Level Field for Companies Providing Car Leasing or Finance

Questions and Answers It has come to our attention via one of the FCA compliance companies that the FCA has raised concerns about the lack of compliance in financial promotions related to motor finance.

This is particularly in relation to the use of social media, such as Facebook, Twitter and Instagram.

These platforms often have limited space and therefore firms, on occasions, don’t show all the required disclosures to ensure they comply with the FCA rules and guidelines.

The key issues identified are the failure to:

Display a representative example where required.
Make the representative APR sufficiently prominent.
Mention the legal name of the firm.
Display or clearly state that the firm is a credit broker and not a lender.
Display the type of agreement upon which the offer is based. For example, a credit or hire agreement.

Any communication which includes an invitation or inducement to engage in a regulated activity is classed as a financial promotion. Each promotion must be standalone compliant, whether this be a Tweet, a Facebook post or a web page; having a ‘click through’ to a website or other medium that contains the necessary disclosures will not make the initial promotion compliant. Information relating to a financial promotion can be displayed within an image on social media providing all the necessary disclosures are visible within the image itself.

If an employee of a firm uses their own personal social media account to send a communication that could be considered an inducement or invitation related to financial services, it can be construed as ‘acting in the course of business’ and subject to the same rules as the firm.

The FCA has taken this opportunity to highlight the key sections of CONC 3 in relation to financial promotions, which are summarised below:

FCA Requirement	When is this needed?	Exception
Financial promotions should be clear, fair and not misleading	Where finance is advertised	None
A prominent* statement that the firm is a credit broker and not a lender must be shown
The firm’s legal name** must be shown
A representative example must be provided (of equal prominence to the incentive to enter into the agreement) and a postal address	Where an interest rate or an amount relating to the cost of credit is shown	0% finance
A representative APR must be shown	It is stated or implied that finance is available to those with restricted access to credit There is a favourable comparison regarding the credit There is an incentive to apply for credit	0% finance

* Information is only treated as being prominent if, in relation to the other content within the promotion, the attention of the average customer would be drawn to it.

** The name must be shown as in the Financial Services register, it is not sufficient to show the firm’s trading name only.

As with all financial promotions, there must be a robust sign-off and record keeping process for social media promotions. This allows firms to effectively manage any subsequent enquiries or complaints. It is not enough to rely on digital media channels to maintain these records as there is the possibility of records being deleted.

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Time4Leasing is a trading style of White Hat Projects Ltd and is authorised and regulated by the Financial Conduct Authority. FRN 768203. Company number 07764808.

We are a credit broker and not a lender and can introduce you to a limited number of businesses who also act as credit brokers and may introduce you to a limited number of lenders. Subject to status and to UK residents only (excl. the Channel Islands). Individuals must be 18 or over. Guarantees and indemnities may be required. We typically receive a fixed commission calculated by reference to the vehicle model, product or amount you borrow, for introducing you to a credit broker but this does not affect the interest charged on the agreement, all of which are set by the lender.

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