FCA plans to allow lenders longer to respond to complaints over car loan mis-selling

Lenders could get up to a year to respond to growing flood of complaints after shock court ruling last month The City regulator plans to intervene in the growing car loan mis-selling scandal in a move that could give lenders up to a year to respond to a growing flood of customer complaints after a shock court ruling.The Financial Conduct Authority has been under pressure to take action after a court of appeal ruling in October which said it was unlawful for two lenders to have paid a “secret” commission to car dealers without borrowers’ knowledge. Continue reading…



Source link : https://www.theguardian.com/business/2024/nov/21/fca-plans-to-allow-lenders-longer-to-respond-to-complaints-over-car-loan-mis-selling

Author : Kalyeena Makortoff Banking correspondent

Publish date : 2024-11-21 09:13:00

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