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.
BT compensation trial ends but it is just one of 12 major consumer lawsuits that could leave UK consumers owed £22.5 billion in compensation payouts.
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.
Lloyds Banking Group, MotoNovo and Santander accused of striking deals that resulted in 1m consumers overpaying £1bn on car finance.
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.
Consumer Voice has joined forces with leading consumer rights campaigner Martyn James to talk car finance mis-selling.
Latest quarterly data from the Ombudsman shows complaints about car, motorcycle and buildings insurance have reached the highest levels in five years.