News / Blog
How Does Regulation Promote Healthy Competition in the Automotive Industry?
How Does Regulation Promote Healthy Competition in the Automotive Industry? The automotive sector is one of the sectors included within the industries regulated by the FCA. Negative competition can occur within the automotive sector; therefore, it is vital that automotive firms are aware of these destructive practices in order to spot and report them to the FCA.
Read MoreHow to Claim Compensation Due to Firm Failure
Even regulated financial firms can fail and cause financial, emotional, and practical loss and disruption or damages.
When this is the case, there are establishments and processes in place to help protect consumers and ensure they can claim compensation due to firm failure.
What Effect Will Consumer Duty Have on the Regulation of the Automotive Sector?
Regulation of the Automotive Sector: The new Consumer Duty will require firms to have more transparent communication with consumers. Regulation of the Automotive Sector: The new Consumer Duty will require firms to have more transparent communication with consumers. Consumer Understanding, Price & Value, Products & Services, Customer Support
Read More4 Major Outcomes for Consumer Duty to be Delivered
4 Major Outcomes For Consumer Duty: The new Consumer Duty introduced by the FCA proposes stricter standards for the treatment of customers by firms within the financial market, which includes firms in the automotive dealership industry. More specifically, consumers are entitled to clear and comprehensible communication, products and services which fulfil their requirements and provide fair value, and that they are provided with an appropriate level of customer support whenever they should need it.
Read MoreIs There Now More Expectation Placed on Appointed Representative Responsibilities?
Through the Financial Conduct Authority’s Appointed Representative model, the responsibilities of an appointed representative (AR) are largely mitigated by the principal firm authorising their financial activities. However, due to the rising harm seen by the FCA during recent years, last year the FCA announced it would be tightening the regulations and responsibilities surrounding ARs and their principal firms for greater compliance.
Read MoreThe Rise in Financial Harm Across Regulated Markets
The recent rise in financial harm experienced by the Financial Conduct Authority, or FCA, within FCA regulated markets has meant the body has strengthened regulations surrounding Principals and their networks. This action signals the adaptability of the FCA in addressing the current requirements of the financial market, helping to keep the market stable and a safe space to operate in.
Read MoreTreating Customers Fairly: What are the 11 Principles of Business?
The Financial Conduct Authority’s 11 Principles of Business are guiding fundamentals a business must adhere to whilst regulated by the FCA. These principles communicate how a business must conduct itself and the standards the FCA will hold it to.
Read MoreHow are Vulnerable Customers Identified within FCA Regulated Markets and Industries?
The Financial Conduct Authority regulates the UK financial market – which includes automotive dealerships. One of the key principles of the Financial Conduct Authority, also referred to as the FCA, is the protection of consumers through fair treatment (treating customers fairly, or, FCA TCF).
Read MoreReporting Suspected Market Abuse: Why It’s Important for your Team to be Knowledgeable and Vigilant
The financial market is particularly susceptible to corruption – with the potential effects of this being devastating. It is particularly important, therefore, that when working within the financial sector such as at an automotive dealership, you remain vigilant about the common forms of financial corruption, including market abuse, reporting suspected market abuse as it arises.
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