Motor finance compensation scheme set to fuel even more legal action Legal The City watchdog has revealed its long-awaited motor finance redress scheme, but despite the bill for lenders coming in lower than predicted the scandal is not going away any time soon, as further legal action is expected. After a 2024 legal case ruled that car sales firms couldn’t lawfully receive commissions from finance firms unless they had [...]
FCA hires influencers to raise awareness of motor finance compensation scheme Media In its attempt to stop people using claims management companies or law firms to access the motor finance compensation scheme, the City watchdog has kicked off a £1m media campaign. The Financial Conduct Authority (FCA) is launching a £1m campaign to inform people that they don’t need to use a CMC or law firm to [...]
Post Office and Fujitsu chiefs ‘maintained fiction’ on faulty Horizon system Politics Post Office and Fujitsu managers were aware the Horizon IT system was flawed and “maintained a fiction” that the accounting data it produced was accurate. In his report on the first part of an inquiry into the Post Office scandal, chair Sir Wyn Williams said dozens of postmaster victims of “wholly unacceptable behaviour” by business [...]
City regulators look to ‘modernise’ redress payouts after slew of scandals November 15, 2024 The Financial Ombudsman Service and the City watchdog are seeking to modernise the redress framework with a 'call for imput' from stakeholders