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...]
Law firms are facing possible action from the FCA
The Financial Conduct Authority has warned law firms representing clients involved in motor finance commission claims they must act in the claimants' best interest and not charge exorbitant exit fees. The watchdog has teamed up with the Solicitors Regulation Authority to make sure that all rules are being followed, as claims continue to build up and say … [Read more...]
Buyers and traders clash over interest charges
Dealers need to “very urgently assess” the implications of recent moves from the Financial Conduct Authority on historical motor finance commissions, says the Vehicle Remarketing Association. While the subject has been gathering prominence in recent weeks following two recent rulings by the Financial Ombudsman, a new programme hosted by personal finances … [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...]
Buyers better protected from 31 July
The new FCA Consumer Duty will come into force on 31 July. The Financial Conduct Authority intends for the new Duty to increase levels of consumer protection in retail financial services markets, whilst aiming to promote a healthy environment for firms to thrive. The new Duty will not be a tick-box exercise or be about introducing new processes and … [Read more...]
Payment holiday reassurance for vehicle finance
The millions of drivers with car finance deals will be greatly reassured to know the FCA has their back, said James Fairclough, CEO of AA Cars retail arm. “In effect these guidelines mean that anyone who is worried about keeping up with their repayments because their income has been impacted by the Covid crisis will be entitled to a three-month payment … [Read more...]
