of the crucial Supreme Court hearing on the question of commission disclosure and fiduciary duty, which was held over three days at the start of April.
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3 weeks ago | 
assetfinanceconnect.com | Pat Sweet
The Financial Conduct Authority (FCA) has hit out at last October’s Court of Appeal ruling on motor finance commission, saying its “ sweeping approach” in treating motor dealer brokers as owing fiduciary duties to consumers “goes too far”, in its submission to the Supreme Court ahead of this week’s appeal on the landmark judgment.
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1 month ago | 
assetfinanceconnect.com | Pat Sweet
The Treasury is to examine the role of the Financial Ombudsman Service (FOS) amid concerns about its remit in areas such as motor finance claims, as part of plans for a bonfire of regulations, while the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are among a group of regulators summoned to meet Rachel Reeves on March 17, as the Chancellor announces an action plan “to deliver on the pledge to cut the administrative cost of regulation on business by a quarter”.
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1 month ago | 
assetfinanceconnect.com | Pat Sweet
AFC’s flagship November conference, held shortly after October’s ground-breaking Court of Appeal judgment on motor finance commission claims, saw a packed audience for a session chaired by Finativ CEO Christian Roelofs, looking at the implications of the ruling for non-regulated motor finance and the asset finance sector as a whole.
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1 month ago | 
assetfinanceconnect.com | Pat Sweet
The Financial Conduct Authority (FCA) is set to introduce an industry-wide redress scheme if next month’s Supreme Court hearing concludes that motor finance customers have lost out due to lenders’ failures in commission disclosures. While this will initially focus on the past use of discretionary commission arrangements (DCAs), the regulator says its next steps on non-DCA complaints will also be informed by the outcome of the case, opening the way for substantial claims against lenders.
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1 month ago | 
assetfinanceconnect.com | Pat Sweet
A claimant law firm has won a landmark High Court ruling paving the way for group actions in motor finance mis-selling cases, allowing multiple claimants to make a single “omnibus” claim with a lender, rather than having to file separate claims for each individual.
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1 month ago | 
assetfinanceconnect.com | Pat Sweet
The European Commission’s proposed Omnibus Simplification Package – which puts a torch to the bundles of EU sustainability requirements companies have been anticipating for years – has received a mixed reception from business, investors and policy makers, many of whom are nervous that the planned bonfire of green regulations may see sparks fly. The Omnibus package is positioned as a response to long-standing concerns from businesses about regulatory complexity andcompliance costs.
