FCA to give lenders more time to reply to car finance complaints
The Guardian|November 22, 2024
The City regulator plans to intervene in the car loan mis-selling scandal, in a move that could give lenders up to a year to respond to the rising number of customer complaints after a shock court ruling.
Kalveena Makortoff

The Financial Conduct Authority has been under pressure to take action after an appeal court ruling last month found it was unlawful for two lenders to have paid commission to car dealers without borrowers' knowledge. Some lenders have been flooded with complaints, including from claims management companies and claims law firms, as consumers look to see whether they could be in line for a slice of a compensation bill that the rating agency Moody's suggests could balloon to £30bn.

The FCA is proposing to ease the pressure by scrapping an eight-week deadline for lenders to respond to complaints. It suggests an extension to 31 May or 4 December next year.

هذه القصة مأخوذة من طبعة November 22, 2024 من The Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة November 22, 2024 من The Guardian.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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