Annuncio di scandalo di compensazione delle finanze automobilistiche annunciate
di JonnySparks
Annuncio di scandalo di compensazione delle finanze automobilistiche annunciate
di JonnySparks
17 commenti
From the article:
Almost 99% of around 32 million car finance agreements since 2007 involved a commission payment to a broker.
But today’s ruling in favour of the lenders is expected to limit the compensation payments to motorists.
Ahead of the decision, financial institutions had reportedly set aside billions for potential compensation.
HSBC analysts estimated last year that the price tag of the scandal could reach £44 billion.
Shareholders at financial household names like Barclays, Santander, Lloyds Banking Group, and Close Brothers are likely to have let out a sigh of relief after the ruling today.
However, disappointed motorists could still have a way to claim compensation as the UK finance watchdog is considering launching its own redress scheme, independent of the court ruling.
The Financial Conduct Authority (FCA) has been looking into launching its redress scheme to help arrange compensation for affected motorists after running its own investigation into car finance issues.
It found widespread evidence of mis-selling of car finance agreements across the country, known as discretionary commission arrangements (DCAs).
The FCA will confirm within six weeks whether it will go ahead with the redress scheme.
They were told the price of the finance and accepted it, they weren’t forced into the finance and where the money went isn’t really of any consequence to the borrowers (not the little chaps that live under the floorboards but the people taking the loans).
Good ruling. If only the equally asinine Birmingham “equal pay” case had been thrown out though.
> The UK Supreme Court rules that lenders won’t have to pay compensation to millions of motorists over car finance loans
Excellent news. Would just open the door to everyone who has ever financed anything to take people to court over it. Sensible decision from the courts for the first time in forever
This is a fair ruling. People were told of the costs of their finance from the outset. If finance companies then slipped in charges without them knowing later on, I would be on their side.
You might not like the charge, but that does not mean it is an unfair one.
Disappointed I won’t get free money but frankly this case wasn’t fair, I knew up front what I was gonna pay for my car who cares what comms the sales rep gets 🤷
Disappointing. No doubt the judges are mates with the bankers.
I think this is fair.
I have a finance agreement that would likely have met this criteria, but I knew the cost, and accepted it, it doesn’t really matter to me if some of that was commission for the sales rep, if I was unhappy with it I could have either declined the deal or found a different lender.
This is sickening i wonder if labour had a say in this to avoid there worst nightmare for the treasury
This doesn’t effect the DCA (Discretionary Commission Arrangements) that was already deemed unlawful, FCA to provide guidance / redress scheme details in the next 6 weeks (based on previously announced timelines)
Wasn’t reeves beginning to get involved in this with the idea that parliament would decide, not the courts.
Great. Now I’ll stop getting all those goddamn YouTube ads about how I can get money back cause of this.
I don’t understand what case there was to begin with, people just want money (understandably anyone would) but presumably when they picked a finance deal they looked at the cost per month and the interest rate. Where that money is going is somewhat irrelevant once you’ve agreed to pay it no?
Seems fair. When we bought a car I compared the costs through financing against taking out a loan. The loan worked out cheaper so I took that out to pay for the car.
Does this mean I will finally stop getting them annoying AI voice adverts on YouTube? I feel like every advert is about how I could be owed money on old finance deals
So will this finally stop the modern day ambulance chasers / ppl merchants from advertising everywhere?