Huge rule changes for anyone using Klarna, Clearpay and PayPal from July 15

https://fed.brid.gy/r/https://www.mirror.co.uk/news/uk-news/huge-rule-changes-anyone-using-37290582

Car finance payouts could be delayed by years over legal challenges, says FCA

Complaints-led approach could pile £6bn of extra costs on to lenders, says City watchdog

The Guardian
FCA sues Neil Woodford for allegedly offering unauthorised investment advice

Former investment star was banned from holding senior manager roles after collapse of popular equity fund

The Guardian
FCA’s Palantir deal could expose UK financial data to Trump’s US, critics fear

Exclusive: MP and campaigners say sensitive citizen and company data could be subject to US disclosure laws

The Guardian
UK regulator launches review of ‘aggressive’ claims management firms amid compensation concerns

FCA focuses on marketing, misleading ads, unfair exit fees and people being signed up without their permission

The Guardian
New free financial advice plan aims to help Britons build savings

‘Targeted support’ means certain banks and financial institutions can offer free extra help with investments and pensions

The Guardian
FCA faces four lawsuits over £9.1bn compensation scheme for car loan victims

Watchdog says legal challenges from Consumer Voice and three lenders ‘create fresh uncertainty for millions of consumers’

The Guardian

BBC News | Car finance compensation scheme faces challenge and delay

AI generated summary, Read the full article for complete information.

Consumer Voice, a consumer‑advocacy group, announced it will legally challenge the Financial Conduct Authority’s £9.1 billion car‑finance compensation scheme, arguing that its methodology excludes about 4.7 million mis‑sold agreements and will leave many drivers short‑changed despite an average payout of £829 meant to begin this summer. The FCA says the scheme is the quickest, fairest way to compensate the 12.1 million affected borrowers, but the group plans to apply to the Upper Tribunal to have the calculation rules reviewed, which could delay payments. While some experts warn a judicial review may cause short‑term pain, they hope it will ultimately secure a fairer outcome for consumers who were overcharged under hidden commission arrangements.

Read more: https://www.bbc.com/news/articles/cj0v63v027lo?at_medium=RSS&at_campaign=rss

#ConsumerVoice #FinancialConductAuthority #UpperTribunal #KevinDurkin #JamesDaley

AI generated summary, Read the full article for complete information.

Car finance compensation scheme faces challenge and delay

The move could further delay payouts to millions of drivers who were mis-sold motor finance.

Palantir manifesto described as ‘ramblings of a supervillain’ amid UK contract fears

Alarm caused by posts of Alex Karp, tech firm’s CEO, championing US military dominance and of AI weapons

The Guardian
Carmakers scramble to plug £3bn shortfall for UK loan scandal payouts

Filings suggest manufacturers’ lending arms have massively underestimated bill from FCA’s £9.1bn redress scheme

The Guardian