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

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 74,645 cases with the resolution ...

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 Finance, will also pay compensation ...

21 Oct 2024 at 12:16

City

Santander UK delays publishing earnings after major car finance court ruling

Santander’s UK division has delayed the publication of its latest financial results to consider the impact of a major court decision on car finance commission. The delayed announcement comes as the wider Madrid-based bank ...

30 Oct 2024 at 09:43

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 ...

30 Oct 2024 at 09:50

City

Santander’s potential UK exit raises concerns despite boss’s pledge to stay put

Santander’s potential exit from the UK could have a major ripple effect on the mortgage market, experts have warned, despite the bank signalling to consumers and staff that it will be staying put. Executive chairman ...

22 Jan 2025 at 13:34

City

Lloyds chief says UK has chance to ‘stand out’ globally amid Trump presidency

The boss of Lloyds has said he sees an opportunity for the UK to “stand out” on a global stage following the new Trump presidency in the US. Chief executive Charlie Nunn also said he welcomes the Government’s ...

24 Jan 2025 at 11:37

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 ...

06 Feb 2025 at 17:23

City

Close Brothers to set aside up to £165m for motor finance scandal

Close Brothers has warned it expects to set aside up to £165 million in its first half to cover possible legal and compensation costs following recent developments in the car loans commission ...

12 Feb 2025 at 11:42

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