Motor Finance Firms – CONC 3 rules
The FCA set out the below in its regulation round-up for November:
“Our Financial Promotions team has intelligence that some motor finance firms are not complying with our rules in CONC 3. This is particularly in relation to posts on social media platforms such as Facebook, Twitter and Instagram. The main issues we have seen include:
- 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
We remind firms of their obligations under CONC 3. We encourage firms to specifically revisit CONC 3.3.1R, CONC 3.5.3R, CONC 3.5.5R, CONC 3.5.7R, CONC 3.7.5R and CONC 3.7.7R, and the guidance related to those rules.”
