Martin Lewis has confirmed over 1.2 million are seeking compensation for overcharged interest when funding a vehicle on PCP or HP finance between 2007 and 2021.
Any action taken on car loan discretionary commission complaints will be much swifter than that implemented for payment protection insurance (PPI) misselling last decade, according to the chief executive of the Financial Conduct Authority.
A new partnership between credit information provider CRIF and BMW Financial Services will help make the purchasing experience smoother.
AM's latest Spotlight on Finance and Insurance Report has just been published and it can be read or downloaded here.
A suspended prison sentence has been given to a South Wales vehicle technician who issued MOT pass certificates for vehicles he hadn't fully tested.
Consumer champion Martin Lewis’s free tool for consumers to probe whether they were victims of discretionary commission agreements (DCAs) has logged the filing of over half a million complaints.
AM interviews Bill Fennell, head of The Motor Ombudsman, who discusses the heighted regulatory scrutiny, the watchdog's plan to introduce artificial intelligence to manage an ever-increasing case load and the ombudsman's role in the adoption of EV technology.
Consumer champion Martin Lewis has launched a free tool for consumers to use in logging a complaint about discretionary commission agreements (DCAs) in their car loans.
The Serious Fraud Office (SFO) is prosecuting former company directors Reginald Larry-Cole and Scott Martin for fraud in relation to the nationwide car leasing scheme, Buy2Let Cars, which attracted hundreds of British savers to pay in around £88 million.
The Financial Conduct Authority has just told AM it has "no intention of banning GAP Insurance", in response to unsubstantiated reports that the product must be scrapped this year.
The Financial Conduct Authority has appointed a third-party independent expert to consult with car loans firms as the regulator progresses its review of historic discretionary commission arrangements.
Two recent car loan misselling cases heard by the Financial Ombudsman Service (FOS) against Black Horse Motor Finance and Barclays Partner Finance have been mentioned by the FCA as particularly influencing its decision to dive deeper into this issue.
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.
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?
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.
The Competition and Markets Authority (CMA) has handed a £2.5 million fine to vehicle salvage firm Copart for ignoring the regulator's orders.
The pressure on UK motor retailers to identify vulnerable customers ahead of the motor finance sales process has increased since the arrival of the latest regulatory regime, and Jonathan Barrett, chief executive of Comentis, shares his thoughts on what this means for regulated firms.
Retail software house Automotive Transformation Group (ATG) is working with iVendi to enable dealers to offer an advanced consumer journey
Phillip Williams, founder and non-executive director at Oodle Car Finance, looks at what Consumer Duty means in practice and offers some pointers on navigating the new regulations.
While watched by the Financial Conduct Authority, finance and insurance still delivers welcome profit for car dealers. Debbie Kirlew reports
