Lloyds, the biggest player in the motor finance sector through its Black Horse division had previously set aside £1.15 Billion. Since the announcement of the scheme consultation it has increased this provision to to just under £2 Billion.

FCA publishes a consutation paper on an industry wide scheme to compensate motor finance customers who were treated unfairly between 2007 and 2024. The Consultation will close on 18 November 2025 for comments on the overall design of the Motor Finance Consumer Redress Scheme and on 4 November 2025 for comments on the proposals to further extend how long firms have to provide a final response to certain motor finance complaints. If adopted, the Motor Finance Consumer Redress S

Barclays has abandoned its court appeal against Britain's financial ombudsman relating to a hidden motor finance commission ruling.   The...

The FCA announced it will consult more broadly on an industry-wide compensation 'redress' scheme for consumers who were treated unfairly,...

The UK Supreme Court ruled in Hopcraft v Close Brothers, Wrench v FirstRand, and Johnson v FirstRand that motor finance brokers do not...

Barclays’ legal challenge to a Financial Ombudsman Service (FOS) decision on auto finance commission payments has been postponed until...

The Financial Conduct Authority (FCA) has outlined key considerations for implementing a potential redress scheme for consumers affected...

On 4 June 2025, the Financial Ombudsman Service ( FOS ) issued a  consultation paper  on interest on compensation awards.   The paper...

Between 1 and 3 April 2025, the UK Supreme Court heard the appeal by Close Brothers and FirstRand Bank against the Court of Appeal’s...

The FCA are no longer planning a further announcement in May. Instead, the FCA will confirm within 6 weeks of the Supreme Court's...

Bank of Ireland has set aside €172m (£142m) to cover the likely cost of compensation for car finance mis-selling in the UK. The bank...

Lloyd’s Bank has made an additional £700 million provision for potential redress claims relating to its motor finance business. Together...

The UK Supreme Court has dismissed Chancellor Rachel Reeves’ attempt to intervene in the ongoing motor finance mis-selling case.

Close Brothers Group has set out £165 million for the first half of 2025 for potential payouts related to motor finance commission.

The High Court found in favour of the Financial Ombudsman Service (FOS) in a review of its decision to uphold a complaint, relating to a...

The UK arm of Spain's Banco Santander has set aside £295 million to cover possible costs related to the industry wide probe into motor...

BMW Financial Services (GB) Ltd, the British lending arm of BMW, has earmarked £70.3 million in its 2023 accounts to cover potential...

On 25th October 2024, the Court of Appeal hands down judgement in three linked appeals : Johnson vs FirstRand Bank Ltd (Trading as...

On 24 September 2024, the Financial Conduct Authority ( FCA ) published a Policy Statement,  PS24/11 , confirming that it is extending...

The Financial Conduct Authority (FCA) intends to pause the time for responses to motor finance complaints involving DCAs. The original...