Reeves wades in to motor finance scandal in bid to soften £30bn payout January 21, 2025 Shares in some of Britain’s biggest motor finance lenders have surged today after the Chancellor Rachel Reeves revealed plans to intervene in a mis-selling scandal which could cost the industry billions of pounds. A court judgement handed down in October sent shockwaves through the motor finance sector and has opened the door to what analysts [...]
FCA extends motor finance complaint deadline December 19, 2024 The Financial Conduct Authority (FCA) has extended the time that companies have to respond to motor finance complaints following a landmark high court ruling. In an announcement today, the City watchdog said firms will have until 4 December 2025 to provide a final response to customer complaints over the use of non-discretionary commission arrangements (non-DCAs). [...]
Barclays loses legal challenge to overturn FOS motor finance ruling December 17, 2024 Barclays lost a legal challenge against the Financial Ombudsman Service (FOS) over a ruling that it unfairly paid commission to a car finance broker
Motor finance: Close Brothers shares rise after Supreme Court green lights appeal December 11, 2024 Bank share prices are up this morning, including Close Brothers, following the news the Supreme Court has granted an appeal in the motor finance case.
S&U says Budget and motor finance scandal weighing on performance December 11, 2024 S&U said the Budget and a scandal over motor finance commissions have dragged on the specialist lender’s financial performance. Anthony Coombs, a former Conservative MP who has been S&U’s chair for the last 16 years, argued Labour’s first Budget had “curtailed the sector’s growth ambitions and cast doubt over the new government’s plans to ‘Get [...]
Motor finance scandal: FCA boss tells unhappy customers to complain December 10, 2024 Treasury Committee chair Dame Meg Hillier on Tuesday described the ongoing saga over the sale of car finance as "one unholy mess."
Lloyds boss says motor finance scandal poses threat to UK economy December 4, 2024 The chief executive of Lloyds Banking Group has warned that controversy over now-banned motor finance deals poses a threat to the UK economy. Speaking at the Financial Times’ Global Banking Summit on Wednesday, Charlie Nunn said a shock court ruling in October over ‘secret’ car loan commissions “creates an investability problem” for Britain’s wider consumer [...]
Car insurance premiums fall but young drivers still in back seat November 26, 2024 The latest Consumer Intelligence index shows quoted premiums in the year to October fell 1.1 per cent, the first time since January 2022.
FCA proposes extending motor finance complaint deadline November 21, 2024 The Financial Conduct Authority (FCA) is weighing up whether to extend the time that companies have to respond to motor finance complaints following a landmark high court ruling. In an announcement today, the watchdog said it is launching a consultation on whether to give firms more time to respond to customers’ concerns over the use [...]
Close Brothers restarts motor finance lending following landmark ruling November 21, 2024 Close Brothers has restarted its motor finance lending practice a month after a landmark court ruling over the legality of its business. On 25 October, a court ruled that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment, sending the entire motor finance [...]