undefined | Millions of drivers to find out how to claim compensation for mis-sold car finance

Millions of drivers in the United Kingdom are about to learn how to claim compensation for mis‑sold car finance after the Financial Conduct Authority (FCA) releases its final rules. The regulator will publish a payout programme covering roughly 14 million motor‑finance agreements signed between April 2007 and November 2024. The scheme, estimated to affect about 44 % of those contracts, could deliver average payments of around £700, totalling more than £8 billion in redress, with lenders also facing roughly £3 billion in administrative costs. The FCA’s approach bypasses the courts for most claimants, although some may still pursue legal action in the hope of larger awards.

The compensation focuses on three main categories of unfair practice. First, high‑commission arrangements where dealers received fees equal to or exceeding 35 % of the total credit cost and at least 10 % of the loan amount. Second, tied‑sale arrangements that gave lenders exclusivity or a right of first refusal without clear disclosure to buyers. Third, discretionary commission arrangements (DCAs) – banned in 2021 – where dealers were paid commissions based on the interest rate charged to the consumer, often leading to unnecessarily high rates. The FCA argues these practices incentivised higher charges for borrowers, and it has used court judgments as a benchmark for determining eligibility.

The FCA had originally aimed to have the compensation scheme operational by early 2026, but extensive consultation and pressure from lenders have delayed implementation. An added concession now allows a three‑to‑five‑month transition period before lenders must contact potentially eligible customers. Once the final decision is published, lenders are expected to reach out to claimants, offering settlements to those who have already filed a claim and initiating contact with others. However, lenders and claims‑management firms have a 28‑day window to challenge the decision in a tribunal, which could prolong the rollout if legal appeals proceed.

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#unitedkingdom #financialconductauthority #motor-finance #borrowers #tribunal

yahoo news | 'Very significant privacy concerns': UK hands over financial regulation data to...

The UK Financial Conduct Authority (FCA) has awarded Palantir a three‑month trial contract worth more than £30,000 a week to feed the company its regulatory data and let its AI tools look for patterns that could help stop fraud, money‑laundering, insider‑trading and other financial crime. The deal gives Palantir access to highly sensitive information, including case files, bank reports, consumer complaints and personally identifiable details such as emails and phone numbers.

Critics have warned that handing such data to the US‑based firm raises “very significant privacy concerns”. Palantir’s track record – including contracts with US Immigration and Customs Enforcement and links to the Israeli military – has already drawn criticism from MPs over human‑rights issues. Moreover, the FCA chose to run the pilot on real regulatory data rather than synthetic data, prompting questions about whether adequate safeguards are in place to prevent misuse or accidental exposure of private information.

The FCA says the data will remain stored in the UK, that it will retain all intellectual‑property rights to any insights generated, and that Palantir must delete the data once the contract ends. An FCA spokesperson added that a competitive procurement process and strict controls were used to protect the information. Nonetheless, observers caution that this small‑scale trial could pave the way for broader Palantir involvement across the UK public sector, heightening the need for robust oversight and privacy protections.

Read more: https://www.techradar.com/pro/very-significant-privacy-concerns-uk-hands-over-financial-regulation-data-to-palantir-to-help-tackle-financial-crime

#uk #financialconductauthority #palantir #ukpublicsector

bing news | 'Very significant privacy concerns': UK hands over financial regulation data to Palantir to help tackle financial crime

The UK Financial Conduct Authority (FCA) has awarded Palantir a three‑month trial contract, valued at more than £30,000 per week, to analyse the regulator’s data in order to spot financial crime such as fraud, money laundering and insider trading. Under the deal Palantir will gain access to highly sensitive information – including bank reports, consumer complaints and personally identifiable data like emails and phone numbers – and will apply its AI‑driven analytics to sift through the volume much faster than human analysts.

Critics have warned that handing this level of detail to the US‑based data firm raises “very significant privacy concerns”. Palantir’s track record includes contracts with US Immigration and Customs Enforcement, the Israeli military and a growing portfolio of UK public‑sector work worth over £500 million across the NHS, policing and defence, prompting MPs to label the company “questionable” on human‑rights grounds. The FCA insists that the data will remain stored in the UK, that it will retain intellectual‑property rights on any insights, and that Palantir must delete the information when the pilot ends, although observers note the decision to use real‑world data rather than synthetic data as a further risk.

If the trial proves successful, the FCA could extend the partnership, potentially embedding Palantir’s analytics more deeply into UK financial regulation. The arrangement underscores the tension between leveraging advanced AI tools to combat illicit financial activity and safeguarding the privacy of individuals whose data may be exposed in the process.

Read more: https://www.techradar.com/pro/very-significant-privacy-concerns-uk-hands-over-financial-regulation-data-to-palantir-to-help-tackle-financial-crime

#uk #financialconductauthority #palantir #financialcrime

Novara Media | Palantir Has Been Awarded yet Another UK Government Contract by Sophia Sheera

The controversial US spytech firm Palantir has been awarded a contract to analyse highly sensitive government data, despite loud opposition from campaigners decrying the firm’s role in abetting the Gaza genocide and the immigration crackdown in the US.

Palantir will be paid £30,000 per month to analyse highly sensitive data from the Financial Conduct Authority (FCA), raising questions about what the firm would do with that data – and why Palantir is ever more embedded in the British state. 

The Miami-based firm already boasts contracts with the UK government worth over £500m, with its technology implanted in the NHS, the police and the military.

Read more: https://novaramedia.com/2026/03/24/palantir-has-been-awarded-yet-another-uk-government-contract/

#palantir #ukgovernment #financialconductauthority #peterthiel

bing news | MPs urge UK government to halt contract giving Palantir FCA data access by undefined

MPs have urged the UK government to halt a new contract that gives US data‑analytics firm Palantir access to the Financial Conduct Authority’s (FCA) internal intelligence. The FCA intends to use Palantir’s AI to analyse two years of sensitive regulatory data in a 12‑week trial aimed at combating financial crime. Liberal Democrat Treasury spokesperson Daisy Cooper and Green Party MP Siân Berry warned that awarding such a contract to a firm closely tied to billionaire Peter Thiel and former President Donald Trump could be a “huge error of judgment” and pose a national‑security risk.

Critics stress that Palantir would act only as a “data processor”, with the FCA retaining exclusive control over encryption keys and UK‑based storage, and that all data must be destroyed after the trial. However, insiders say details on how the “obvious risks” will be mitigated are sparse, and there are fears that the company could inadvertently gain access to investigations involving high‑profile figures such as former banker Jes Staley and hedge‑fund boss Crispin Odey. The contract also raises concerns about creating a “single behemoth” that could lock the public sector into a US‑owned platform, limiting domestic competition.

Palantir’s European chief Louis Mosley has sought meetings with MPs to dispel “misconceptions”, insisting the firm cannot use customer data for its own purposes and that the software will only process data under the FCA’s strict instructions. The FCA maintains that the trial will not include trading records, that data cannot be commercialised, and that the controls in place will prevent any “lock‑in”. Nonetheless, watchdogs and opposition parties continue to call for an immediate investigation and for the contract to be stopped before it proceeds.

Read more: https://www.theguardian.com/technology/2026/mar/23/mps-urge-uk-government-halt-palantir-contract-fca

#mps #ukgovernment #palantir #fca #financialconductauthority

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