Car finance complaints rise to record level at UK ombudsman

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Financial Times 12h ago

Car finance complaints rise to record level at UK ombudsman - Financial Times

Quick Summary:

To avoid a logjam of cases, the ombudsman is conducting preliminary investigations into car finance cases, which Dipple-Johnstone said would “ensure we can resolve them as quickly as possible when we have the clarity we need”.

City of London executives have criticised the ombudsman — an independent body subject to rules written by the Financial Conduct Authority — for being too quick to award compensation to customers, which bosses say deters foreign investors from the sector.

The Supreme Court is next month due to hear an appeal by car loan providers challenging a ruling last year from the Court of Appeal, which shocked banks by siding with consumers in their complaints about “secret” commissions on car loans.