Barclays has set aside £90m for historic motor finance commission redress. The figure was detailed in its financial results for 2024 published today. Barclays said it ceased operating in the motor finance market in late 2019, although historical operations before this time may be in scope of any potential FCA consumer redress scheme. “Taking into account the information currently available, ...
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The High Court has found in favour of the Financial Ombudsman Service in a review of its decision to uphold a complaint relating to a discretionary commission arrangement (DCA) in a motor finance agreement. The Court dismissed all three grounds of appeal brought by Barclays Partner Finance. The Judge found that the Financial Ombudsman had interpreted FCA rules and the ...
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The Financial Conduct Authority (FCA) is giving finance houses and dealers more time to deal with complaints on motor finance commission. The watchdog said today it had extended the pause to the deadline for motor finance firms to provide a final response to customer complaints regarding discretionary commission arrangements until 4 December 2025. In January this year it announced a ...
Read More »A decrease in new car sales should be expected in the latter half of the year because of the recent interest rate rise.
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