The FCA has set out its expectations for firms making full and final settlement offers during the partial suspension of its motor finance redress scheme. But there could still be disputes over settlements. Commenting, Hyder Jumabhoy, Partner at global law firm White & Case LLP and Global Co-head of its Financial Institutions Industry Group and EMEA … [Read more...]
Welsh businesses raided in finance probe
Police and the Information Commissioner's Office have executed search warrants in Swansea and across the UK as it cracks down on suspected nuisance marketing linked to car finance mis-selling claims as part of the joint regulatory taskforce. More than 12 million complaints about nuisance marketing text messages have been submitted by the public since … [Read more...]
Welsh financial company enters administration
Pontypridd based Woodville Consultants has entered administration and was one of the businesses that helped pay for the wave of motor finance compensation claims in the wake of the mis-sold commission scandal. The collapse has left thousands of investors exposed after the company, which raised money through loan notes and high-yield bonds, amassed a loan … [Read more...]
Millions of pounds going to car buyers
Millions of car buyers who took out finance with hidden costs will receive payouts this year after the Financial Conduct Authority today confirmed compensation for mis-sold agreements. Announcing the final details this afternoon after markets had closed, the watchdog said the average payout will be around £830 – higher than it previously stated. However, … [Read more...]
Millions to get unfair selling compensation in 2026
Millons of motorists should learn by the end of this month how long they will have to wait for payouts and how much they will get under the FCA’s motor finance redress scheme. The financial body has also said it expects most successful claims to be paid by the end of this year but acknowledges some may run into next year. The FC intends to introduce an … [Read more...]
FCA reportedly caving in to car makers over loans
Motorists hoping for big payouts for financial mis-selling by major car makers' associated arms look like losing out after all. Media reports this week indicated the Financial Conduct Authority has come down on the side of the car makers' finance providers and big banks to reject payments to customers. Under the plan said to be going through final stages … [Read more...]
23-million car owners in line for mis-sold finance
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...]
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