FCA to give car finance sector more time to handle surging complaints

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The story "FCA to give car finance sector more time to handle surging complaints" was covered 1 weeks ago by Financial Times, a news publisher based in United States.

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Financial Times 1w ago

FCA to give car finance sector more time to handle surging complaints - Financial Times

Quick Summary:

It found that other forms of motor finance commissions, including fixed fees, were also unlawful unless they were properly disclosed to customers.

The FCA said it had spoken to 63 lenders and consumer representatives about the impact of the court ruling, which has raised concerns in government about disruption to the availability of credit for car purchases.

The watchdog’s chief executive Nikhil Rathi and chair Ashley Alder are likely to be asked about the upheaval in car financing when they appear before the House of Lords financial regulation committee later on Wednesday.