Credit, Collections & Insolvency News
Adverts which used edited, unauthorised clips of Martin Lewis to make misleading claims about average motor finance compensation and used the Financial Conduct Authority (FCA) logo without permission have been banned by the FCA. Conclusive Financial Ltd (Conclusive), a claims management company (CMC) which also trades as PCP Refunds, was required to remove its advertising…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes grew by 2% in February 2026 compared with the same month in 2025. The corresponding value of new business was 5% higher over the same period. In the first two months of 2026, new business volumes grew…
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The Financial Conduct Authority (FCA) has announced a £9.1 billion motor finance redress scheme, a significant reduction from earlier estimates of £11 billion. The number of qualifying agreements has decreased from 14.2 million to 12.1 million, leading to lower overall costs. Millions of motor finance customers will receive compensation this year under a Financial Conduct Authority (FCA)…
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The Financial Conduct Authority (FCA) has announced that it is likely to make several changes to the proposed compensation scheme after receiving more than 1,000 responses to its consultation on the plans. The FCA said that final decisions on the scheme have not yet been made. Given the scale and complexity of the scheme, there…
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The Financial Conduct Authority has provided a further update on its motor finance redress consultation, raising feedback that analysis of the extensive market-wide data is taking firms a while and therefore extending the consultation deadline until 12th December. Final rules are now expected to be published in either February or March 2026. Commenting on the…
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The Financial Conduct Authority (FCA) has this afternoon published its consultation on the motor finance compensation scheme. It estimates that, on average, customers due compensation will be eligible for £700 payouts on an expected 14 million unfair motor finance agreements, which could start next year, under an industry-wide compensation scheme proposed. Based on the number of…
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The Financial Conduct Authority (FCA) has announced that it has launched a new £1 million campaign, letting motor finance customers know they don’t need to use a claims management company (CMC) or law firm to access an industry-wide compensation scheme. As part of the campaign, which will feature radio and online advertising, the FCA is…
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The Financial Conduct Authority (FCA) has issued a further update on the key considerations for a potential redress scheme, which would set rules for how firms assess claims and calculate redress, and also put checks in place to ensure they are following the rules. The FCA stressed that the integrity of the motor finance market…
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The Financial Conduct Authority (FCA) has announced the next stage of its review into the motor finance scandal, with the regulator set to consult on an industry-wide redress scheme if the Supreme Court upholds the Court of Appeal’s ruling that commissions were not properly disclosed to customers. The FCA, which has identified widespread failings in…
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The Financial Conduct Authority (FCA) has announced that it has extended the time firms have to respond to complaints about motor finance agreements not involving a discretionary commission arrangement (DCA). Firms now have until after 4 December 2025 to provide a final response to non-DCA complaints, in line with the extension already provided for complaints involving DCAs.…
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Car finance lenders have been granted permission by the Supreme Court to appeal a landmark ruling on motor finance commission payments that has left firms fearing a potential £30 billion compensation bill. The Court of Appeal ruled in October that paying ‘secret’ commission to car dealers – without disclosing the sum and terms of that…
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The Financial Conduct Authority (FCA) has announced that it plans to extend the deadline for lenders to respond to customer complaints regarding car loan mis-selling. A court ruling last month deemed it unlawful for lenders to pay undisclosed commissions to car dealers, leading to a surge in complaints. The FCA is considering extending the response…
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The Financial Conduct Authority (FCA) has announced that it will consult on extending the time firms have to respond to consumer complaints about motor finance where a non-discretionary commission was involved, and for consumers to refer them to the Financial Ombudsman Service. The proposals are expected to be published within two weeks and, if taken…
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