With effect from 28 January 2021, the UK Financial Conduct Authority banned discretionary commission arrangements between dealers and finance companies, under which dealers received higher commissions by selling finance products with higher interest rates. The FCA ban helps consumers on a forward-looking basis but does not compensate consumers for any financial losses already suffered.
Scott+Scott has filed claims in the CAT at the direction of proposed class representative Doug Taylor on behalf of UK consumers. The claims are seeking compensation for consumers who entered into finance agreements with Black Horse, Santander and MotoNovo, the three largest finance companies for used cars in the UK, in the period from 1 October 2015 to 27 January 2021.
To join the claim or learn more visit: www.carfinancingclaim.com