Further to the report, the FCA wrote to the FLA praising its work on improving training in the sector, in particular the SAF initiative and Motor Finance Specialist apprenticeship.
The FCA is now analysing the results of a Cost Benefit Analysis it conducted in May with several lenders and dealer groups to determine the scope and strength of any new regulatory measures introduced. A formal consultation is expected to be issued ‘in the autumn’, with any new rules likely to come into force in early 2020.
The motor finance final findings report is available here.