All the updated news related to motor finance

All the news related to motor finance updated in real time

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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) said it follows a London Court ...

19 Dec 2024 at 09:08

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 submitted an application to the Supreme Court ...

12 Dec 2024 at 08:59

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

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 giving ...

30 Jul 2024 at 11:04

City

Santander bank cutting more than 1,400 UK jobs

Santander is cutting more than 1,400 jobs across its UK business this year amid ongoing efforts to reduce costs. The Spanish bank’s chief executive officer Hector Grisi confirmed the significant cuts as its UK division delayed the ...

30 Oct 2024 at 09:50

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 (FCA) also said ...

13 Nov 2024 at 14:40

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

Financial Ombudsman Service chief quits months after Reeves’ call for reform

The boss of the UK’s Financial Ombudsman Service (FOS) has quit, months after Chancellor Rachel Reeves said she would overhaul the public body. Abby Thomas was set to appear in front of the Treasury Committee of MPs ...

06 Feb 2025 at 17:23

Personal Finance

FCA likely to consult on motor finance redress if widespread failings found

The City regulator is poised to consult on an industry-wide redress scheme if motor finance customers are found to have lost out from widespread failings by firms. The Financial Conduct Authority (FCA) issued a ...

11 Mar 2025 at 17:02

Personal Finance

‘High numbers’ of motor finance commission complaints seen by ombudsman service

Consumer complaints about hire purchase for motor vehicles, current accounts and credit cards are driving high volumes of cases being received, according to the Financial Ombudsman Service (FOS). The service ...

04 Mar 2025 at 07:29

Motor finance compensation ruling ‘goes too far’, watchdog tells Supreme Court

A court ruling which could leave motorists being owed compensation over their car finance arrangements “goes too far”, the UK’s financial watchdog has told the Supreme Court. Two lenders have taken a row ...

01 Apr 2025 at 12:48

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 ...

30 Dec 2024 at 08:39

Years
2025

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