FCA Updates on Car Finance Commission Complaints
If you’ve used car finance to purchase a car, motorbike, or van, it’s likely that the lender paid the broker (usually your car dealer) a commission for arranging the loan. Recent updates from the Financial Conduct Authority (FCA) and the Court of Appeal have significant implications for such arrangements. Court of Appeal Ruling On 25 […]
Johnson and Wrench -v- FirstRand Bank, and Hopcroft -v- Close Brothers
A Landmark Ruling on Car Finance Commission On 25 October 2024, the Court of Appeal delivered a significant judgment in the case of Hopcroft v Close Brothers, addressing key issues surrounding car finance commission arrangements. This case has profound implications for consumers and the motor finance industry, especially regarding transparency and fairness in the disclosure […]
Information from The Financial Ombudsman Service for resolving complaints about commission paid by a lender to a car dealer
Understanding Complaints About Car Finance Commission The Financial Ombudsman Service (FOS) has been actively addressing complaints related to car finance commission, a growing concern for many consumers. These complaints often stem from a lack of transparency in how commissions are calculated and disclosed, raising questions about fairness and customer understanding. Latest Updates On 19 December […]