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.