DF Capital primed to aid in liquidity crisis as it hits major milestone with new banking licence

Following the resubmission of its banking licence application last year, Distribution Finance Capital (DF Capital) has received confirmation from the PRA and FCA that it has been authorised as a bank. This news represents a significant milestone for the company as it raises them to the next level when it comes to their ability to raise funds and to lend. Also, the arrival of another lender with significant funds to place is certain to aid in the response to the numerous liquidity issues facing the industry in the wake of the pandemic.

DF Capital primed to aid in liquidity crisis as it hits major milestone with new banking licence

Oct 14, 2020

Following the resubmission of its banking licence application last year, Distribution Finance Capital (DF Capital) has received confirmation from the PRA and FCA that it has been authorised as a bank. This news represents a significant milestone for the company as it raises them to the next level when it comes to their ability to raise funds and to lend. Also, the arrival of another lender with significant funds to place is certain to aid in the response to the numerous liquidity issues facing the industry in the wake of the pandemic.

Crucial piece of executive compliance “still not on many dealers’ radar”

As part of the FCA’s ruling on direct commission, the Senior Managers & Certification Regime (SM&CR) will see an individual within the dealership personally accountable for any failure to comply. The date for implementation of this policy has been delayed from 9 December 2020 to 31 March 2021, giving dealers and dealer groups additional time to prepare for the impact. However, preparation is no quick fix, says Tara Williams (pictured above), group chief risk and compliance officer at AutoProtect Group and managing director at i-Comply. According to Williams, many dealers do not appear to be ready for the change, and some do not even have it on their radar.

Crucial piece of executive compliance “still not on many dealers’ radar”

Oct 07, 2020

As part of the FCA’s ruling on direct commission, the Senior Managers & Certification Regime (SM&CR) will see an individual within the dealership personally accountable for any failure to comply. The date for implementation of this policy has been delayed from 9 December 2020 to 31 March 2021, giving dealers and dealer groups additional time to prepare for the impact. However, preparation is no quick fix, says Tara Williams (pictured above), group chief risk and compliance officer at AutoProtect Group and managing director at i-Comply. According to Williams, many dealers do not appear to be ready for the change, and some do not even have it on their radar.

UK consumer credit payment freeze to be extended for three months under FCA proposals

A payment freeze for some areas of consumer credit will be extended for a further three months under proposals revealed by the Financial Conduct Authority today (June 19). The new proposals extend the date when a three-month payment freeze could be requested to the end of October 2020 and allow those currently experiencing difficulties to delay payments for a further three months when their current arrangements end. This could mean lenders providing forbearance to some customers until February 2021. FCA proposals outline the support lenders would be expected to provide credit card, store card and catalogue credit customers along with personal loan recipients, including cutting payments to "an affordable level". The guidance does not apply to other consumer credit products, such as motor finance, high-cost short-term credit, rent-to-own, pawnbroking and buy-now pay-later, which are covered by separate guidance that will be published in the coming days.

UK consumer credit payment freeze to be extended for three months under FCA proposals

Jun 19, 2020

A payment freeze for some areas of consumer credit will be extended for a further three months under proposals revealed by the Financial Conduct Authority today (June 19). The new proposals extend the date when a three-month payment freeze could be requested to the end of October 2020 and allow those currently experiencing difficulties to delay payments for a further three months when their current arrangements end. This could mean lenders providing forbearance to some customers until February 2021. FCA proposals outline the support lenders would be expected to provide credit card, store card and catalogue credit customers along with personal loan recipients, including cutting payments to "an affordable level". The guidance does not apply to other consumer credit products, such as motor finance, high-cost short-term credit, rent-to-own, pawnbroking and buy-now pay-later, which are covered by separate guidance that will be published in the coming days.

Lease accounting

LeaseAccelerator study identifies disclosure challenges of ASC 842

Jan 24, 2020

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

BREXIT

Negotiators struggle to build bridges as Brexit looms

Nov 10, 2017

While business leaders in the UK and Europe have stressed the importance of a smooth Brexit transition to protect the economies of both sides, there are signs that negotiators are struggling to find common ground on key issues. As the Brexit deadline of March 28, 2019 approaches, this special report looks in detail at progress from both sides of the negotiating table.

General legal and regulatory

Term Funding Scheme launch could support bank and non-bank asset finance

Apr 14, 2020

Over the past fortnight or so, there has been a great deal of press coverage and asset finance industry debate over the efficacy of the Government’s Coronavirus Business Interruption Loan Scheme (CBILS) that is administered by the British Business Bank. At a time when a sizeable minority of Britain’s 5.9 million small businesses are struggling to survive, only a few thousand firms appear to have obtained CBILS support. There has been comparatively little attention on another lending support option that may prove more relevant to many asset finance providers (banks directly and non-banks indirectly) and is opening for drawings tomorrow (Wednesday, April 15).