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Monday, 31 July 2017

FCA on motor finance market

The Financial Conduct Authority tells us: 'We are looking at the motor finance market to ensure that it works well and to assess whether consumers are at risk of harm.' It goes on:
'Consumers’ use of motor finance has grown rapidly in recent years, with many credit products now available.
'As we set out in our Business Plan 2017–18, we are looking at this market to develop our understanding of these products and how they are sold, and to assess whether the products cause harm to consumers and if the market is functioning as well as it could.'
Details of the Authority's work, which naturally focuses on PCPs, are on its webiste (link in the first line above). It promises to publish an update in Q1 2018.

Wednesday, 5 July 2017

Automobile industry calls for balanced outcome in EU-Japan FTA

As the EU and Japan get closer to entering into a comprehensive free trade agreement, though it seems that it is being presented as a finished project despite there being a lot of loose ends to tie up, ACEA has drawn attention to some particular aspects important to the motor industry, according to this press release. The removal of tariffs on imports into the EU from Japan (currently 10 per cent on cars, and up to 22 per cent on commercial vehicles) must be balanced by a reduction in non-tariff barriers in the opposite direction, says ACEA. While opening the Japanese market to EU dairy products promises benefits to European producers, in the automotive sector - the other area in which the free trade agreement will be important - the benefits are likely to flow the other way. By drawing attention to the fact that under a free trade agreement with South Korea that has been in operation for nearly six years there are still outstanding problems with non-tariff barriers, the organisation emphasises the importance of having procedures to deal with disputes as well as encouraging collaboration in regulatory matters.

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