Tag Archives: FCA

In a statement released today, the FCA has said it is longer planning a further announcement in May and will confirm within 6 weeks of the Supreme Court’s decision if it is proposing a redress scheme and how it will take it forward. The FCA was granted permission to intervene in the case and filed its submission with the Court. ...

Inchcape has flagged up to investors the possibility of having to make payments for historical motor finance commission arrangements for its UK business before it was sold to US dealer group Group 1. In results filed today it referenced the FCA review into historical motor finance commission arrangements announced in January 2024. This investigation is ongoing. In the meantime, there ...

The Financial Conduct Authority (FCA) has given finance houses until December 2025 to respond to motor finance commission complaints It said the extension will help prevent “disorderly, inconsistent and inefficient” outcomes for consumers and firms. “We have extended the time firms have to respond to complaints about motor finance agreements not involving a discretionary commission arrangement (DCA). “Firms now have ...

Following on from the seismic changes brought on by the decision in Johnson v FirstRand Bank Ltd, Wrench v FirstRand Bank Ltd and Hopcraft v Close Brothers Ltd. [2024] EWCA Civ 1282, dealers and finance institutions have been holding their breath to see if the matter would proceed to the Supreme Court. In what appears to be an early Christmas ...

FCA proposes to extend the time firms have to handle complaints relating to motor finance commission The proposed extension would allow firms more time to handle complaints efficiently and effectively and help prevent disorderly, inconsistent and inefficient outcomes for consumers and firms. The FCA is seeking feedback on proposals to extend the time firms have to respond to motor finance ...

Santander has become the latest finance house to set millions of pounds to pay for motor finance commission payments to consumers. The company has put aside £295m to cove the issue although it said the figure could be lower or higher and the whole issue was shot through with uncertainty. The Santander move followed the judgement on 25 October by ...

Money expert Martin Lewis has hit the headlines again claiming that the Financial Conduct Authority (FCA) review of motor finance could see a doubling of claims. The FCA announced yesterday that it was consulting on giving finance houses more time to deal with commission complaints following a Court of Appeal ruling In Hopcraft, Johnson and Wrench, the Court of Appeal ...

The Financial Conduct Authority (FCA) is looking at extending the time finance firms have to deal with motor finance commission claims. The finance watchdog is consulting to see whether to allow more time following a ruling by the Court of Appeal in October. The proposals are expected to be published within two weeks and, if taken forward, would mean the ...

The Financial Conduct Authority CEO Nikhil Rathi has called for clarity on motor the finance commission and the decision made by the Court of Appeal last week ruling in favour of the consumer. Two finance houses have said they will appeal the decision and Rathi aid it was in all parties interest that the Supreme Cout decide whether or not ...

The Court of Appeal has upheld an appeal against Close Brothers, First Rand Bank and MotoNovo Finance ruling that motor dealers acting as credit brokers have a duty of loyalty to their customers. The decision could pave the bay for billions of pounds to be paid out to customers although Close Brothers has said it is going to the Supreme ...