Millions more drivers in line for compensation in car finance scandal [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
Consumers impacted by all car finance agreements could be owed payouts, rather than just those impacted by lenders using secret commission payments to car dealers. The secret commission payments, known as discretionary agreements, were outlawed in 2021 and have been the focus of a slow-burning investigation by the Financial Conduct Authority (FCA) But the regulator is now “paving the way” for all commission agreements to come under the microscope as part of a mis-selling scandal tipped to rival the scale of PPI payouts. It comes after the Court of Appeal ruled last month that it was illegal for banks to pay a commission to a car dealer without getting the customer's informed consent, including fixed fees. The FCA said car finance providers were “likely to receive a high volume of complaints” from consumers vying for compensation as a result of the shock ruling. It has announced plans to extend the time that car financing groups have to deal with complaints. But the crucia
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Sec Filings
- 11/20/24 - Form 424B2
- 11/20/24 - Form 6-K
- 11/20/24 - Form FWP
- LYG's page on the SEC website