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.
The ombudsman considers charging claims management companies following a surge in cases brought by CMCs and no-win, no-fee law firms.
Consumer Voice has joined forces with leading consumer rights campaigner Martyn James to talk car finance mis-selling.