Motor finance market in turmoil after court ruling which may see consumers paid 'billions' in compensation prompts Whitehall emergency meeting
He said the FCA was working closely with the financial services sector, the Financial Ombudsman Service and the Government to understand any wider fall-out from the judgment. The ruling shocked and alarmed car dealers and finance companies by stating that hidden commission rates paid to dealers must now be disclosed.to lenders has until recently allowed partial disclosure of the existence of commissions. If a customer asked for details it was deemed permissible to explain that commission would be payable, without numbers being revealed. said firms providing motor finance should have been able to rely on the regulations.
Honda told its car dealers that it will pause paying out on car finance and customers who were due to collect their vehicles over the weekend, using Honda finance were told they would have to wait to get their vehicles.