Car finance companies must hold back funds to cover impact of regulator’s investigation
The UK’s financial regulator has warned companies to hold back cash to cover the costs of its regulatory probe into car finance loans.
The UK’s financial regulator has warned companies to hold back cash to cover the costs of its regulatory probe into car finance loans.
Financial Ombudsman Service has increased its complaint level predictions and is anticipating more complaints about car finance commission.
Lloyds Banking Group has set aside hundreds of millions to cover the potential costs of a regulatory probe into motor finance commission. Drivers could be owed up to £1,100 for car finance deals taken out before 2021.
Drivers could be owed up to £1,100 for car finance deals taken out before 2021. Get the latest information on how to claim compensation.
The regulator is using its powers to decide whether firms owe compensation to millions of customers mis-sold car finance loans.
Complaints from people worried about whether they can pay their finance deals has reached a five-year high as vehicle problems now account for a quarter of all financial complaints.
Judges have been told 1.2 million consumers are seeking compensation against car manufacturers for fitting defeat devices to cheat diesel emissions tests.
Competition watchdog has found drivers were hit by ‘significant increases’ in fuel retailers’ margins during the past two months
Latest quarterly data from the Ombudsman shows complaints about car, motorcycle and buildings insurance have reached the highest levels in five years.
Around a million UK consumers could have unwittingly overpaid for car finance over a six year period from three car finance giants.