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.
This story is from the November 22, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 22, 2024 edition of The Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Debt, IT woes and no chief executive What returning Asda boss has in store
Allan Leighton faces a back-to-thefuture challenge as he once again takes charge at struggling Asda.
Sweeney's RFU salary rises to £1.1m amid job cuts and losses
The Rugby Football Union chief executive, Bill Sweeney, was paid £1.1m for the 2023-24 financial year despite record losses and swingeing job cuts at the governing body.
'Probably more out than in' Salah leans towards exit with Liverpool yet to offer new deal
Mohamed Salah says he is disappointed Liverpool have not offered him a new contract and feels \"probably more out than in\" in terms of staying beyond the end of the season.
Reds' contract dance with Salah was always likely to be complex
Revamp after Jürgen Klopp's exit did not help and time is short for Liverpool to make their talisman feel wanted
Guardiola insists ageing squad is not behind City's alarming drop in form
Pep Guardiola has denied that a key factor in Manchester City's run of five consecutive defeats is that nine of his squad are aged 30 or older, with the manager pointing to how the same players were Premier League champions last season.
Wan-Bissaka seals West Ham win to take heat off Lopetegui
On a bitterly cold Tyneside night, West Ham finally remembered how to fight back.
Arteta seeks ruthless edge to fix away-day woes in Europe
Mikel Arteta has challenged his Arsenal team to fix their patchy European away form against a vibrant Sporting tonight, admitting they need to improve a record of one win in their past eight continental trips.
I've got my mojo back ... I actually felt unwell at the end at Chelsea'
After recharging her batteries in the US, Emma Hayes reflects on the grind of club coaching and fresh ambitions
Spurs blow as Vicario faces long spell out after surgery
Guglielmo Vicario has had surgery to repair an ankle fracture sustained in Tottenham's 4-0 Premier League win at Manchester City on Saturday.
Verstappen in 'that club' with Senna and Hamilton
Red Bull chief Horner claims his driver's fourth, and most challenging, world title puts him in same class as the greats
