UK domestic abuse charities report a 78% rise in tech-facilitated or economic abuse referrals, with a "staggering" increase in victims coerced into car finance agreements. Data shows economic abuse referrals doubled, highlighting a growing trend of financial control by perpetrators.
The UK's Financial Conduct Authority's £9.1bn car finance compensation scheme, intended for motorists overcharged due to commission payments, has been partly suspended by a court order, delaying payouts until a hearing in December or February.
Millions of UK drivers mis-sold car finance agreements face compensation delays until at least 2027, averaging £829 per claim. The Financial Conduct Authority's scheme is facing legal challenges from lenders, pushing back calculations and payments.
Graduates feel exploited as "cash cows" to fund pensions due to student loan changes, MPs heard. Critics compare the "sneaky" alterations to loan terms to mis-selling scandals, with interest rates increasing debt beyond original amounts.
FCA focuses on marketing, misleading ads, unfair exit fees and people being signed up without their permissionThe City regulator has launched a review of claims management companies amid concerns that firms are misleading victims of financial scandals, such as car finance, about their compensation.The Financial Conduct Authority (FCA) said some companies were pursuing “aggressive marketing, misleading advertising and unfair exit fees”. Continue reading...
Consumer Voice is launching legal action against the Financial Conduct Authority over its car finance compensation scheme, arguing the £829 average payout is insufficient. The consumer group warns millions of motorists mis-sold car finance agreements could be left out of pocket by several hundred pounds per claim. Payouts were due to start this summer but the legal challenge to the upper tribunal would delay them.
Consumer Voice has launched a legal challenge against the Financial Conduct Authority's £9.1bn car finance compensation scheme, warning it leaves too many drivers short-changed. The challenge could delay payments to millions of customers who were overcharged through hidden discretionary commission arrangements banned by the FCA in 2021. The regulator defended its scheme as the quickest and fairest way to compensate consumers.
