The financial crisis brewing in the UK’s motor finance sector could rival the infamous £50 billion Payment Protection Insurance (PPI) consumer scandal, the Financial Conduct Authority's (FCA) top legal chief has conceded.
The Financial Conduct Authority has warned motor finance firms not to repossess vehicles or end contracts with customers in financial difficulty due to the coronavirus pandemic.
The Financial Conduct Authority is considering banning certain commission models in the motor finance sector due to its concerns about harm to consumers.
The FCA is seeking views on whether the level of protection provided to SMEs in its handbook of rules and guidance is “broadly right”.
FINANCE specialist Moneyway’s Motor Finance has extended its product range to offer customers and dealers added flexibility with the option of 120 per cent loan-to-value.
