How the car finance scandal slipped through the net [Yahoo! Finance]
CLOSE BROS GRP UNSP/ADR (CBGPY)
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Source: Yahoo! Finance
Alarmed by bonuses being paid by motor finance lenders to car dealerships, the Financial Conduct Authority (FCA) introduced a sweeping ban on the practice to save consumers £165m a year. Yet fast-forward four years and the FCA's aggressive crackdown is being seen as too weak, owing to a motor finance mis-selling scandal that has sent shock waves through the banking sector. While bonuses have been outlawed, car dealers have still been receiving flat-rate commission payments from banks which provide the loans. Many customers were unaware of this arrangement and the payments at the centre of snowballing claims for compensation Far from being a stroke of decisive regulatory action, questions are mounting about whether Rathi's FCA failed to go far enough to protect consumers. On Wednesday, Rathi admitted that a recent Court of Appeal ruling outlawing motor finance commissions meant many customers may be in line for compensation over mis-sold loans. The admission raises questions
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