The UK’s financial regulator has warned motor finance firms to hold back cash as it continues an investigation into the sector.
The ombudsman service said in January it had heard from more than 10,000 people who fear they were charged too much for their finance and suggested it will look to secure settlements if it finds widespread misconduct. “Reasons for this include data being stored on multiple systems and/or being spread between lenders and brokers.The watchdog has written to firms involved in the investigation to call on them to adequately engage with the process and ensure they have funds needed.
The scale of potential settlements over the issue remains unknown, but consumer champion Martin Lewis said car finance mis-selling has the potential to be the “second-biggest reclaim payout in UK history” after the PPI scandal.
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Firms must hold back funds for motor finance probe, warns regulatorThe Financial Conduct Authority (FCA) also revealed that many firms ‘are struggling to promptly provide the data we need’ for the probe.
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