Lloyds boss says motor finance scandal poses threat to UK economy December 4, 2024 The chief executive of Lloyds Banking Group has warned that controversy over now-banned motor finance deals poses a threat to the UK economy. Speaking at the Financial Times’ Global Banking Summit on Wednesday, Charlie Nunn said a shock court ruling in October over ‘secret’ car loan commissions “creates an investability problem” for Britain’s wider consumer [...]
Car insurance premiums fall but young drivers still in back seat November 26, 2024 The latest Consumer Intelligence index shows quoted premiums in the year to October fell 1.1 per cent, the first time since January 2022.
FCA proposes extending motor finance complaint deadline November 21, 2024 The Financial Conduct Authority (FCA) is weighing up whether to extend the time that companies have to respond to motor finance complaints following a landmark high court ruling. In an announcement today, the watchdog said it is launching a consultation on whether to give firms more time to respond to customers’ concerns over the use [...]
Close Brothers restarts motor finance lending following landmark ruling November 21, 2024 Close Brothers has restarted its motor finance lending practice a month after a landmark court ruling over the legality of its business. On 25 October, a court ruled that a broker could not lawfully receive a commission from the lender without obtaining the customer’s fully informed consent to the payment, sending the entire motor finance [...]
To tackle fraud, it’s time to start paying whistleblowers November 21, 2024 A new offence of ‘failure to prevent fraud’ is a good start, but if we really want to stop this crime we need better incentives for whistleblowers, says Dr Alison Cronin Earlier this month the government published its guidance on the new corporate ‘failure to prevent fraud’ offence, from the Economic Crime and Corporate Transparency [...]
‘FCA is not fit for purpose’: Motor finance lender bosses lash out November 20, 2024 Motor finance lender executives criticised the FCA performance of this sector, telling members of the Lords that the regulator is "not fit for purpose"
Santander UK sets aside £295m for motor finance payout November 20, 2024 Santander UK has set aside £295m in its quarterly results to pay out to motor finance customers following a landmark court ruling on the topic last month. The bank had previously delayed its third-quarter results thanks to the high court ruling, which it said had left it unable to calculate the potential cost of the [...]
UK banks could limit buybacks as car loan scandal grows November 13, 2024 Some UK banks could be forced to reduce upcoming investor payouts, analysts have warned, as the Financial Conduct Authority mulls whether to expand a probe into now-banned car loan deals.
Motor finance: City watchdog considers deadline extension November 13, 2024 The Financial Conduct Authority (FCA) said firms are likely to receive a "high volume" of complaints following the Court of Appeal's judgement last month.
Motor finance: Court blocks Close Brothers pathway to Supreme Court November 12, 2024 After a landmark ruling last month in the motor finance test case, a court has hit Close Brother with yet another blow