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Lenders warn of bigger hit to finances from £11bn car loan compensation plan

Lloyds Banking Group and Close Brothers both said they were expecting to have to put aside more money to cover costs related to the mis-selling saga.

Evening Standard

Lloyds warns of ‘material’ extra provision needed for car finance payouts

Lloyds has significant exposure to the car finance industry.

Evening Standard

The car finance scandal payouts: what does ruling mean and how much compensation could you get?

From how much will I get to when will I be paid? All you need to know about the FCA’s motor finance scheme

The Guardian - UK

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Car finance mis-selling: Am I eligible for compensation, and what do I do?

Millions of motorists could be in line for compensation from their lender.

Evening Standard

Shares in UK lenders rise after watchdog softens car loan compensation costs

Lloyds Banking Group, Close Brothers Group, and Barclays shares were all moving higher on Wednesday morning.

Evening Standard

FCA Car Finance Compensation Scheme: Why Millions Might Miss Out — and How to Make Sure You Don't

The FCA will launch a major car finance compensation scheme in 2025, refunding drivers mis-sold loans since 2007. Acting early could secure your share of the payout.

International Business Times UK

Car Loan Payout Frenzy Triggers UK Regulatory Backlash

UK regulators have launched a sweeping crackdown on law firms and claims companies amid a surge in car finance compensation cases, following a Supreme Court ruling on undisclosed commissions.

International Business Times UK

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Millions of motorists to be paid compensation over car finance scandal

Compensation for unfair motor finance deals will be paid out at around £700 each, the Financial Conduct Authority has said

Evening Standard

Car loan scandal victims may get average £700 payout from 14m loans, FCA says

City regulator unveils compensation scheme for motorists who bought cars via discretionary commission deals from 2007 to 2024

The Guardian - UK

Compensation payouts due on 14m unfair car loans, watchdog says

The Financial Conduct Authority estimated its redress scheme could cost lenders £8.2 billion in compensation.

Evening Standard

Millions of drivers to get £700 compensation from car mis-selling scandal

Motor finance firms broke the law by not properly informing customers about commission paid by lenders to car dealers

The Independent UK

UK regulators step up crackdown on firms chasing cut of car finance payouts

Some claims companies shut down, others told to stop taking on clients and misleading ads ordered to be pulled

The Guardian - UK

Christmas on credit: one in seven ‘using buy now pay later to fund festivities’

Nearly half of people find buy now, pay later attractive as a way to spread the cost of Christmas, according to a survey for banking app thinkmoney.

Evening Standard

FCA faces battle over £1m ad campaign rejecting car loan claims firms

City watchdog aims to tell drivers they will not need to use companies to apply for share of £18bn compensation scheme

The Guardian - UK

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Evening Standard

Budding investors warned high-risk products could be behind ‘glossy promotions’

People selling high-risk, unregulated investments often use enticing websites, marketing campaigns and social media promotions, the FCA said.

Evening Standard

One in five people in NI lost their local bank within three years, report says

The Finance Committee has delivered a report into the banking landscape.

Evening Standard

Which? super-complaint made over ‘serious failings’ in home and travel insurance

The consumer group highlighted customers’ confusion over what is covered by policies and ‘frustrating and substandard treatment’ when people claim.

The Independent UK

BMW sets aside more than £200m for UK motor finance scandal

The financial regulator, the Financial Conduct Authority (FCA), is currently consulting on an industry-wide redress scheme.

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The Guardian - UK

Car insurers to pay 270,000 drivers share of £200m compensation

FCA review finds motorists were short-changed when their vehicle was stolen or written off

The Independent UK

Hundreds of thousands to receive compensation for car insurance claims

The Financial Conduct Authority (FCA) said that approximately 270,000 drivers are affected

Evening Standard

Around 270,000 motorists to receive compensation after being ‘short-changed’

Insurers have overhauled their claims processes in line with the Financial Conduct Authority’s Consumer Duty.

The Independent UK

Communities are using rules to successfully maintain access to cash – regulator

Monmouth in Wales is the 121st banking hub to open in 12 months, with new Financial Conduct Authority rules having come into force a year ago.

The Independent UK

Why UK savers withdrew £70bn from retirement pots over the last year

Some finance experts have urged savers to speak to advisors about their pension pots

Evening Standard

More than £70bn withdrawn from retirement pots in 2024/25 – FCA figures

Some finance experts suggested that speculation around potential tax changes could have influenced some pension savers.

The Guardian - UK

‘A lack of care’: how big companies still fail bereaved customers

Those trying to report a death can face bureaucracy, costly delays and other shocking mistakes

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