CHANCELLOR Rachel Reeves may step in to overrule the Supreme Court’s decision relating to the £44billion car finance scandal. The Supreme Court is set to decide next Friday whether motor finance providers should compensate customers over undisclosed broker commission arrangements. 1 The move aims to prevent the scandal from spreading to other financial products beyond
LATER this month the UK supreme court is expected to rule on whether car finance dealers unlawfully charged millions of drivers secret commission. This means if you took out a car finance arrangement before 2021 you could be in line for compensation. In the build up to the ruling, the Financial Conduct Authority (FCA), the
HAVE you heard about the car finance scandal? For nearly 20 years, drivers with PCP and HP agreements were being charged higher interest rates, potentially costing them thousands of pounds. 1 The scandal has affected millionsCredit: getty The missold car finance scandal could cause one of the largest compensation payouts in UK banking history. An
MILLIONS of borrowers could be set to receive thousands of pounds in compensation due to the car finance mis-selling scandal. The Financial Conduct Authority (FCA) launched an investigation last year into whether motorists were unknowingly overcharged when they took out car loans. 1 The investigation focuses on past practices where banks allowed car dealerships and brokers to set their own interest