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UK motor finance in disarray after court rules against hidden commissions

Financial Times LogoFinancial Times12h ago

UK motor finance in disarray after court rules against hidden commissions - Financial Times

Quick Summary:

Dealers meanwhile are under pressure to hit the UK’s ambitious EV sales targets and offering price discounts that cut into their margins.“It’s a perfect storm,” said Michael Yeates, who runs a car finance consultancy. “It’s difficult to imagine consumer groups in the EU won’t start asking questions if the scale of the problem here turns out to be big.

It has also extended the deadline for motor finance companies to respond to customer complaints about DCAs until December 2025 to give the regulator more time to assess the problem and “the best way forward”.

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

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Article Details

Author / Journalist: Kana Inagaki

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-06 @ 05:00:12 (12 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 1080 words

Reading Time: 6 minutes read

Sentences: 33 lines

Sentence Length: 33 words per sentence (average)

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

Copyright Owner: © Financial Times

News ID: 23441824

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Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 15 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 10 hours ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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Website Security: Secure (HTTPS)

Publisher ID: #3

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