News - Page 51
FCA could plan system for mass claims on unfair car loan commissions
The Financial Conduct Authority could implement a simplified claims process if it deems there has been widespread unfair treatment of car buyers due to discretionary commission agreements between lenders and car dealers or brokers.
Why is the FCA concerned about car loan commission?
The Financial Conduct Authority has announced it is looking deeper at historical agreements between motor finance companies and their brokers or car dealers because of mounting complaints, some of which have been upheld by the Financial Ombudsman Service. But what is causing its concern?
FCA to probe historic discretionary commission paid to dealers and motor finance brokers
Historical arrangements used by motor finance firms to pay commission to car dealers and brokers are being reviewed by the Financial Conduct Authority in case consumers have not been treated fairly.