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FCA Regulation Roundup

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Earlier this month the FCA published its regulation roundup newsletter, which flagged issues with motor finance firms failing to comply with the CONC 3 rules.

The warning came in relation to posts on social media platforms, such as Facebook, Twitter and Instagram, whereby some dealerships have failed to communicate with customers in a ‘fair’, ‘clear’ and ‘non-misleading’ manner. The main issues identified were:

  • Not displaying a representative example when triggered
  • Not making the representative APR prominent
  • Not mentioning the legal name of the firm
  • Not displaying or a lack of prominence of the credit broker statement
  • Displaying monthly costs for a vehicle without indicating whether this is based on a credit or hire agreement

As the regulation has been in place since March 2015, this shouldn’t come as a surprise to the industry, but if you’d like to find out more information on this, you can head over to the FCA’s social media guide here.

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