Motor finance mis-selling explained

Another financial mis-selling scandal is emerging.

In January 2024 the Financial Conduct Authority (FCA) announced a further investigation into widespread mis-selling of vehicle finance.

That follows a finding in March 2019 by the FCA of highly questionable incentive structures in the sector and of the aggressive marketing of “PCP” (personal contract purchase) plans to customers.

The FCA concluded:

“The way commission arrangements are operating in motor finance may be leading to consumer harm on a potentially significant scale”

“Some customers are paying significantly more for their motor finance because of the way lenders choose to remunerate their brokers”

Mis-selling claims are now being brought against lenders and brokers to remedy the inflated interest rates that consumers were unknowingly duped into agreeing.

This webinar will explore the practicalities of bringing these claims, and cover:

• Introduction to PCP and vehicle loans
• The Legal Framework
• Criteria for bringing a claim
• Practicalities of Issuance
• Quantum
• Case law to date

This pre-recorded webinar can be viewed by the whole firm for a single fee.