The FCA Motor Finance Report – the ‘Spark’ for Positive Change

Industry News | 20/03/19

MotoNovo Finance CEO Mark Standish has issued a positive assessment of the FCA’s findings, following their review of motor finance.

The FCA’s review’s findings set the scene for changes in the commission model, transparency and affordability, with lenders set to adopt an active role in dealers’ promotion of finance. Standish’s view on addressing the changes required is clear: “The FCA has thrown down the gauntlet to lenders and dealers to improve the customer proposition and experience. We see this as a significant opportunity to move decisively to embrace a new retailing model centred around the finance that 80% of customers need and the sustainable margins that dealers require. While the FCA report might be the ‘spark’ for change in motor retailing, the evidence that the established used car retailing and financing model can only benefit from a ‘re-boot’ is evident.