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MSE News: FCA to mystery shop car finance firms

Former_MSE_Megan_F
Former_MSE_Megan_F Posts: 418 Forumite
Newshound!
in Motoring
Car finance firms are to be tested on if they give enough information to buyers about risks involved, and whether the commission paid to dealers could harm consumers...
Read the full story:
'FCA to mystery shop car finance firms'
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Comments

  • neilmcl
    neilmcl Posts: 19,460 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 15 March 2018 at 3:36PM
    The full details, for anyone interested, include the FCA update can be found here - https://www.fca.org.uk/news/news-stories/our-work-motor-finance

    It sound's like generally the FCA are pretty much happy with the situation so far, no PIP type scandal then.
  • Ectophile
    Ectophile Posts: 8,248 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I suspect the problem is not with the finance companies themselves, but with the dealers who have a financial incentive to pull the wool over customers' eyes in order to sell more cars.

    After pension mis-selling and PPI, finance companies are very wary of doing anything wrong.
    If it sticks, force it.
    If it breaks, well it wasn't working right anyway.
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