FCA Wins OK To Stop Van Dealer Offering Credit Broking

Law360, London (August 8, 2019, 6:18 PM BST) -- A tribunal has upheld the Financial Conduct Authority's decision to pull an auto dealer's regulatory permissions after it repeatedly failed to report its consumer credit data.

The Upper Tribunal rejected North London Van Centre's bid to reinstate its authorization to connect buyers with lenders. The tribunal ruled in a decision published Tuesday that the FCA was right to deem the company unsuitable because of continuing compliance failures.

The City regulator stripped the van dealer of its authorization after it failed to hand over mandatory consumer credit reports to the watchdog for two years. It filed one report - but it was...

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