Bovill Newgate’s Post

There's been a lot of news about the current Financial Conduct Authority investigation into discretionary commission agreements in the car finance world, and most of the news media don't seem to understand the issue. Most reporting tends to fall into one of two camps – evil banks or stupid customers – and neither is really correct. Here's our explanation on what's happening and what consumers can expect over the next few months. #carfinance #FCA #expertadvice

🚗💸 In about 40% of car finance deals, there were hidden 'discretionary commission arrangements'. This is where lenders allowed brokers & car dealers to up the interest to increase their commission – so you overpaid, without knowing. ⏰💼 In January 2021, the regulator the Financial Conduct Authority (FCA) banned 'discretionary commission arrangements' (DCAs). This stopped lenders allowing brokers (including car dealers) to increase interest rates on car finance, so that they'd be bunged more commission (even though they did no work). It's an unfair practice, as consumers weren't told, and many – thinking it a fixed price – didn't negotiate. 📢📢Momenta Group Global are specialists in recruiting professionals within the motor industry, across various products and understand the challenges faced within the industry. Please get in touch with Harry Lee to understand your recruitment needs, and share the talent currently on our books! 📢📢 https://lnkd.in/eX2kiggT

Are you trying to navigate auto ownership in times of inflation? The cost of car ownership is getting painful, and a character-based vehicle lending program like ours can make a difference. Our program offers unique loan understanding education, vehicle selection assistance, and long-term financial mentoring. In the face of rising costs, our program empowers you to make informed choices, ensuring your car purchase aligns with your financial goals. Having access to a highly fuel-efficient vehicle that holds its value with extended warranties financed into every loan to prevent large repair bills can ensure you'll cruise through inflation with confidence. https://lnkd.in/eXxwqk5S

The investigation into whether car finance firms owe compensation to millions of customers has been extended while the Financial Conduct Authority considers implementing a redress scheme. The Financial Conduct Authority (FCA) has said it is giving motor finance companies more time to respond to customer complaints. But the odds of a redress scheme being put in place has increased. Alex Neill, co-founder of Consumer Voice, said: ‘This is a big delay from the regulator and will feel disappointing to everyone waiting for a decision. However it certainly suggests there’s a case to answer for car finance firms. So people may be consoled by the fact that although they will have to wait longer, they could be a step closer to ultimately getting compensation.’ Read more here 👇 https://lnkd.in/ebdMAqh2 #misselling #consumerprotection #commissions

🚗💸 Attention UK Drivers! Millions of motorists may be owed compensation for mis-sold car finance deals. The Financial Conduct Authority (FCA) has launched a review into car finance sales, and you might be entitled to a payout if you took out a car loan before January 2021. 🔍 What’s the Issue? Before 2021, many car finance deals included discretionary commissions that dealers didn’t always disclose. This led to higher interest rates and unfair charges for consumers. 💡 Could You Be Affected? If you financed your car with PCP or HP before January 2021, you might have been overcharged. The FCA is investigating, and compensation could be significant, potentially on the scale of PPI payouts! 🏦 What to Do Next: 1. Check Your Contract: Ensure you weren’t overcharged on commissions. 2. Submit a Claim: If you think you were mis-sold, make a complaint to your lender and be prepared for when the claims process begins again. 📞 Need Help? Karma is here to assist you. Visit bit.ly/karmaPCP to learn more and start your claim process. Stay informed, stay empowered, and let’s reclaim what’s rightfully yours! #CarFinance #PCPClaims #HPClaims #FinancialJustice #KarmaClaims

