More than 23 million people expect to be win compensation for mis-sold car finance a new survey has found as Brits await a pivotal Supreme Court ruling that could release tens of billions in potential payouts. A new poll by law firm Slater & Gordon found that 45% of people believe they could be entitled to a payout over a car finance agreement taken out … [Read more...]
FCA move in massive compensation claim
Some of the factors the Financial Conduct Authority will consider if it launches a UK-wide consumer redress scheme as part of its review into car loans commission have been set out. The regulator says it will confirm within six weeks of the outcome of the Supreme Court case, which is hoped to be announced in July, whether it does plan to introduce a redress … [Read more...]
Pay-per-month insurance rip off
Six months after Which? revealed eye-watering interest rates being charged to insurance customers paying monthly, new analysis reveals that little has changed. In August, the consumer body surveyed 49 car insurance firms and 48 home insurance firms to find out what they charge customers using 'premium finance' to pay for their insurance in monthly … [Read more...]
Newslines 9 February
Car dealers face becoming the focus of a new customers financial scandal similar to PPI claims of the last two decades. The Financial Conduct Authority is investigating cases of finance houses not paying out compensation to customers over now-banned ‘discretionary commission arrangements’ and the watchdog is using its powers under S166 of the Financial … [Read more...]
Dealers to be investigated over car finance commissions
THE Financial Conduct Authority will probe the motor finance industry over concerns about commission arrangements. In 2021, the FCA banned incentives for brokers to increase the interest rate that a customer pays for their motor finance, but many customers have logged complaints claiming compensation for unfair commission arrangements struck prior to the … [Read more...]
Insurers with-hold £47M of claims from motorists
GoCompare car insurance revealed that over £47 million worth of motor insurance claims were unsuccessful during the second half of 2021, the last available period for checking. Using Financial Conduct Authority (FCA) data, the insurance comparison site calculated that more than 14,000 motor insurance claims were rejected between July and December of 2021, … [Read more...]
Cash for splash is vital, says PRA
The Petrol Retailers Association has joined a coalition of businesses, charities and consumer groups to sign an open letter to Jeremy Hunt, Chancellor of the Exchequer, urging the protection of cash as a critical payment method for both consumers and businesses. With the Government currently consulting on its Future of Payments Review, the signatories of … [Read more...]
Showrooms still pull in buyers, but face new rules
The majority of car owners (55%) still buy their car from a car showroom, increasing to 64% of over 55s, compared to just 38% of under 34s. The survey of 2,000 UK drivers, commissioned by InsuretheGap.com, finds that over a third (36%) buy from showrooms (men 38% and women 34%) so they can part-exchange their vehicle, get a warranty (33%) and because they … [Read more...]
Premiums dip before expected rise this month
Insurance premiums hit a seven year low at the end of 2021. The average annual car insurance premium declined by £80 year-on-year in Q4 (September – November), according to the latest Premium Drivers research from comparethemarket.com. The average premium is now £640, compared to an average of £721 for the same three-month period in 2020. The decline in … [Read more...]
Drivers warned about leaving it late to switch insurers
Time is running out if you want to save money and switch insurers before a new law takes effect. Price analysis website Comparethemarket.com has studied UK car insurance premiums over the last nine years revealing drivers are losing up to £350 by not switching their insurance at the optimum time. Significant savings can be made based on the number of … [Read more...]
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