Why Can’t People Claim for Car Finance Before 2007?
If you’re looking into a car finance claim, you may have seen references to 2007. You might be wondering why some firms focus on agreements taken out after that year. The reason comes down to regulation and who had authority over lenders at the time.
What Black Horse Customers Need to Know About the Redress Scheme
Lloyds Banking Group, through its motor finance division Black Horse, is one of the largest lenders involved in the Financial Conduct Authority’s review of historic car finance commission arrangements.
Motor Finance Compensation Scheme Likely To Include Implementation Period
The Financial Conduct Authority (FCA) has said its proposed motor finance compensation scheme is likely to include an implementation period. The regulator says this is intended to give firms time to prepare and help ensure any compensation owed to consumers can be delivered efficiently.
Can I Claim for Mis-Sold Car Finance on Behalf of a Loved One Who Has Died?
Dealing with finances after someone dies can feel overwhelming. While sorting through paperwork, you may find details of a car finance agreement and start to question whether it was fair.
Barclays Car Finance Compensation: What the Redress Scheme Could Mean for You
Barclays has set aside around £325 million following regulatory developments linked to historic car finance commission arrangements. The Financial Conduct Authority is now developing an industry-wide redress scheme covering certain motor finance agreements taken out between 6 April 2007 and 1 November 2024.
How to Spot Confusing Finance Terms
Reading a car finance agreement is not anyone’s idea of fun. You go in thinking about your new car, and suddenly you are faced with pages of formal wording, percentages and paragraphs that seem designed to test your patience.
Close Brothers and FirstRand Increase Motor Finance Provisions Following Court Rulings
Close Brothers and FirstRand Bank, which operates in the UK through MotoNovo Finance, have increased financial provisions linked to historic motor finance commission arrangements as legal and regulatory pressure continues across the sector.
Santander Increases Motor Finance Provision as FCA Redress Scheme Nears
Santander UK has increased the amount it has set aside to cover potential compensation linked to historic motor finance commission arrangements. The bank previously announced a provision of £295 million in relation to possible redress costs, reflecting uncertainty around the Financial Conduct Authority’s ongoing review into discretionary commission models.
Lloyds Banking Group Sets Aside £1.95 Billion for Motor Finance Compensation
Lloyds Banking Group has set aside approximately £1.95 billion to cover potential compensation linked to historic motor finance commission arrangements. The figure makes Lloyds the most financially exposed UK lender so far in relation to the Financial Conduct Authority’s review of discretionary commission models.
Petrol at 60p? How Car Ownership Has Changed Since the 90s
If you have ever heard someone say petrol used to cost 60p a litre, they are probably not exaggerating much. In the mid to late 1990s, fuel prices really were sitting around that mark.
Barclays Increases Car Finance Redress Provision to £325m
Barclays has significantly increased the amount it has set aside to cover potential payouts linked to historic car finance mis-selling claims, underscoring the scale of uncertainty facing major lenders as the Financial Conduct Authority (FCA) nears final decisions on industry redress.
What Happens Behind the Scenes When You Apply for Car Finance?
When you sit down at a dealership or complete an online form, the process can feel quick and straightforward. You choose a car, agree to a monthly payment, and sign the paperwork. But behind the scenes, much more is happening.