The car finance mis-selling and undisclosed commissions saga took its latest twist last week with the hearing of three cases at the Court of Appeal. Notably, none of the cases involved the Financial Ombudsman Service but all stemmed from individuals who had issued regional court proceedings in England against their car finance providers. Of the initial cases, one was dismissed while the others are appealing an appeal made by County Courts. The Court of Appeal was expected to establish what, if any, duty is owed where a commission has been paid to a dealership when it has acted as an intermediary in arranging car finance between its customer and a lender. It was also expected to consider how the law relating to secret and so-called half-disclosed commissions might apply to commission payments in the motor finance sector. The three cases were granted permission to appeal in March, with the Financial Ombudsman saying in a May update on car finance commission complaints that it “recognises” how Barclays’ judicial review of one of its decisions as well as “the Court of Appeal’s decisions could have an impact on our approach to complaints that include similar issues”. No doubt both the motor finance and legal and claims management sectors will be eagerly awaiting the verdict, which could have repercussions for all parties and, most importantly, consumers who have been paying far more than they should have been for their car. Our funding activities in this space remain on hold while we await the outcomes of these cases as well as the Financial Conduct Authority’s anticipated September update, which we hope will clarify how motor finance complaints will be dealt with. #pcpmisselling #courtofappeal #carfinance #financialmisselling

What are the signs that you might have a Mis-Sold Car Finance Claim? Let's have a look at some tell-tale signs that your car finance might have been mis-sold. 1) First off, were all the terms and conditions clearly explained to you? If the answer is no, you might be sailing in murky waters. 2) Another red flag is if the salesperson rushed you through the paperwork without giving you time to read the fine print.. It's like being pushed into the pool without a life jacket! 3) Did anyone mention the total cost of your loan after interest? Or perhaps there were additional fees hidden like Easter eggs that you only discovered after signing? These are classic signs of a mis-sold car finance agreement. Knowing these signs can help you steer clear of trouble next time you're in the market for a car. Let us know, did you find this useful? #missoldcarfinance #carfinancecomplaints #carfinanceclaims My Claims Centre is authorised and regulated by the Financial Conduct Authority as a Claims Management Company.

In 2021, the FCA announced a ban on discretionary commission arrangements (DCAs), which previously allowed brokers and car dealers to adjust the interest rates they offered customers. Now, the FCA is conducting a thorough investigation into these practices, the results of which could lead to a compensation scheme that has a huge impact on credit-lending firms. With over 1m claims already submitted, it is estimated that billions of pounds will need to be reimbursed, demanding urgent action from the brokers and car dealers in question. With a complex road ahead, our latest article explains why a Managed Service solution could be the key to navigating this major compliance challenge: https://lnkd.in/e2ZwmmwK #ProjectiveGroup #ManagedServices #DCAs

Say goodbye to worries! With depreciation waiver, your car's essentials are fully protected for worry-free drives. 🚗✨ . Disclaimer: For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale. . . #nildepreciation #insurance #carinsurance #newpost #insuringall #motorinsurance #car #depreciation #coverage #ride #getinsurancenow #driveeasy #like #insurancebroker #insure #post #share #comment #depreciationwaiver

Sometimes, figuring out you’ve been mis-sold car finance feels a bit like realising you forgot your sunglasses on a sunny day. It’s annoying, and now you have to squint to see the signs. But don’t worry, let’s make them clear for you! Understanding these signs can save you not just from glare but from financial headaches down the road. 1. The Rushed Agreement Was your car finance deal rushed? If the dealer pushed you faster than a sports car on a straightaway, you might want to double-check the terms. It’s a common tactic to rush customers through the paperwork. They’re betting you won’t read those long, dry documents that seem designed to be confusing. If you left the dealership with more questions than answers, that’s a classic sign of a mis-sold deal. 2. Incomplete or Misleading Information Did the salesperson talk about the benefits of the deal without mentioning the costs and risks? That’s like selling you rain boots without mentioning they have holes. A complete rundown should include all costs, the interest rate, total loan cost, and any penalties for early repayment. If any of this crucial info was glossed over or left out entirely, you might be a victim of mis-selling. 3. Unsuitable Financial Products This one’s tricky. Just because the finance seems to fit doesn’t mean it actually does. It’s like wearing a one-size-fits-all hat—uncomfortable and impractical. If the finance deal was not suitable for your financial situation but was recommended anyway, it’s a red flag. This includes high-interest rates that don’t match your credit score or add-ons that you don’t really need. Let us know, did you find this useful? #missoldcarfinance #carfinancecomplaints #carfinanceclaims My Claims Centre is authorised and regulated by the Financial Conduct Authority as a Claims Management Company.