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  • 3 weeks ago | assetfinanceconnect.com | Pat Sweet

    The Financial Ombudsman Service (FOS) is consulting on the interest rate applied to the compensation awarded to consumers in financial dispute, in a move likely to have significant implications for auto lenders, who are also waiting to hear the details of any redress scheme established by the Financial Conduct Authority (FCA) once the Supreme Court has made its ruling on the Court of Appeal case relating to mis-selling.

  • 3 weeks ago | assetfinanceconnect.com | Pat Sweet

    The Financial Conduct Authority (FCA) has made clear that any redress scheme set up to tackle failures in commission disclosure on the part of auto lenders must “ensure the integrity of the motor finance market”, in the strongest signal yet that predictions for record payouts to consumers are likely to be wide of the mark.

  • 3 weeks ago | assetfinanceconnect.com | Pat Sweet

    The Asset Finance Connect (AFC) summer conference, headline sponsored by Alfa, saw some 500 delegates fill the rooms to hear industry leaders, innovators, and changemakers across the auto, equipment, and asset finance world consider the way forward for a sector which has experienced more than its fair share of regulatory, legislative and economic challenges over the past year.

  • 1 month ago | assetfinanceconnect.com | Pat Sweet

    The Financial Ombudsman Service (FOS) reported a 49% hike in complaints in the second half of 2024, citing a marked rise in motor finance commission cases and disputes about credit affordability, which were fuelled by a doubling in the proportion of claims brought by claims management companies (CMCs), as well as concerns around banking fraud.

  • 1 month ago | assetfinanceconnect.com | Pat Sweet

    More than half of lenders in the motor finance market are only “partially” prepared for the outcome of the current Supreme Court appeal while a quarter have yet to determine their approach and just a handful believe they are ready, according to research from an Asset Finance Connect (AFC) workshop, in association with Shoosmiths, which focused on the next steps to tackle the legal challenges which have overshadowed operations for months.

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