The Financial Conduct Authority (FCA) has announced an extension for firms to respond to complaints about motor finance agreements that do not involve discretionary commission arrangements (DCAs).
The move by the Treasury to sound out how best to deal with mass compensation claims has been welcomed as a positive step although immediate certainty is critical for car loan providers, according to motor retail tech business iVendi.
The motor finance industry is urgently calling for a pause on regulatory action and court cases over motor finance commission.
The Financial Ombudsman Service has revealed a significant 40% year-on-year increase in consumer complaints during the first half of 2024, with a total of 133,019 complaints lodged before July, up from 93,114 in the same period of 2023.
The autumn moratorium imposed by the UK financial watchdog will likely be moved back to sit behind a Judicial Review appeal.
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 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 UK financial watchdog is considering imposing fees on claims management companies after complains about motor finance surged
The Financial Ombudsman Service has adopted Cazana’s vehicle valuations in order to assess the value of written-off vehicles.
Miscalculated mileage on finance products and non-maintained contracts could provide claims companies with their next target once the PPI window closes.
Car dealers are being warned to be sensitive to customer needs when selling PCP products in September, as complaints to the financial ombudsman have increased.
