The Financial Conduct Authority (FCA) has published an update on the progress of its motor finance compensation scheme consultation, confirming that engagement across the industry has been extensive and constructive. The regulator has received a…
Santander UK has urged the British government to step in over the Financial Conduct Authority’s (FCA) proposed car finance redress scheme, warning that the regulator’s plan could cause serious disruption to the credit market and…
Lloyds Banking Group has reported a 36 per cent fall in third-quarter profits after increasing the amount it has set aside for potential compensation relating to historic car finance agreements. The company told investors that…
Barclays has sharply lifted the amount it has set aside for compensation linked to historic motor finance practices. The bank has increased its provision to around £325 million after a review of its exposure. This…
The head of Lloyds Banking Group has warned that the FCA’s consultation on motor finance redress carries a financial impact equivalent to two decades of industry profitability, a statement that reveals the depth of reliance…
Several motor finance lenders have significantly increased their provisions ahead of the Financial Conduct Authority’s (FCA) redress scheme for discretionary commission arrangements (DCAs), indicating that financial institutions are now preparing for a substantive compensation exercise…
Lloyds Banking Group has added another £800 million to its redress fund for the motor finance scandal, a move that lifts its total provision to nearly £2 billion and signals how far the fallout may…
The Financial Conduct Authority (FCA) has just launched a public consultation on what could become one of the largest consumer redress programmes in UK history. The proposed scheme aims to return billions to drivers who…
The redress scheme being prepared by the Financial Conduct Authority (FCA) in response to the UK car finance scandal is forcing manufacturers and lenders across the industry to take decisive action.Several firms have already set…
Ford Credit Europe (FCE Bank), the UK-based finance arm of Ford, has earmarked £61 million to cover potential compensation linked to mis-sold car finance agreements. The move comes amid mounting pressure on lenders over historic…
As pressure mounts on the UK motor finance industry, Santander is exploring a significant shake-up—one that could see its car finance division split off from the rest of its United Kingdom operations.The move comes in…
