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How a Court of Appeal ruling affects motor finance agreements

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The recent landmark court judgment on motor finance represents a potentially seismic shift in the regulatory and legal landscape of the intermediary lending industry - for investors and lenders alike.
The article from FT Adviser discusses a significant Court of Appeal ruling that impacts motor finance agreements, particularly those involving discretionary commission arrangements (DCAs). Historically, DCAs allowed car dealers to adjust the interest rates on finance agreements to earn higher commissions, often without the customer's knowledge. The ruling has led to a surge in complaints and potential compensation claims as it was determined that these practices could be considered unfair under the Consumer Credit Act. The Financial Conduct Authority (FCA) has intervened, ordering a pause on the eight-week deadline for firms to respond to complaints related to these agreements, to assess the situation further. This pause aims to ensure a fair and consistent approach to handling these complaints, potentially affecting thousands of consumers who might have been overcharged. The article also mentions that while the FCA has not yet concluded its investigation, the implications could lead to significant compensation payouts if widespread misconduct is confirmed.

Read the Full FTAdviser Article at:
[ https://www.ftadviser.com/regulation/2024/12/18/how-a-court-of-appeal-ruling-affects-motor-finance-agreements/ ]