How do the FCA plan to address the issue of Car Finance Claims?
The FCA estimate that mis-sold PCP car deals are costing consumers £300 million annually. They have published a public report outlining the findings of their investigation and will be bringing it to the attention of relevant trade bodies so industry-wide action can be taken.
They’ll also be following up with individual firms who didn’t meet FCA standards when investigated. They “may consider supervisory or enforcement action” where necessary to make sure that dealers follow through with changes to their practices.
One of the FCA’s biggest concerns is the commission arrangements that many retailers have. To combat this, they’re working on policy changes that would affect commission structures and ensure that customers are better informed before signing an agreement. The FCA will be reviewing PCP commission models and are currently considering limiting or banning them in order to prevent further mis-selling.
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