Car buyer payouts over loan scandal could be delayed

Quick Summary:

Regulators want to give more time to car dealers potentially facing a deluge of mis-selling claims.

The three judges unanimously agreed that it would be illegal for the lender to pay any commission to the dealer without the informed consent of the buyer.

In 2021, the FCA banned deals in which the dealer received a commission from the lender, based on the interest rate charged to the customer.

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Article Details

Category: Business

Markets: United Kingdom

Topics: Finance Court Commission Decision People Paid Compensation Pounds Other Agreements

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-13 @ 17:29:33 (4 days ago)

News Timezone: GMT +0:00

News Source URL: bbc.com

Language: English

Article Length: 716 words

Reading Time: 4 minutes read

Sentences: 32 lines

Sentence Length: 23 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BBC Business

News ID: 23642155

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About BBC Business

Main Topics: Business

Official Website: bbc.co.uk

Update Frequency: 3 posts per day

Year Established: 1922

Headquarters: United Kingdom

News Last Updated: 13 hours ago

Coverage Areas: United Kingdom

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Publication Timezone: GMT +0:00

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News Language: English

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Publisher ID: #43

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