FCA Reminds Motor Finance Firms Over Rules On Social Media Advertising.
In their latest regulation round up, the FCA have reminded Motor Finance Firms of their obligations under CONC3 , particularly in relation to posts on social media platforms. They have stated their Financial Promotions team has intelligence that some motor finance firms are not complying with the rules and have noted issues such as:
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.
They have encouraged 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.