Compliance experts examine shock commission disclosure ruling at AM Live
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This article first appeared in a November edition of AM Online.
The Finance and Leasing Association (FLA) and finance compliance experts will examine the detail of the shock ruling on comission disclosure as part of a strategic session at next week's Automotive Management Live.
In an unexpected ruling on Friday, the Court of Appeal delivered a judgment that shocked all those involved in lending to fund car purchases including finance houses, brokers and car dealerships.
Adrian Dally, director of motor finance & strategy, FLA will be joined by Jerry Page, HR Owen’s compliance & risk director, as well as financial compliance experts Andrew Smith, Paxen Group chief executive and Adam Edwards, partner & head of financial services at Freeths to look in detail at how this ruling, as well as the wider Financial Conduct Authority’s regulation is changing the automotive retail sector.
The one day event, brought to you by Automotive Management, the National Franchised Dealer Association (NFDA) and premium sponsor Phyron, is back at the NEC, near Birmingham on November 13.
Book your free ticket to attend AM Live 2024
Other topics that will be looked at includes how retailers have adapted to the FCA’s Consumer Duty standards, in addition to the regulator’s review of areas like thet treatment of vulnerable customers and of course its action to improve fair value for customers of Guaranteed Asset Protection (GAP) insurance.
The legislative landscape for finance and insurance is a bit of a moving feast and the FCA is being very active in the motor retail space, with its chief executive Nikhil Rathi recently stating it has certainly found "issues" in the ways that motor finance was offered or incentivised in the past and the ongoing review will determine the breadth of those issues, and what system of redress will be needed.
Automotive Management Live is free to attend for franchised and independent dealer professionals and offers four dedicated seminar theatres and an exhibition hall packed with the latest innovations from the UK’s leading automotive retail suppliers.
Automotive Management Live also provides an unrivalled opportunity to network and interact with peers and manufacturer representatives to explore how automotive retail will transform in 2024 and beyond, all while equipping delegates with strategies to future-proof their businesses.
Tim Rose, AM editor, said: “This strategic F&I session will provide the perfect focus point following on from the FCA’s review into the sector, as well as the latest landmark ruling by the Court of Appeal.
“Point-of-sale F&I is a structural pillar of the automotive retail industry and so the interest of a very active regulator in the FCA poses its challenges, but insight from this panel will help set the stage for the future and loyal lenders and suppliers will also be able to help retailers continue to adapt, as they always do.”
AM Live strategy session: Cope with a keen-eyed regulator
- Adrian Dally, director of motor finance & strategy, Finance and Leasing Association (FLA)
- Jerry Page, HR Owen compliance & risk director
- Andrew Smith, Paxen Group chief executive
- Adam Edwards, partner & head of financial services at Freeths