All the updated news related to motor finance

All the news related to motor finance updated in real time

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Personal Finance

FCA to review whether car finance customers could be owed compensation

The City regulator is reviewing whether people could be owed compensation for being charged too much for car loans, following a high number of complaints. The Financial Conduct Authority will look at historical discretionary commission arrangements ...

11 Jan 2024 at 15:23

Personal Finance

Car finance firms ‘facing headache’ over potential compensation claims

Millions of claims could be lodged by drivers who may have overpaid on their car finance, as the emerging issue has the potential to be “on par” with the PPI scandal, a consumer compensation expert has said. The UK’s financial regulator is ...

02 Apr 2024 at 09:04

Personal Finance

Financial Ombudsman Service increases complaint level predictions

More complaints about financial firms are expected this year than was previously anticipated, according to an ombudsman service. Gripes about perceived unaffordable lending, scams and motor finance are expected to feature in the Financial ...

04 Apr 2024 at 10:17

Personal Finance

Financial ombudsman highlights ‘concerning’ rise in vehicle-related complaints

A “concerning” rise in vehicle-related complaints has been recorded by the financial ombudsman, which said it is increasingly hearing from people who are worried about whether they can pay their finance deals. The Financial Ombudsman ...

14 Dec 2023 at 00:01

City

UK finance watchdog extends probe into car finance mis-selling

A major probe into whether people overpaid on their car loans has been extended, as the UK’s financial watchdog said it could decide to set up a scheme to compensate consumers. The Financial Conduct Authority (FCA) said it was ...

30 Jul 2024 at 11:04

City

Specialist lender says motor finance scandal and Budget weighing on sector

A specialist lender has warned that the motor finance scandal is causing “chaotic” conditions in the market while the Budget has weighed heavy on consumer and business confidence. S&U, which provides car finance through ...

11 Dec 2024 at 12:14

City

City watchdog extends motor finance complaints deadline to next December

Lenders have been told by the City watchdog they now have until December 4 next year to respond to borrowers complaining about motor finance deals with hidden commission payments. The Financial Conduct Authority (FCA) ...

19 Dec 2024 at 09:08

City

UK watchdog to urge Supreme Court to act quickly in car finance mis-selling case

The UK’s financial watchdog has said it will urge the Supreme Court to quickly decide whether to allow lenders to appeal against a landmark ruling over car finance commission deals. The Financial Conduct Authority ...

13 Nov 2024 at 14:40

City

Crisis looms for motor finance industry ahead of crucial 2025 court decision

A crisis facing the UK’s car finance market is looming as a crucial court decision over the potential mis-selling of loans could see lenders foot a £30 billion compensation bill, and send shockwaves across the ...

30 Dec 2024 at 08:39

City

UK’s highest court to hear appeal on car finance mis-selling

Close Brothers has been granted permission by the UK’s highest court to appeal against a landmark ruling on hidden motor finance commission, sending bank shares higher on Wednesday. The banking group ...

12 Dec 2024 at 08:59

Personal Finance

70% surge in complaints about financial products recorded by ombudsman

Complaints about financial products jumped by around 70% between April and June, compared with the same period a year earlier, according to the Financial Ombudsman Service (FOS). Consumers raised 74,...

29 Aug 2024 at 00:01

City

Volkswagen Finance fined £5.4m after taking cars away from vulnerable people

Volkswagen’s car finance arm has been fined £5.4 million by the UK’s financial watchdog for failures that included taking cars away from vulnerable people. The motor finance firm, Volkswagen ...

21 Oct 2024 at 12:16

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